Norwegian OSV Mega-Merger Completed

The world's largest high-end offshore service vessel company was created Wednesday with the completion of the mergers involving former Norwegian offshore shipping companies Farstad Shipping, Deep Sea Supply and Solstad Offshore, with the latter being the surviving entity. The new company, named Solstad Farstad ASA, will operate out of Skudeneshavn, Norway with a fleet of 152 … [Read more...]

Farstad AHTS’ Land Offshore Fish Farm Contract

Norwegian offshore company Farstad Shipping announced it has picked up an aquaculture contract for its AHTS vessels. The company said Friday it was awarded a contract from Ocean Farming AS, a subsidiary of SalMar Group, for the complete mooring installation and hook-up of Ocean Farming’s Semi-submersible Offshore Fish Farm. The scope of the project involves project … [Read more...]

Farstad Shipping in Restructuring Deal with Investor Siem

Norway-based offshore services company Farstad Shipping on Thursday announced the outline for comprehensive financial restructuring with Siem and its secured lenders. Here is the rundown from Reuters: Nov 24 (Reuters) - Farstad Shipping ASA : * Announces outline for comprehensive financial restructuring with Siem and its secured lenders * Will issue a minimum of 702 … [Read more...]

Farstad Shipping to Lay Up Five Vessels

  Farstad Shipping said Friday it is planning to lay up two platform supply vessels and three anchor handling tugs in Norway, marking the latest casualty of the weakened offshore market that is only expected to get worse. Farstad says that as a result of the lay ups approximately 100 offshore employees, mostly of Norwegian nationalities, will be laid off. … [Read more...]

gCaptain Exclusive: Interview With Farstad CEO Karl-Johan Bakken

Karl-Johan Bakken, Chief Executive of Ålesund-based Farstad Shipping (OSE: FAR), got his start in the maritime industry in the mid 1980s as a naval architect at the Ulstein Group, where he learned under the mentorship of Chief Designer Sigmund Borgundvaag. During that time, the offshore sector grew rapidly and Ulstein’s growth progressed in lock step with one of the … [Read more...]