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Farstad Shipping ASA withdraw from Nigeria due to safety concerns.

NORDIC BUSINESS REPORT-22 August 2007-Farstad Shipping ASA withdraw from Nigeria due to safety concerns(C)1994-2007 M2 COMMUNICATIONS LTD http://www.m2.com

Norwegian shipping company Farstad Shipping ASA said on Wednesday (22 August) that it has decided to exit its joint venture with the Nigerian company Vigeo Ltd and to withdraw from the Nigerian market "due to the prevailing safety situation".

Farstad Shipping said that as part of the arrangements its wholly-owned subsidiary P/R International Offshore Services ANS has agreed to sell the anchor handling tug supply (AHTS) vessel Lady Margaret to Vigeo.

The sales price is USD14.5m, which will result in a book gain of approximately NOK11.5m.

Farstad Shipping, headquartered in Aalesund, Norway, operates a fleet of 48 offshore support vessels. The company has offices in Norway, the UK, Australia, Singapore and Brazil, and reported revenues of NOK941m in 2006. Farstad Shipping is listed on the Oslo Stock Exchange and traded under the ticker FAR.

One British pound (GBP) is worth approximately 1.97 US dollars (USD). One British pound (GBP) is worth approximately 11.79 Norwegian kroner (NOK).

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Publication:Nordic Business Report
Article Type:Brief article
Geographic Code:6NIGR
Date:Aug 22, 2007
Words:196
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