Printer Friendly

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

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).

((Comments on this story may be sent to

COPYRIGHT 2007 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2007 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Nordic Business Report
Article Type:Brief article
Geographic Code:6NIGR
Date:Aug 22, 2007
Previous Article:NorthZone Ventures, Amadeus Capital Partners and Monterro Holding invest in Swedish content management provider EPiServer AB.
Next Article:AB Lindex rejects offer from KappAhl Holding AB.

Terms of use | Privacy policy | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters