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    Farstad incurs loss as a result problems at Subocean

    Company News // February 2, 2011

    Farstad Shipping has announced that in its accounts for the fourth quarter 2010 it will be booking a loss on accounts receivable of approximately NKr 46 million related to freight income earned by one of its vessels which this autumn was contracted by the UK company Subocean Group.
     
    Subocean Group recently went into administration and the company's assets have been sold to Technip.

    Based on this Farstad Shipping has decided to write down the total outstanding amount. 
     

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