Owners face losses after demise of Subocean GroupNews // March 2, 2011
The demise of an Aberdeen based subsea cable and renewables company has resulted in losses for several vessel owners as charters were suspended.
Subocean Group went into administration and was subsequently bought by Technip.
Farstad has written off NKr 46 million understood to relate to the charter of Far Sovereign while Solstad have reported the loss of NKr 18 million relating to the hire of Normand Mermaid.
Fred Olsen Windcarrier, Ugland Construction and Technocean all had vessels working for the company so are also facing losses.