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    Farstad releases results 2nd quarter results

    News // September 1, 2003
    Farstad Shipping, the Norwegian owner and operator of offshore support vessels, says it achieved a cash flow of NOK 146.3 million in the second quarter of 2003 compared with NOK 130.8 million in the second quarter of 2002. Operating income was NOK 339.5million (NOK 319.2 million) and operating profit (EBIT) was 93.8 million (NOK 116.6 million).

    IN a recent release, Farstad said the North Sea market was "weak" during the 2nd quarter, but noted that markets outside the North Sea have absorbed the increase in the number of supply vessels in the first six months of the year. "The activity in thesemarkets is still expected to be good," said Farstad, "therefore an improvement in the rate level in the North Sea market can be expected in 2004."

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