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    Farstad to make further cutbacks in Aalesund

    Company News // January 28, 2016

    Farstad Shipping has announced details of its continuing effort to prepare the company for the future and has initiated a process designed to reduce administrative expenses at its office in Aalesund. Employees have been informed about the process, which will be concluded by the end of February 2016.

    "The current market situation is challenging. In order to strengthen the company's competitiveness, we are working continuously to keep costs at the right level," said Karl-Johan Bakken, CEO of Farstad Shipping.

    "As part of a larger process, Farstad Shipping has since 2014 implemented a number of cost-saving measures both onshore and offshore. The company's branch office in Aberdeen has been closed; we have carried out redundancies and layoffs among seafarers; sales of older vessels are completed and seven vessels are currently laid up in the North Sea region. Further measures are expecting ahead.

    "By initiating these measures, we are preparing for the future. Our advanced fleet as well as a sharpened organization with much expertise will secure our position as a leading player in our industry," said Mr Bakken.

    The company did not confirm how it planned to reduce costs in Aalesund or how many job losses there might be on the cards.

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