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    Farstad results "satisfactory" in light of market conditions

    News // May 9, 2003
    Farstad Shipping achieved a cash flow of NOK 178.5 million in the first quarter of 2003 (NOK 144.9 million in 1Q 2002). Operating income was NOK 307.0 million (NOK 319.5 million) and the result before tax was NOK 97.1 million (NOK 117.6 million).

    In a recent statement, the company said the result was "satisfactory" in lightof a less favourable North Sea market.

    The outlook for 2003 is uncertain in the North Sea, especially due to the number of newbuilds to be delivered. The activity outside the North Sea remains positive, said the company.

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