Farstad Shipping to lay up five OSVs

The five OSVs to be laid up comprises of two PSVs and three AHTS vessels.

“To lay up vessels and lay off our employees is a painful measure, especially for those of our employees who are personally affected by the measures. This is deeply regrettable, but necessary due to the current market situation,” said Karl-Johan Bakken, ceo of Farstad Shipping.

The Oslo-listed company is now fully focused on securing contracts and employment of vessels and crews.

Prior to this, Farstad Shipping has two vessels laid up in Norway and two vessels laid up in Asia.

“Even if it looks dark now, we know there will be better times. We have been through heavy storms before. My target number one is to see us return to a strengthen position with our vessels and employees back in business,” Bakken commented.

Earlier, Havila Shipping and Deep Sea Supply also announced that they are each laying up two OSVs as a result of the tough market conditions.