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Solstad Farstad gains orders in Australia

Solstad Farstad gains orders in Australia

04-12-2017 14:00:00

The newly merged Norwegian offshore global corporation Solstad Farstad has won multiple contracts with their ships in Australia from three separate companies. The contracts for the ships, owned by the financially hurt shipping company, amounts to somewhere near 200 days.

The big fusion of Norwegian offshore shipping companies Solstad Farstad and Sea Supply earlier this year has not been a success so far, measured by the price on stocks in the newly merged company. Within the last three months the stocks have approximately gone down 42 percent.

Now the financially hurting company has got orders from different companies in Australia, the company announced in a press review last Friday. The price on shares reflects this, as they went up 17 percent within the last week to a modest price of 4,65 Norwegian kroner a share.

Today the company has announced, that head of concern Lars Peder Solstad has purchased an additional 100.000 shares in the company for an average price of 4,80 Norwegian kroner a share. He now owns 21,88 million shares in the company.

The orders from the three separates Australian companies comprises 5 ships in total and the contracts vary from around 100 days to the most of one year, the company announced in a press release.

John Fredriksen and Kjell Inge Røkke, two Norwegian shipping billionaires, hold the most shares in Soldtad Farstad.

The crises within the sector made the company announce a couple of weeks ago, that it has decided to shut down the use of eight ships during the winter and lay of an unknown number of employees.

Source: Solstad Farstad / Maritime Denmark

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