Farstad Shipping has seen its profit for the first quarter skyrocket but its operating performance was weak due to a challenging market.
The offshore vessel owner reported net profit of NOK 1.11bn ($131.5m), compared to NOK 94.2m in the same period of 2016.
But the company explained a total of NOK 1.74bn was recognised as financial income due to a one-off accounting impact in respect of converting debt to equity at a share price higher than the fair value.
