Floatel acknowledges "unsustainable" situation after huge impairment

The strained offshore market has made Swedish Floatel book an impairment of almost USD 400 million, a move that in one swoop has eliminated the company's entire equity. The situation is "unsustainable," acknowledges Floatel, which has stopped payments on its loans.

Photo: Ints Kalnins/Reuters/Ritzau Scanpix

BY CHRISTIAN CARLSEN, SHIPPINGWATCH

Sweden-based Floatel, which leases accommodation rigs to the offshore sector, is standing on a burning platform after its liquidity has come under massive pressure due to a new, huge impairment.

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