Verdict - Supreme Court
(Thomson Reuters ONE) - Reference is made to the press release published yesterday, 11 February 2010,regarding the court case where Farstad Shipping, as one of three shipowners, haschallenged the Government regarding the transition rules into the new tonnagetax system.The Supreme Court has today, with 6 against 5 votes, decided in favour of theshipowners claim. This implies that the Supreme Court has concluded that thetransition rules adopted by the Government in December 2007 regarding thetransition from the old tax regime to the new tonnage tax system is in breach ofthe Constitution, paragraph 97.Farstad Shipping is pleased with the verdict. This confirms that retroactivetaxation is not legal. Further the verdict provides the basis for predictableconditions for shipping activities based in Norway.The financial consequences of the verdict are that the company's equity capitalwill be improved by NOK 635.6 mill, which is the payable tax claim. Thiscorresponds to NOK 16.30 per share. The amount will be posted as income in the2009 accounts. Farstad Shipping has already paid taxes of NOK 127.2 mill. Thiswill be the positive effect on liquid assets from the verdict.Contacts:CEO Karl-Johan Bakken - tel. +47 90 10 56 97CFO Torstein Stavseng - tel. +47 91 10 70 01Farstad Shipping's fleet currently consists of 57 vessels (24 PSV, 30 AHTS and3 SUBSEA) and 1 AHTS under construction at Norwegian yard. The company'soperations are run from Aalesund, Aberdeen, Melbourne, Singapore and Maca?y atotal of 1700 employees onshore and offshore. The company's strategy is to be amajor international supplier of large, modern offshore service vessels to theoil industry. We also remain committed to solid long-term charter profile forthe fleet.www.farstad.com
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Datum: 12.02.2010 - 04:29 Uhr
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