Federal International

Federal International (2000): 3Q14 reversed into net loss of $19.6m from $2.1m in 3Q13, as a result of a $24.1m loss arising from the disposal of Federal II, which included the projected costs to complete the on-going mooring and hook-up operations ($7.4m), delay in completion of vessel conversion, increased scope of work, as well as equipment and spares provided in order to ensure that the vessel met the required standards necessary for the charter operations. Additional provisions were also made due to delays to the completion of the subsequent mooring and hook-up operations. Meanwhile, revenue tumbled 22.2% to $28.9m, due mainly to lower sales to customers in Indonesia.