Farstad Shipping has announced it has sold the 1998-built AHTS Lady Sandra through its wholly owned subsidiary in Singapore.

The vessel was delivered to the new owner on Sept. 26.

Financially troubled Farstad Shipping recently announced the closure of its management office in Melbourne, with 35 jobs cut as a result of the closure.

"In addition to working on establishing an overall refinancing plan, we are continuously working on structural solutions in order to secure our competitiveness and to align with the market and the needs of our clients," said Farstad's CEO Karl-Johan Bakken.