Fastnet swaps oil sector for health after losses of €35m

Fastnet, the one-time oil and gas exploration company, has confirmed its move away from its traditional area of business as conditions in the industry worsen, in favour of what it sees as the more lucrative healthcare sector.

The company yesterday announced full-year results which detailed losses of close to $40m (€35.98m), of which almost €33m related to impairment costs arising from its decision to abandon its oil and gas exploration assets.

Fastnet said a number of factors pointed towards a change of direction being the best option for the company, including persistent low oil prices; an inability to farm out assets; its significantly depressed share price below cash value; and disappointing exploration results.