Fairstar Heavy Transport N.V. Q4 Operating Profit through 83% fleet utilization
(Thomson Reuters ONE) -
Fairstar Heavy Transport N.V. (FAIR) has booked an Operating Profit in its
Fourth Quarter Financial Results of USD 884,000 on revenues of USD 9.5 million.
Revenues were up almost 300% from the same Period in the previous year.
Fairstar's operating profit signaled a change in fortunes from the first three
quarters of 2011. Fairstar's fleet of FJORD and FJELL achieved 83% utilization
for The Quarter, significantly higher than levels reported by other industry
participants and estimated to average around 60%.
Ingmar den Blanken, Treasurer, remarked, "2011 was a transitory year for
Fairstar. In spite of the global economic crisis we continued to invest in our
business and are now close to double in size. The addition of FORTE and FINESSE
to our fleet brings over USD 200 million in value producing assets for our
shareholders. We have hired a wide range of skilled professional to provide the
complex skills and services we will be required to deliver in the "Red Box". Our
financial results for 2011 record both the costs as well as the value
attributable to our long term strategy. The operating profit in Q4 and the high
utilization of our vessels reflects the skill of our Team and the versatility of
our vessels to operate profitably in spite of the challenging economic climate."
Frits van Riet, Chairman of the Supervisory Board of Fairstar, added "Our CEO
Philip Adkins and our COO Willem Out have done a remarkable job in 2011 leading
our Company forward. Our strategy of focusing on high-value, multi-voyage energy
infrastructure projects is sound. The investment we have made in our fleet and
our Team in 2011 positions us to harvest significant value for our Stakeholders
at levels never previously achieved in this industry. I am confident our Team
will continue to add to the Gorgon and Golden Eagle Contracts in 2012 and I am
looking forward to hearing from Philip when he returns from Tokyo, Japan later
this week."
For further information please contact:
Philip Adkins, CEO (philip.adkins(at)fairstar.com)
Ingmar den Blanken, Treasurer (ingmar.den.blanken(at)fairstar.com)
Web:www.fairstar.com
Tel: +31 (0)10-403 5333
Profile Fairstar Heavy Transport:
Fairstar Heavy Transport N.V. is a leading provider of marine heavy transport
solutions, specializing in high-value cargoes for the offshore and onshore
energy and construction industries. Fairstar owns and operates two of the most
modern semi-submersible heavy transport ships in the global fleet, FJORD and
FJELL. The 50,000DWT, open-stern semi-submersible vessels FORTE and FINESSE are
currently under construction with Guangzhou Shipbuilding International in China
and will be owned and operated by Fairstar when they are delivered in May and
November of 2012 respectively. Fairstar is based in Rotterdam and quoted on the
Oslo Stock Exchange (ticker: FAIR).
Press release (PDF):
http://hugin.info/143837/R/1590404/499620.pdf
Fairstar Q4 2011 report:
http://hugin.info/143837/R/1590404/499621.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Fairstar Heavy Transport NV via Thomson Reuters ONE
[HUG#1590404]
Unternehmensinformation / Kurzprofil:
Datum: 01.03.2012 - 08:47 Uhr
Sprache: Deutsch
News-ID 120698
Anzahl Zeichen: 3960
contact information:
Town:
ROTTERDAM
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 165 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Fairstar Heavy Transport N.V. Q4 Operating Profit through 83% fleet utilization"
steht unter der journalistisch-redaktionellen Verantwortung von
Fairstar Heavy Transport NV (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
