FAIRSTAR HEAVY TRANSPORT N.V. Wins New Contracts for FJORD and FJELL in 2011
(Thomson Reuters ONE) -
Fairstar Heavy Transport N.V. (FAIR) has signed two marine heavy transportation
contracts with GAC in Aberdeen Scotland. Fairstar's semi-submersible vessels
FJORD and FJELL will transport a flotilla of 42 tug boats from Singapore to
Maracaibo, Venezuela in April and May of 2011. Both vessels are now mobilizing
to Singapore. Chris Muilwijk of the Fairstar Client Services Group provided some
additional details. "The safe, secure loading and transport of these tug boats
from Singapore, around The Cape of Good Hope to Venezuela requires precise
planning and seamless operational execution. We are delighted to have been
chosen by GAC and take their trust in our company very seriously. The combined
skills of our Operations Team with our experienced Team on board FJORD and FJELL
will be a significant factor in performing the complex maneuvers required to
safely load and unload such a multitude of floating objects. This is an unusual
assignment for our Team, but we are determined to exceed the expectations of our
client for safety and reliability." stated Muilwijk.
Ingmar den Blanken, Fairstar's Treasurer and Financial Controller, highlighted
the financial contribution of these two contracts for Fairstar in 2011.
"Fairstar is now projecting minimum operating revenues of USD 40 million for our
2011 Financial Year as a result of these new contracts. We expect to formalize
the recently announced LOI for the transport of fertilizer plant modules from
Kenai, Alaska to Koko, Nigeria in the next ten days. This USD 25.5 million
contract as well as the previously signed transportation contract with DSME,
relating to the CLOV FPSO project in Q4 of approximately USD 4.7 million,
combined with 2011 Q1 revenues of USD 1 million will exceed USD 40 million for
the year. There are still some gaps in our schedule for the rest of 2011 which
may allow further improvement. We are projecting USD 40 million operating
revenues as our minimum guidance for 2011."
Fairstar's Chief Executive Officer Philip Adkins summarized the importance of
the two new contracts by stating "The doldrums of the current spot market for
marine heavy transport continue to be characterized by a shortage of cargoes,
excess capacity, and savage discounting by our competitors. Our financial
performance and low vessel utilization rates in Q4 of 2010 and Q1 of 2011
reflected this dangerous and unsustainable situation. These new contracts with
GAC have an immediate impact on our vessel utilization and cash flow. It is a
relief to see the remaining three quarters of 2011 are now filling in and we are
less than a year away from starting our work on the USD 90 million, multi-
voyage, multi-vessel Gorgon LNG Project."
For further information please contact:
Philip Adkins, CEO (philip.adkins(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 2012.
Fairstar is based in Rotterdam and quoted on the Oslo Stock Exchange (ticker:
FAIR).
Press release (PDF):
http://hugin.info/143837/R/1502993/437944.pdf
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Source: Fairstar Heavy Transport NV via Thomson Reuters ONE
[HUG#1502993]
Unternehmensinformation / Kurzprofil:
Datum: 04.04.2011 - 09:13 Uhr
Sprache: Deutsch
News-ID 53115
Anzahl Zeichen: 4527
contact information:
Town:
ROTTERDAM
Kategorie:
Business News
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