Fairstar stays in the black in Q1 as it prepares to enter the "Red Box" in 2012
(Thomson Reuters ONE) -
Fairstar Heavy Transport N.V. (FAIR) has posted an operating profit in the First
Quarter of 2012, following on with the positive EBITDA contribution posted by
the Company in the Fourth Quarter of 2011.
Fleet utilization for the FJORD and FJELL was at 85% for the Quarter. Fairstar
safely executed marine transportation contracts for DSME, Hercules Offshore and
Northern Offshore.
Ingmar den Blanken, Treasure of Fairstar commented: "In spite of the challenges
we faced in a market that continues to be characterized by deep discounting by
our competitors, we achieved an operating profit of USD 72 thousand. Overall
profitability was set back by the weakness of the US Dollar versus the Norwegian
Krone at the closing date of our accounts. Liquidity was enhanced by the
successful placement of 8.1 million shares. Fairstar continues to explore
various options available to us in the banking and bond markets to ensure that
our cost of capital is appropriate for our funding needs."
Willem Out, COO, added: "The First Quarter of 2011 reflected the dangers of
exposure to the spot market for marine heavy transport. All of us at Fairstar
are now preparing the Company to enter the "Red Box" stage of our Company's
evolution. The FJORD is now on contract with Gorgon and the value of
predictable, high margin earnings in the coming years will validate our decision
to invest in the FORTE and FINESSE as well as confirming the value of our
Company that has not been reflected in the recent offer by our competitor from
Breda."
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
October 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/1613375/513745.pdf
Fairstar Q1 2012 report:
http://hugin.info/143837/R/1613375/513746.pdf
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originality of the information contained therein.
Source: Fairstar Heavy Transport NV via Thomson Reuters ONE
[HUG#1613375]
Unternehmensinformation / Kurzprofil:
Datum: 18.05.2012 - 18:01 Uhr
Sprache: Deutsch
News-ID 148194
Anzahl Zeichen: 3554
contact information:
Town:
ROTTERDAM
Kategorie:
Business News
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"Fairstar stays in the black in Q1 as it prepares to enter the "Red Box" in 2012"
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