Fairstar confirms commitment to third new build vessel
(Thomson Reuters ONE) -
Fairstar Heavy Transport N.V. ("Fairstar") confirms that on 3 May 2011 Fairstar
had entered into a Shipbuilding Contract with a face value of USD 110 million
with China Shipbuilding Trading Company Limited ("CSTC") and Guangzhou Shipyard
International Company Limited ("GSI") concerning the acquisition and building of
a fifth vessel (MV Fathom), identical to the two earlier new builds MV Forte and
MV Finesse.
This Shipbuilding Contract was amended by a Memorandum of Agreement to the
Shipbuilding Contract on 23 May 2012 to the extent that Fairstar was obliged to
make payment of the First and Second Instalments under the Shipbuilding Contract
by 20 June 2012. Any failure to do so would constitute an event of default under
the Shipbuilding Contract and entitle CSTC and GSI to terminate the Shipbuilding
Contract. In the event of such termination, Fairstar will be obliged to pay a
Termination Fee in the amount of USD 37.5 million. Further, Fairstar in that
case shall forfeit the USD 2 million Down Payment already paid pursuant to the
Shipbuilding Contract. Fairstair failed to pay the sums due by 20 June 2012.
Until now, there is no indication that the Shipbuilding Contract has been
terminated. Fairstar and CSTC and GSI have agreed to meet with Fairstar
management shortly and discuss the present situation. Meanwhile, Fairstar and
Dockwise are looking at scenarios, involving amongst others the earlier
announced intended conversion of the Black Marlin which, when viewed from a
combined fleet perspective, will allow for optimization in CAPEX commitments and
CAPEX planning without a need for additional equity for the foreseeable future.
For further information please contact:
Fons van Lith
Email: fons.van.lith(at)dockwise.com
Tel: +31 (0)6 51 314 952 or +31 (0)76 5484116
Dockwise shares are listed on the Oslo Stock Exchange under ticker DOCK-OS and
on NYSE Euronext Amsterdam under ticker DOCKW-AE. Shares of Dockwise subsidiary
Fairstar Heavy Transport N.V. are listed on the Oslo Stock Exchange under ticker
FAIR-OS
Press Release (PDF):
http://hugin.info/143837/R/1627952/521153.pdf
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Source: Fairstar Heavy Transport NV via Thomson Reuters ONE
[HUG#1627952]
Unternehmensinformation / Kurzprofil:
Datum: 19.07.2012 - 13:42 Uhr
Sprache: Deutsch
News-ID 166962
Anzahl Zeichen: 2933
contact information:
Town:
ROTTERDAM
Kategorie:
Business News
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"Fairstar confirms commitment to third new build vessel"
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