FAIRSTAR HEAVY TRANSPORT - Semi-Submersible Vessel FJORD Awarded CLOV FPSO Contract by DSME
(Thomson Reuters ONE) -
Fairstar Heavy Transport NV (FAIR) has signed a contract with DSME to transport
FPSO components from Angola to Korea for the CLOV FPSO. The contract value is
USD 4,800,000. The open-stern semi-submersible vessel FJORD will perform the
transport, scheduled at the end of 2011. This is the third marine heavy
transportation contract between Fairstar and DSME. Fairstar safely delivered two
shipments for the Pazflor FPSO Project in 2009.
Chris Muilwijk, Sales Team Leader of the Fairstar Client Services Group,
commented: "DSME is a demanding client in our industry. Their standards for
safety, on-time delivery and precise engineering support are extremely high.
Winning this contract in the face of intense industry competition is another
important achievement for Fairstar. Additionally, it perfectly positions FJORD
to begin its work on the Gorgon Project in Q1 of 2012. These two contracts
combine to give FJORD almost two years of continuous utilisation in 2012 and
2013".
Philip Adkins, the Chief Executive, of Fairstar added: "The current spot market
is at an absolute bottom. Price competition for low-value, heavy cargoes has
driven day rates to levels at or even below break-even. The aging, converted oil
tankers owned by our competitors, are slugging it out for every available cargo.
Fairstar continues to believe that our strategy of owning and operating
modern, true open-stern semi-submersible vessels like the FJORD, FJELL, FORTE
and FINESSE and involving these ships in complex, high-value, multiple-voyage
energy infrastructure projects will firmly establish Fairstar at the premium
sector of the market where our shareholders will achieve the highest returns on
their investment. While the recent Fourth Quarter of 2010 was notable for an
absence of cargoes in the spot market, Fairstar was invited to submit a number
of proposals for multi-voyage contracts that will be awarded in the coming
months for projects in 2011, 2012 and 2013. In some of these cases, we have
learned that clients will not consider vessels older than 15 years. In addition,
the standards for operating in Australian energy projects will require all
vessels to be certified as "asbestos-free". We welcome these higher standards.
It certainly validates the investment of our shareholders in Fairstar's fleet
of four modern, asbestos-free, open-stern semi-submersible vessels.
We believe the recent industry talk of a need for excessively large ships is not
founded on sound economic returns. Single-voyage "mega cargoes" may look good
on The Discovery Channel, but the final return for shareholders investing in
such a project may be much closer to zero than is currently being
contemplated. Leadership in our industry will not be determined by size".
For further information please contact:
Philip Adkins, CEO (philip.adkins(at)fairstar.com)
Mark de Haas, CFO (mark.de.haas(at)fairstar.com)
Web:www.fairstar.com
Tel: +31 (0)10-403 5333
***
Profile Fairstar Heavy Transport
Fairstar Heavy Transport NV is the leading provider of marine heavy transport
solutions involving high-value cargoes for the offshore 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. Fairstar is based in
Rotterdam and quoted on the Oslo Stock Exchange (ticker: FAIR).
Press release PDF:
http://hugin.info/143837/R/1476602/412766.pdf
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originality of the information contained therein.
Source: Fairstar Heavy Transport NV via Thomson Reuters ONE
[HUG#1476602]
Unternehmensinformation / Kurzprofil:
Datum: 03.01.2011 - 08:33 Uhr
Sprache: Deutsch
News-ID 50164
Anzahl Zeichen: 4369
contact information:
Town:
ROTTERDAM
Kategorie:
Business News
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