FAIRSTAR HEAVY TRANSPORT N.V. posts a net profit for the 2010 financial year, raises almost USD 100 million in new capital and invests in a fleet for the future
(Thomson Reuters ONE) -
Fairstar Heavy Transport N.V. (FAIR) has published its audited financial
statement for 2010, recording a net profit after tax of USD 228 thousand. The
report also highlighted the company's activities in the international capital
markets, successfully raising almost USD 100 million that was invested in two
new open stern, semi-submersible vessels FORTE and FINESSE as well as paying
down long term debt.
Philip Adkins, the Fairstar Chief Executive Officer, stated "2010 was a
transformational year for our young company. We identified the dangers we faced
in a marine heavy transport market characterized by excess capacity, high
leverage, inflated asset values, scarcity of cargoes and the subsequent collapse
in day rates. We have articulated a strategy that positions Fairstar in the
segment of the market with the highest barriers of entry. We have invested in
two modern semi-submersible vessels that are of a proven design, from a reliable
shipyard at a fixed price of USD 102 million. The return on investment these
ships will generate for our shareholders is higher than anything comparable in
the heavy transport market today. The award of the USD 90 million contract to
Fairstar in 2010 for the Gorgon LNG project validates our strategy and will form
the foundation of permanent and sustainable future value for our shareholders.
We are confident that Gorgon was the first of many multi-voyage contracts for
high value marine transport services required by owners of multi billion dollar
energy infrastructure projects."
Willem Out, the Fairstar Chief Operating Officer, added "The FORTE and FINESSE
are both on schedule for delivery in April and October 2012 respectively. These
two 50,000DWT ships will be operated by Fairstar's Team of experienced officers,
engineers and crewmen. In 2010 we invested in our future and I am certain our
company is well prepared to prosper in the foreseeable future. The safety and
environmental standards of our clients will become more severe. The technical
complexity of transportation solutions will increase. Fairstar is unique in the
marine heavy transport industry today. We own a modern fleet of true open stern,
semi-submersible vessels; dedicated Fairstar personnel to sail them; experienced
technical managers on shore to support them; and a strong balance sheet to
sustain them.
I share the view of our CEO that leadership in our industry will not be
determined by size."
For further information please contact:
Philip Adkins, CEO (philip.adkins(at)fairstar.com)
Willem Out, COO (willem.out(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).
Fairstar Heavy Transport 2010 Financial Report:
http://hugin.info/143837/R/1492726/428520.pdf
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(i) the releases contained herein are protected by copyright and
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(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#1492726]
Unternehmensinformation / Kurzprofil:
Datum: 28.02.2011 - 08:44 Uhr
Sprache: Deutsch
News-ID 51951
Anzahl Zeichen: 4405
contact information:
Town:
ROTTERDAM
Kategorie:
Business News
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