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Fairstar Fjord Gets DNV Certification
Tuesday, March 25, 2008
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Fairstar Heavy Transport NV (FAIR) received Class Certification from DNV for its self-propelled heavy transport vessel Fjord. In addition, the company signed a new contact to transport a highly specialised cargo from the U.S Gulf of Mexico to the North Sea. The specific identity of the cargo cannot be revealed under the terms of a confidentiality agreement with the client, however, Mario Kerssens, Director of Sales and Marketing for Fairstar comments, "This is a perfect cargo for the maiden voyage of Fjord. While not a rig, the cargo will require a high degree of skill on behalf of the crew and maneuverability by the Fjord in very tight loading conditions. The final destination for the cargo in the North Sea positions Fjord to pick up the floating dry dock in June in Newcastle, UK, which is scheduled to be transported to India. From there, Fjord will move on to Korea to pick up the Tombua Landana module in Korea and transport it to offshore Angola. With this project, the Fjord will now be working for a period of 163 days in 2008."
Cristijn Sarvaas, CFO, added "The time charter equivalent revenue for this contract is $81,000 per day for a period of 47 days. This is in line with the forecasts we have been sharing with the market and brings total confirmed gross revenue for the Fjord to over 15 million in 2008. We expect Fjord will continue to achieve this level of day rates for the foreseeable future."
Philip Adkins, CEO, said: "The conversion of the Fjord is now finished. On 27 March we will watch it depart over the horizon on its way to the Gulf of Mexico where it will begin to produce the returns our shareholders, bankers and employees all expect and deserve. After we wipe away a tear or two of joy and relief, the Fairstar team will return to the dry dock in Marsa and get back to work on the Fjell."
For more information, Email
mario.kerssens@fairstar.com
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