Fairstar Fjord Gets DNV Certification

Tuesday, March 25, 2008
Fairstar Fjord on sea trials.

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."

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