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Philip Adkins News

21 May 2012

Fairstar Heavy Transport Takes Fleet Finance Loan

Photo courtesy of Fairstar

Fairstar Heavy Transport N.V. (FAIR) has signed a USD 247 million syndicated loan facility led by ING Bank. The facility provides the necessary liquidity to satisfy the outstanding payment obligations to Guangzhou Shipbuilding International (GSI) due under the construction contracts for the 50,000 DWT semi-submersible vessels FORTE and FINESSE. In addition, the facility provides Fairstar with a USD 20 million tranche for the performance bonds required under the Gorgon, Ichthys and Golden Eagle contracts.

13 Aug 2008

Fairstar Awarded Multiple Voyage Contracts by KBR

Fairstar Heavy Transport (FAIR) has been awarded a multiple voyage contract by KBR of Houston. Fairstar’s semi-submersible heavy transport vessel ‘Fjord’ will deliver the EGTL modules for Chevron from Abu Dhabi to the Escravos River in Nigeria. The Fjord will make a total of three consecutive round trip voyages over the course of the contract. The first cargo is currently scheduled to be picked up in February 2009. Total contract value for Fairstar is $23.2 million, all of which shall be received in 2009. Cristijn Sarvaas, CFO, highlighted the financial impact of the contract: “this multiple voyage contract significantly strengthens our financial position and the predictability of our revenues.

25 Mar 2008

Fairstar Fjord Gets DNV Certification

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. 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.

04 Feb 2008

Fairstar Completes Submersion Tests

days of extensive tests on all aspects of the ballast system executed in Malta. kinds of floating and non-floating heavy cargoes. below the surface, giving about 11 meters water above main deck. thrusters, deep drafted nuclear submarines and jack-up rigs with big spud can protrusion. success. during and after the submersion. loading systems in the world. was exceptional. service”. The Fjord has passed the most important test for a vessel of this type. valuable cargoes of the most demanding clients. we believe the Fjord will emerge as the vessel of choice for the most demanding cargoes.

29 Apr 2003

HMC Appoints Adkins as Joint-Managing Director

Horizon Mobile Communications (“HMC”) is pleased to announce that Mr. Philip Adkins has joined HMC as Managing Director with effect from April 16, 2003. Philip brings more than 30 years extensive experience in senior executive roles as a Managing Director, main Board Director (of a public company) and as a Senior Vice President in multi-national companies in both the maritime and finance sectors. Philip has worked in the shipping industry for P & O Plc (UK) and Jebsens Rederi (Norway) and is qualified as a Chief Engineer (First Class). In 1986 he was invited to join ANZ McCaughan Dyson Securities in the City of London and later, Banque Paribas Capital Markets as a Senior Pan-European telecommunication and energy analyst.