Fairstar Fjord News

A&P Tyne was awarded a contract to carry out the conversion of a former ice breaking cargo vessel into a DP3 Flotel, accommodation vessel carrying up to 399 persons. The contract has been awarded by the C&M Group of on behalf of the owners Silters, to A&P Tyne Ltd. Some preparations have already taken place on the vessel in the . The vessel is due to be brought to the by the heavy lift cargo vessel Fairstar Fjord where the main part of the conversion will be undertaken. This is a challenging project and typical of the complex marine conversions carried out by A&P Tyne over recent years. The project will require the fitting of some 1400 tons of new accommodation block steel work, accommodation for 399 people which include all the necessary services to support the personnel to be carried.

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.