Fairstar Contracts For Gorgon LNG Project

Fairstar Heavy Transport NV (FAIR) has been awarded two transportation contracts by Chevron Australia Pty Ltd and Kellogg Joint Venture - Gorgon. The contracts were signed by representatives of both companies on May 31, 2010.

Under the terms of the agreements, Fairstar will provide two of its Semi Submersible Heavy Transport Vessels for the transportation of modules and related project materials from various construction sites throughout Asia, to the Gorgon Project’s LNG Plant being constructed on Barrow Island off the northwest coast of Australia.

The two contracts are for a minimum term of one year per contract and can be extended at the option of Chevron and Kellogg Joint Venture for an additional four month period. The total value of the two contracts, including the options, is approximately $90.1m.