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Fairstar News

16 Nov 2012

KOTUG Appoint Harrold van der Meer COO

Harold van der Meer: Photo credit KOTUG

Harrold van der Meer has joined the KOTUG group and will succeed Dorus Knegtel, the current COO & Vice President Business Development. Harrold van der Meer has a maritime background and more than 20 years experience in technical and operational management within the P&O Nedlloyd / Maersk Group. Thereafter he joined the heavy transport company Fairstar, as Fleet Manager. His specific assignment as COO for KOTUG will be to further strengthen the operational capabilities and procedures…

08 Nov 2012

Dockwise Ltd :Q3 2012

Operationally sound first quarter for combined Group. Dockwise Ltd. has published results for the three month period ended 30 September 2012. As from 1 July 2012, results of Fairstar Heavy Transport N.V. are fully consolidated within the financial statements for Dockwise Ltd. •    Cash flow generated from operating activities of USD 49 million (USD 10 million in Q2 2012). •    Four vessels deployed on Gorgon project. •    The ING syndicate loan facility has been renegotiated. •    USD 302 million for execution in 2014 and beyond (USD 268 million at end Q3 2011 for execution in 2013 and beyond). André Goedée, Chief Executive Officer Dockwise, commented: "The third quarter has seen good operational progress.

16 Oct 2012

KPMG Confirms Third New Build Vessel

Fairstar Heavy Transport N.V. ("Fairstar") on 19 July 2012 through a press release notified the market of its commitment regarding a third new build vessel. As this commitment originated in 2011 Fairstar subsequently published an addendum to its 2011 annual accounts on its own website and on the Oslo Stock Exchange 's newsweb and deposited this with the AFM register. In the Fairstar shareholder meeting of 29 August 2012, the Chairman notified the shareholders in Fairstar that the company's auditor KPMG had commenced additional audit work regarding the 2011 Fairstar annual accounts and that KPMG had advised users should no longer rely on its audit opinion until its additional audit work had been completed. The minutes of this meeting were published on the Fairstar website.

14 Aug 2012

Dockwise Ltd : Q2 & H1 Results 2012

DOCKWISE Ltd. today publishes results for the three month and Half Year periods ended June 30, 2012. Cash flow generated from operating activities of USD 45 million (USD 64 million in first half year 2011). Acquisition of Fairstar Heavy Transport N.V. Initiated buy out and delisting procedures following control (99%) as of July 2012. Contract awards of USD 109 million in Q2 2012 include:Hebron topside transportation for Exxon Mobil;USA Big Dog Spar Buoy for BP. USD 306 million for execution in 2014 and beyond (USD 170 million at end Q2 2011 for execution in 2013 and beyond).

19 Jul 2012

Fairstar Confirms Commitment to Third New Ship

Fairstar Heavy Transport N.V. (Fairstar) confirms that on 3 May 2011 Fairstar had entered into a Shipbuilding Contract with a face value of $110 million with China Shipbuilding Trading Company Limited (CSTC) and Guangzhou Shipyard International Company Limited ("GSI") concerning the acquisition and building of a fifth vessel (MV Fathom), identical to the two earlier new builds MV Forte and MV Finesse. This Shipbuilding Contract was amended by a Memorandum of Agreement to the Shipbuilding Contract on 23 May 2012 to the extent that Fairstar was obliged to make payment of the First and Second Instalments under the Shipbuilding Contract by 20 June 2012.

05 Jul 2012

Dockwise Increase Holdings in Fairstar

Dockwise, through subsidiary Dockwise White Marlin B.V., now controls 93.63% of the outstanding shares of Fairstar Heavy Transport N.V. Following various trades Dockwise purchased approximately 10.2% in Fairstar, increasing its holdings from 83.4% to 93.63%. Shares were bought from ODIN and certain other shareholders. Dockwise, headquartered in Breda, The Netherlands. is a leading marine contractor providing total transport services to the offshore, onshore and yachting industries as well as installation services of extremely heavy offshore platforms. Dockwise shares are listed on the Oslo Stock Exchange under ticker DOCK and on NYSE Euronext Amsterdam under ticker DOCKW.

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.

12 Apr 2012

China-built Semi-submersible on Sea Trials

Fairstar at Work: Photo courtesy of Fairstar

Fairstar Heavy Transport N.V. Fairstar Heavy Transport N.V. announce their new build 50,000DWT semi-submersible vessel FORTE has left the quayside and begun a series of tests and sea trials off the coast of China. The sea trials will be under the supervision of Det Norske Veritas (DNV), the vessel's Classification Society. Willem Out, COO of Fairstar, commented from the Bridge of the FORTE "I have been in the shipping business for almost 40 years, out of which I have been at sea for over twenty years on many different types of vessels.

06 Jan 2012

Kerssens Joins Van Aalst Marine & Offshore

Mario Kerssens has joined the CargoMaxx team at Van Aalst Offshore & Marine, as Manager Business Development, starting the 1st of January 2012. After serving the shipping and offshore industry for more than 20 years in senior sales, marketing and business development positions at Dockwise, Fairmount, Sealift and Fairstar, his latest role has been with FG International Holland BV, the Dutch Special Lifting company, that recently teamed up with Linjebygg Offshore from Norway under the new name LBO International. At Van Aalst his focus will be on the market development of the successfully introduced CargoMaxx handling system for combined liquid and dry bulk on board platform supply vessels, anchor handling vessels, mobile offshore drilling units and fixed platforms.

26 Sep 2011

Keel Laid for Fairstar Semi-Submersible Finesse

Photo courtesy Fairstar Heavy Transport

Fairstar Heavy Transport N.V. announces that the keel for the 50,000DWT semi-submersible vessel FINESSE was laid into the dry dock facility in Qidong, China where Guangzhou Shipbuilding International (GSI) in constructing both the FORTE and the FINESSE for Fairstar. Willem Out, Fairstar's Chief Operating Officer, commented from Qidong: "With the FORTE now floating at quayside, the FINESSE is now underway in the dry-dock. 240 blocks of the 272 total required for this design have been constructed and delivered to the shipyard.

01 Jun 2010

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.

27 May 2009

Fjell Passes Submersion Test

Fairstar Heavy Transport NV (FAIR) announced that the submersion test of its self-propelled semi-submersible vessel Fjell was successfully executed on Sunday May 17 in Malta under the scrutiny of representatives of Det Norske Veritas (DNV). DNV has issued Certificates of Class to Fairstar. The vessel is now qualified to operate as a fully-certified semi-submersible heavy transport vessel. The Fjell departed Malta on May 17 for Trapani, Sicily in order to transport and launch a 7000 tons chemical tanker. The operation was expected to take five days.

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.

20 May 2008

Need a Heavy Lift?

Fairstar is an interesting new player in the Heavy Lift Market. MarineLink.com recently spoke with Mario Kerssens, Sales & Marketing Director, to discuss the company’s strategy and mission. MarineLink: Fairstar Heavy Transport is new to the heavy lift market. Can you give to me a brief company background, as well as share the general philosophy of the company? MK: In 2005 a company stocklisted on the Oslo Bors was established as vehicle to convert two of the world biggest heavy transport barges (Boa 19 & 20) into self-propelled heavy transport ships.

16 Apr 2008

A&P Tyne Awarded Conversion Contract

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.

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.