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Fairstar posts small net profit for 2010

February 28 - Fairstar Heavy Transport's audited financial statement for 2010 records a net profit after tax of USD228,000 and highlights the company's success in raising almost USD100 million that is being invested in two new open stern, semi-submersible

Philip AdkinsFairstar chief executive officer, stated: "2010 was a transformational year for our young company. We identified the dangers we faced in a marine heavy transport market characterised by excess capacity, high leverage, inflated asset values, scarcity of cargoes and the subsequent collapse in day rates. We have articulated a strategy that positions Fairstar in the segment of the market with the highest barriers of entry. We have invested in two modern semi-submersible vessels that are of a proven design, from a reliable shipyard at a fixed price of USD102 million. The return on investment these ships will generate for our shareholders is higher than anything comparable in the heavy transport market today. The award of the USD90 million contract to Fairstar in 2010 for the Gorgon LNG project validates our strategy and will form the foundation of permanent and sustainable future value for our shareholders. We are confident that Gorgon was the first of many multi-voyage contracts for high value marine transport services required by owners of multi billion dollar energy infrastructure projects."

Forte and Finesse are both on schedule for delivery in April and October 2012 respectively.

Heavy Lift | News

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Cargolux calls at Incheon

July 17 - Cargolux Italia has launched a Boeing 747 service between Milan Malpensa Airport, Italy and Incheon, South Korea.
Views: 220
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BigMove goes digital for licenses

July 17 - BigMove – a European alliance of 13 medium-sized logistics companies – is introducing digital driving licenses for its network of 1,000 drivers.
Views: 251
ESTA joins EC best practice project thumbnail image

ESTA joins EC best practice project

July 16 - The European association of abnormal road transport and mobile cranes (ESTA) has been asked to support a European Commission study to “explore health, safety and environment (HSE) best practice in the wind power sector”.
Views: 647

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