July 18 - Fairstar Heavy Transport reports that it achieved 100 percent utilisation of its two-ship fleet - Fjord and Fjell - in the second quarter of 2012.
The company reported operating profits for the quarter of USD1.4 million on time charter revenues of USD5.5 million.Fjell has successfully transported a flotilla of 16 tug boats from Singapore to Maracaibo, Venezuela and Fjord, which is currently preparing to depart Singapore with an additional 26 tugs on deck, carried the ENSCO 105 jack-up rig from Malta to Singapore.
Willem Out, Fairstar's chief operating officer, said the two ships 'crossed wakes' around the Cape of Good Hope in the middle of May whilst the second quarter has seen ships and crew involved in three complex submerging and loading operations.
Chief executive officer, Philip Adkins stated: "In spite of achieving full utilisation for our fleet, our profitability for the quarter was marginal at best. The current price environment in the spot market is intensely competitive. We are encouraged by the increase in tender activity for "Red Box" multi voyage, complex, high value energy infrastructure projects. Fairstar was notified of making the short list for two of these projects and we expect to learn about the final contract awards in the third quarter of this year.
"Meanwhile, we will continue to prepare our company to meet our commitments to the soon approaching Gorgon Project. Forte is on schedule for delivery to Fairstar in May 2012 and all our crews are undergoing intense quarantine management and safety training in anticipation for our first voyage next year."