March 2 - Fairstar Heavy Transport has recorded an operating profit in its Q4 2011 results of USD884,000 on revenues of USD9.5 million.
Revenues were up almost 300 percent from the same period in the previous year.
Fairstar's operating profit signaled a change in fortunes from the first three quarters of 2011.
The company's ships Fjord and Fjell achieved 83 percent utilisation for the quarter, significantly higher than levels reported by other industry participants which Fairstar estimates averaged around 60 percent.
Ingmar den Blanken, treasurer, remarked: "2011 was a transitory year for Fairstar. In spite of the global economic crisis we continued to invest in our business and are now close to double in size. The addition of Forte and Finesseto our fleet brings over USD200 million in value producing assets for our shareholders.
"We have hired a wide range of skilled professionals to provide the complex skills and services we will be required to deliver. Our financial results for 2011 record both the costs as well as the value attributable to our long term strategy. The operating profit in Q4 and the high utilisation of our vessels reflects the skill of our team and the versatility of our vessels to operate profitably in spite of the challenging economic climate."
Frits van Riet, chairman of the Supervisory Board of Fairstar, added: "Our CEO Philip Adkins and our COO Willem Out have done a remarkable job in 2011 leading our company forward. Our strategy of focusing on high-value, multi-voyage energy infrastructure projects is sound. The investment we have made in our fleet and our team in 2011 positions us to harvest significant value for our stakeholders at levels never previously achieved in this industry. I am confident our team will continue to add to the Gorgon and Golden Eagle contracts in 2012."