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 Adkins, Fairstar 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.