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Fairstar takes delivery of Forte

June 1 - Fairstar Heavy Transport has taken delivery of its latest new building, Forte, with the closing documentation completed to the satisfaction of Fairstar's bankers, classification society and the Dutch Flag State.

Fairstar advises that it has drawn down on the USD247 million facility led by ING Bank and effected all outstanding payments due to Guangzhou Shipbuilding International (GSI) for the Forte, with the yard delivering the ship on schedule, at the contracted purchase price.

Willem Out, COO of Fairstar, says: "We are extremely pleased with the quality and performance of Forte. Over the last two years the Fairstar Team has worked closely with their counterparts at GSI to maintain the highest standards of quality and compliance to our contract. We are grateful for the thousands of hours of hard work that went into Forte by everyone involved. The commitment to our company by everyone involved in this project, not only GSI, but CSTCand CSSC has been of great value. We value the relationship and look forward to building more ships together."

Ingmar den Blanken, Fairstar's treasurer, added: "The ING facility provided funding not only for the Forte, but it has also facilitated the payments due to GSI for the Finesse, as well as re-financing our current facilities with HSH Nordbank and ABN AMRO. ING did a marvellous job syndicating the credit and managing the closing documentation in a very difficult economic environment. The facility also provides for the issuance of the Performance Bonds required under our Gorgon, Ichthys and Golden Eagle contracts. ING provided a comprehensive solution to our financial needs at a critical time for Fairstar. We appreciate their confidence in our team."

Philip Adkins, CEO of Fairstar, summed up the achievement: "Promises made, Promises kept, in other words, business as usual at Fairstar."

www.fairstar.com

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