August 5 - In its second quarter results, Fairstar has reported continued increases in revenue and profitability, and reduced debt.
The arrival of Fjell, the company's second semi-submersible heavy transport vessel in early May, to join sister ship, Fjord helped produce combined profits in the 2009 second quarter of USD5.4 million.
Fairstar CFO Mark de Haas commented: "Fjord and Fjell are now demonstrating their value to our shareholders as valuable assets with the ability to generate significant cash flow. We have completed the conversion of Fjell, paid for the associated capital expenditure and can now begin to retire our outstanding term debt. The USD15 million commitment we recently received from Fortis Bank to re-finance our outstanding NOK 125 million Bond loan confirms our company continues to have access to liquidity in spite of the ongoing credit crisis."
Philip Adkins, CEO of Fairstar summarised the company's view by stating: "Our shareholders have supported the Fairstar Team through three long and challenging years. We are proud to say, that we have finished the work we started in Malta. We have successfully executed a series of complicated transportation projects around the world safely and reliably. We have established a trend of consistent profitability at our company that will be a benchmark for our performance in the future. Fairstar is now positioned to maintain a sustainable competitive niche in the off-shore energy services industry. At Fairstar we know what it means to fight for our survival and we are deeply grateful for the trust and confidence we have earned from our shareholders, bankers, bondholders, suppliers and clients."