February 15 - Fairstar Heavy Transport achieved record profits of USD12.4 million in 2009.
Total revenue of USD 50.7 million and EBITDA of USD 24.3 million, based on total fleet utilisation of 81 percent contributed to a solid year end for Fairstar.
Mark de Haas, CFO commented: "Our shareholders deserve to be rewarded for their patience and support over the last three years. In spite of the challenging global market, FJORD and FJELL have demonstrated their value to our owners by continuing to achieve time charter revenues averaging USD 80,000 per day.
Philip Adkins, CEO, added: "The market for heavy transport services now distinguishes ships that can provide high value solutions to complex energy infrastructure logistics from those that operate in the converted tanker segment.
FJORD and FJELL are now well-established and attractive options for our demanding client base. We are confident that our profits will continue to grow."