December 14 - Fairstar Heavy Transport, the Oslo-listed heavy lift shipping specialist, has signed a USD30 million bridging loan facility for its newbuilding, Forte, with Bank of China.
The facility provides financing of the third instalment of the construction of the Forte in accordance with the terms of payment in the shipbuilding contract. The facility will be repaid at delivery of the Forte by means of the recently signedDNB Bank facility, Fairstar said.
Ingmar den Blanken, treasurer of Fairstar, remarked: "In spite of the ongoing turbulence in the financial markets, Fairstar has secured an additional credit facility for its newbuilding programme. The facility provides the required funding to ensure timely completion of the Forte. The commissioning of the Forte has begun and Forte will be delivered on time to begin its work for the Gorgon LNG Project."