Fairstar Accepts Delivery of FORTE in China

Fairstar Accepts Delivery of FORTE

Fairstar Heavy Transport N.V. (FAIR) has taken delivery of the semi-submersible heavy transport, FORTE. The closing documentation has been completed to the satisfaction of Fairstar’s bankers, classification society and the Dutch Flag State.

Fairstar has drawn down on the USD 247 million facility led by ING Bank and effected all outstanding payments due to Guangzhou Shipbuilding International (GSI) for the FORTE. The ship was delivered to Fairstar on the scheduled delivery date, at the contracted purchase price.

Willem Out, COO of Fairstar, attended to the closing in China and reported: “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 CSTC and 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.”

Offshore Energy Today Staff, June 1, 2012



Share this article

Follow Offshore Energy Today


<< Oct 2016 >>
26 27 28 29 30 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
31 1 2 3 4 5 6

Offshore Energy Exhibition & Conference 2016

The Offshore Energy Conference features an extensive conference program offering a platform for discussing key topics and solutions…

read more >

Arctic Technology Conference

Offshore Technology Conference (OTC) is the world’s foremost event for the development of offshore resources in the fields of drilling,…

read more >

Rio Oil & Gas 2016

The conference will offer the opportunity for professionals to present their technical papers in two different formats: oral and digital poster…

read more >

3rd Annual O&G Future Logistics Forum 2016

The 3rd Annual O&G Future Logistics Forum 2016 will examine how infrastructure sharing, supply chain consolidation, technology adoption…

read more >



For one of our clients we are looking for a Ships Electrician. Our client is a company with worldwide activities. You will work in a rotation of 4 till 6 weeks on and off.


Assistant Driller

Maersk Drilling Norge AS was established in 1990 and employs a staff of approximately 1000 people.


QC Coordinator Offshore

Do you attach great importance to quality and do you have an affinity with offshore projects? Then read about what Van Oord can offer you.