Steel Cutting Ceremony for Fairstar’s New Heavy Transport Vessel Held in China

 

Fairstar Heavy Transport N.V. (FAIR) announces that steel cutting for the second of its new build 50,000DWT open-stern semi-submersible vessels, FINESSE took place on March 5, 2011. The ceremony was at the ASIC facility in Nantong, China.

ASIC is the primary sub-contractor for the steel ship blocks that will make up the hull and super-structure of the FINESSE. The ceremony was attended by representatives of Det Norsk Veritas, Guangzhou Shipyard International (GSI) and Fairstar Heavy Transport.

Willem Out, Chief Operating Officer of Fairstar commented: “The steel cutting ceremony of the FINESSE is the first milestone in the construction of Fairstar’s fourth open stern semi-submersible vessel. FINESSE will join her sister ship FORTE in 2012. We are convinced that the demand for modern, open stern, semi-submersible heavy transport ships will increase in the next two to three years. Complex energy infrastructure projects both on shore and off shore will provide Fairstar with a significant opportunity to create value for our shareholders by winning tenders for multi voyage contracts. We are confident that FORTE, FINESSE, FJORD and FJELL will provide a solid stream of future earnings for our company.”.

Philip Adkins, Fairstar Chief Executive Officer, added: “The fixed purchase price of USD 102 million for both the FORTE and the FINESSE will facilitate an IRR of more than 15% per annum over the 25 year life of the ships. Our shareholders expect us to provide predictable economics. We have no intention of surprising our shareholders with a 20% increase in construction costs. We are well versed in the disciplines of ship building and project management after our experiences in Malta. GSI and Fairstar are united in our determination to deliver both the FORTE and FINESSE on time and within the original capital budget. Our next milestone will be the keel laying of FORTE in April.”.

Source: Fairstar , March 10, 2011;

 

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