Fairstar Heavy Transport awarded USD 9.6 million float-over contract by Saipem S.p.A. / Fleet Update

Fairstar Heavy Transport N.V. (FAIR) has been awarded a contract by Saipem S.p.A. to provide float-over and installation services to Saipem for the 8,000 tonnes CMMP Platform in the Persian Gulf, off-shore Iraq. Saipem has contracted the new 50,000DWT semi-submersible vessel FINESSE for the transportation of the CMMP module from the fabrication facility in Karimun, Indonesia in the second half of 2013...
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Fairstar Heavy Transport N.V. (FAIR) has been awarded a contract by Saipem S.p.A. to provide float-over and installation services to Saipem for the 8,000 tonnes CMMP Platform in the Persian Gulf, off-shore Iraq. Saipem has contracted the new 50,000DWT semi-submersible vessel FINESSE for the transportation of the CMMP module from the fabrication facility in Karimun, Indonesia in the second half of 2013.

Philip Adkins, Chief Executive Officer of Fairstar commented on the new Saipem contract and provided a fleet update: "The Saipem contract to install the CMMP Platform in the Persian Gulf is another example of Fairstar's competitive dominance at the high value segment of the marine heavy transport industry. A float-over operation of this magnitude requires significant engineering skills and a broad range of project management experience. Fairstar has already established itself as the leading provider of module transportation for major LNG projects. Gorgon and Ichthys validated our on-shore dominance. Golden Eagle and the CMMP float-over show an equal facility to deliver safe and reliable transportation of high-value off-shore assets to our EPC clients.

The FJORD is now "on contract" for Gorgon and is expected to load the first modules for transport to Barrow Island in May. The FJELL has safely loaded two power generating barges in Bonny, Nigeria and will sail to Escravos, Nigeria tomorrow. Once the power generating barges have been discharged near the Chevron EGTL facility, the FJELL mobilize towards Asia and undergo preparations for Gorgon."


For further information please contact:
Philip Adkins, CEO (philip.adkins@fairstar.com)
Ingmar den Blanken, Treasurer (
ingmar.den.blanken@fairstar.com)
Web: www.fairstar.com
Tel: +31 (0)10-403 5333

*****

Profile Fairstar Heavy Transport:

Fairstar Heavy Transport N.V. is a leading provider of marine heavy transport solutions, specializing in high-value cargoes for the offshore and onshore energy and construction industries. Fairstar owns and operates two of the most modern semi-submersible heavy transport ships in the global fleet, FJORD and FJELL. The 50,000DWT, open-stern semi-submersible vessels FORTE and FINESSE are currently under construction with Guangzhou Shipbuilding International in China and will be owned and operated by Fairstar when they are delivered in May and October of 2012 respectively. Fairstar is based in Rotterdam and quoted on the Oslo Stock Exchange (ticker: FAIR).


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