Fairmount Glacier Positioned FPSO Usan Offshore Nigeria

Fairmount Marine’s powerful tug Fairmount Glacier has successfully assisted in the installation of the floating production storage and offloading unit (FPSO) Usan, offshore Nigeria. For this operation Fairmount was contracted by Saipem Energies, which needed a 200 ton bollard pull tug for this job.

FPSO Usan is one of the largest of its kind: 320 metres long and 61 metres wide. The unit is build by Hyundai Heavy Industries in Korea. The Usan oilfield is discovered about ten years ago. The field is situated 100 kilometres south of Port Harcourt, with water depths up to 850 metres.

The tug Fairmount Glacier just has had a successful docking in Durban (South Africa) when it was contracted by Saipem Energies. During mobilization towards Nigeria, Fairmount Glacier called at Pointe Noir for preparation works. Directly hereafter the tug proceeded towards the Usan field, offshore Nigeria.


On August 4th Fairmount Glacier connected to the FPSO Usan as requested by Saipem Energies. After almost nine weeks of continuous heading control and other general assistance to the Usan, the FPSO was successfully installed and Fairmount Glacier was ordered to commence demobilization.

Source: Fairmount

Posted on 10/16/2011 / 0 comments / Read More

Fairstar balances loss with increase in future contract revenue

Fairstar Heavy Transport N.V. (FAIR) released its third quarter results to the market. During the quarter Fairstar was awarded over USD 40 million in new contracts for marine transportation services in the next two years. Fairstar now has contracts in place totalling over USD 220 million in total value. The company booked an operating loss of USD 2.6 million in the quarter. Cash on hand totals USD 6.8 million.

Fairstar indicated it is currently in discussions with a Nordic/Dutch banking syndicate to re-finance its current secured loan facility. Philip Adkins CEO provided some further insight on the announcement, "Fairstar is well positioned for the future. Our "Red Box Strategy" has been further validated by new multi-voyage, high value contracts and extensions of existing contracts. We have slugged it out in the spot market this year and have won contracts that will generate the cash flow we require to meet our current financial obligations as well as continued to invest in our business. In early 2012 we will have escaped from the unpredictable and volatile economics of the spot market and begin to book predictable and consistent revenues every month for at least three to five years. Our future will be wedded to the growth of Australia as a major supplier of LNG and the ongoing demand for this energy source from the industrial nations in East Asia.

We are disappointed to post an operating loss this quarter and do not expect 2011 to be a profitable year for Fairstar. However, we have maintained the financial strength and stability necessary to preserve and protect the underlying value of our business and positioned it to create sustainable value for our shareholders for many years to come."

For further information please contact:

Philip Adkins, CEO (philip.adkins@fairstar.com)
Web: www.fairstar.com
Tel: +31 (0)10-403 5333

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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 2012. Fairstar is based in Rotterdam and quoted on the Oslo Stock Exchange (ticker: FAIR).

Posted on 10/16/2011 / 0 comments / Read More

Dockwise Vangard to deliver Goliat FPSO

Dockwise Ltd. announces its second project for the new-build vessel Dockwise Vanguard. Directly following the transportation of the Jack & St. Malo platform to the Gulf of Mexico in 2013, the Dockwise Vanguard will return to Korea to load and transport the Goliat floating, production, storage and offloading vessel [FPSO] to northern Norway.
The investment decision for the construction of the Dockwise Vanguard has facilitated technical optimization of the production platform, whereby the change offers benefits to the Goliat project with respect to transit time and transportation flexibility. The financial result from this contract and the hereby announced change order confirms the earlier made financial prognosis for the vessel in its first year of operation. Aiming at further assignments for this period Dockwise continues to strive for enhanced revenues compared to its initial plan.
The Goliat FPSO will be operated by Eni for oil production of the Goliat field located offshore Northern Norway in sub-arctic conditions. The platform is designed as a fully integrated and enclosed winterized floating production platform (FPSO).
André Goedée, Chief Executive Officer, Dockwise Ltd, said:
“The Vanguard is already adding unique capacity and new flexibility to the Dockwise fleet. This is of particular value for clients with the most challenging assignments. In case of today’s announcement we created an opportunity for the client to optimize the project execution schedule with a flexible and robust solution for the transportation of the Goliat FPSO from Korea to Europe. We consider this another strong endorsement of Dockwise’s decision to invest in a major new-build asset ahead of the surge in demand for Transport & Installation projects in the next decade.”

Posted on 10/16/2011 / 1 comments / Read More