Fairstar Heavy Transport N.V. (FAIR) has signed a Bridge Loan Facility Agreement with Bank of China. The facility provides financing of the third installment of the construction of the FORTE in accordance with the Terms of Payment in the Shipbuilding Contract. The Bridge Loan Facility will be repaid at delivery of the FORTE by means of the recently signed DNB Bank facility.
Ingmar den Blanken, Treasurer of Fairstar, added the following remarks, “In spite of the ongoing turbulence in the financial markets, Fairstar has secured an additional credit facility for its new building program. 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.”
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Shipbuilding Tribune Staff, December 13, 2011; Image: FAIR