Australia: FAIR Secures Gorgon Project Contract Extensions
- Business & Finance
Fairstar Heavy Transport N.V. (FAIR) has signed two contract extensions with Chevron Australia PTY LTD and the Kellogg Joint Venture-Gorgon.
The Fairstar semi-submersible heavy transport vessels FJORD and FORTE will provide marine transportation of modules and other related equipment over a series of voyages commencing in the second quarter of 2012 for thirteen months and seventeen months respectively. The total value of the extensions is USD 19,194,634.
The total value of the three transportation contracts involving the FJELL, FJORD and FORTE is USD 110,477,889. The total does not include the options extended to Chevron Australia and the Kellogg Joint Venture Gorgon to continue to use any or all of the vessels beyond the new contract periods. The options range from sixty days to one hundred and twenty days.
The Gorgon Project, operated by Chevron Australia PTY LTD, is a joint venture of Chevron (approximately 47 percent), Exxon Mobile (25 percent), Shell (25 percent), Osaka Gas (1.25 percent),
Tokyo Gas (one percent), and Chubu Electric Power (0.417 percent).
Source: FAIR, September 13, 2011.