Commissioning and Christening Ceremonies for Fairstar’s New Vessels

Dockwise subsidiary Fairstar Heavy Transport N.V. today announces the commissioning of a new Type 1 Vessel to be named White Marlin and the christening of its most recent new-build vessel, Finesse.

On acquiring Fairstar Heavy Transport N.V. in July 2012, Dockwise took charge of a set of vessel development plans and commitments. The status of the construction works on the third new-build vessel, following the Forte and Finesse, provided an opportunity to consider the optimal configuration for the new combined fleet. Following discussions with the fabrication yard, Guangzhou Shipyard International (GSI), the original contract, for a Type 2 vessel to be named Fathom, has been renegotiated and a commission placed for a Type 1 vessel to be named White Marlin.

White Marlin’s specification will give it a capacity and vessel capabilities similar to Dockwise’s existing Blue Marlin. Scheduled delivery will be in Q4 2014, for a total investment of USD 150 million with instalments and expenses due in April 2013 (USD 30 million), December 2013 (USD 30 million) and on delivery in 2014 (USD 55 million). Of the USD 35 million instalments due in 2012 another USD 10 million is yet to be paid.

The decision to build a Type 1 rather than a Type 2 vessel, for a cost increase of some USD 40 million, removes the requirement Dockwise faced to withdraw its existing Type 2, Black Marlin from service in order to convert it to a Type 1 to satisfy growing demand for larger vessels. Such a conversion, at an estimated cost of USD 60 million would have removed one of Dockwise’s most commercially versatile ships for up to two quarters during a peak period of activity.

Andre Goedee, Chief Executive of Dockwise, said:

“The board of Dockwise is pleased with this outcome. The acquisition of Fairstar has allowed us to optimise the operational capacity of the top end of our fleet. In White Marlin, we shall have a brand new Type 1 vessel, constructed by a yard with whom we have built a strong relationship. We shall also realise a considerable saving on our existing upgrade plans and keep at sea another important vessel during a busy period when our clients have every need of a consistent service.”

Dockwise also announces that the christening ceremony of Finesse was performed at LongXue Shipbuilding, LongXue Island, in Nansha District, China, on 31October. Finesse is a semi-submersible heavy Type 2 transport vessel, 216 m long by 43 m wide, and capable of transporting cargo up to 50,000 tons.

The event was witnessed by representatives of Dockwise, Fairstar, GSI, CSTC, DNV and clients as well as distinguished guests. Mrs. Marielle van Wiechen – van Doorne, acting in the maritime tradition as godmother to the vessel, performed the traditional christening ceremony. Delivery of Finesse is scheduled for end of November 2012.

Andre Goedee, Chief Executive of Dockwise, said:

“We are proud to include Finesse within the Dockwise fleet. It is a state-of-the-art versatile vessel, built for the best standards of environmental performance. The Finesse will substantially broaden our Logistics Management capability for clients in the oil and gas industry as well as other market segments.”

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Fairstar, November 1, 2012