The Netherlands: Fairstar Reports 100 pct Fleet Utilization for FJORD and FJELL

FAIRSTAR HEAVY TRANSPORT N.V. achieves 100% fleet utilization for FJORD and FJELL in Q2.

Fairstar Heavy Transport N.V. (FAIR) reported fleet utilization of 100% for FJORD and FJELL in its Q2 financial accounts released to the market today. The company reported operating profits for the quarter of USD 1.4 million on time charter revenues of USD 5.5 million. The FJELL has successfully transported a flotilla of 16 tug boats from Singapore to Maracaibo, Venezuela. The FJORD, now preparing to depart Singapore with an additional 26 tugs on deck, carried the ENSCO 105 jack-up rig from Malta to Singapore.

Willem Out, Fairstar’s Chief Operating Officer, commented “FJORD and FJELL crossed wakes around the Cape of Good Hope in the middle of May. Throughout the second quarter our team has been involved in three complex submerging and loading operations. I am relieved to report that our intense focus on safety and safe practice resulted in an incident free quarter for our crews, ships and cargoes.”

Chief Executive Officer Philip Adkins stated “In spite of achieving full utilization for our fleet, our profitability for the quarter was marginal at best. The current price environment in the spot market is intensely competitive. We are encouraged by the increase in tender activity for “Red Box” multi voyage, complex, high value energy infrastructure projects. Fairstar was notified of making the short list for two of these projects and we expect to learn about the final contract awards in the third quarter of this year.

Meanwhile, we will continue to prepare our company to meet our commitments to the soon approaching Gorgon Project. The FORTE is on schedule for delivery to Fairstar in May 2012 and all our crews are undergoing intense quarantine management and safety training in anticipation for our first voyage next year.”

Source: Fairstar, July 14, 2011; Image: