Fairstar posts net profit and raises funds for newbuildsCompany News // March 1, 2011
Fairstar Heavy Transport NV has published its audited financial statement for 2010, recording a net profit after tax of US$228,000.
The report also highlighted the company's activities in the international capital markets, successfully raising almost US$100 million that was invested in two new open stern, semi-submersible vessels Forte and Finesse as well as paying down long term debt.
Philip Adkins, Fairstar's Chief Executive Officer, said: "2010 was a transformational year for our young company. We identified the dangers we faced in a marine heavy transport market characterized by excess capacity, high leverage, inflated asset values, scarcity of cargoes and the subsequent collapse in day rates."
"We have articulated a strategy that positions Fairstar in the segment of the market with the highest barriers of entry. We have invested in two modern semi-submersible vessels that are of a proven design, from a reliable shipyard at a fixed price of US$102 million."
"The return on investment these ships will generate for our shareholders is higher than anything comparable in the heavy transport market today. The award of the US$90 million contract to Fairstar in 2010 for the Gorgon LNG project validates our strategy and will form the foundation of permanent and sustainable future value for our shareholders."
"We are confident that Gorgon was the first of many multi-voyage contracts for high value marine transport services required by owners of multi billion dollar energy infrastructure projects."