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    Record profits for Fairstar Heavy Transport

    Vessel & ROV News // February 15, 2010
    Fairstar Heavy Transport has announced record profits of US$12.4 million after posting its 2009 year-end results. Total revenue of US$50.7 million and EBITDA of US$24.3 million, based on total fleet utilisation of 81 per cent contributed to a solid year end for Fairstar.
     
    Mark de Haas, CFO, highlighted the announcement commenting: "Our shareholders deserve to be rewarded for their patience and support over the last three years. Fjord and Fjell now both operate as the two newest vessels in the global heavy transport fleet. In spite of the challenging global market, Fjord and Fjell have demonstrated their value to our owners by continuing to achieve time charter revenues averaging USD 80 thousand per day."
     
    Philip Adkins, CEO, added: "The market for heavy transport services now distinguishes ships that can provide high-value solutions to complex energy infrastructure logistics from those that operate in the converted tanker segment. Fjord and Fjell are now well-established and attractive options for our demanding client base. We are confident that our profits will continue to grow and Fairstar will establish itself as the leading provider of high value transportation solutions."

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