Fairstar Investors Ante Up

A private placement of 25,000 new shares with Norwegian and institutional investors raised approximately NKr 213 million ($33 million) for Fairstar Heavy Transport this week, the carrier reported.

The proceeds will pay an upcoming installment to Guangzhou Shipyards International, where two 50,000-deadweight ton open-stern vessels are under construction for Fairstar at a price of approximately $204 million.

The newbuild Forte is scheduled to begin transporting modules for the Australian Gorgon LNG project as of May 2012 under a contract with a Chevron Australia and Kellogg joint venture.

Netherlands-based Fairstar currently operates two heavy-load semi-submersible vessels, Fjell and Fjord, and specializes in energy infrastructure projects. “In the next three to five years there will be a shortage of modern, true open stern semi-submersible heavy transport ships,” CEO Philip Adkins said. “Fjord and Fjell have demonstrated their pricing power in the most valuable segment of our market. Thanks to the support of our shareholders, the Forte will join the Fairstar fleet in time to participate in the Gorgon LNG Project

Accompanying photo courtesy of Fairstar