Fairstar Heavy Transport N.V. provides long-distance ocean transportation services for the offshore and onshore energy and construction industries. It also offers marine heavy transport solutions. The company operates FJORD, FJELL, FORTE, and FINESSE vessels, which transport floating and non-floating cargoes primarily used in drilling rigs, floating production platforms, and modules of offshore oil and gas industry. Fairstar Heavy Transport N.V. was incorporated in 2005 and is headquartered in Rotterdam, the Netherlands. As of May 11, 2012, Fairstar Heavy Transport N.V operates as a subsidiary of Dockwise White Marlin B.V.
Rotterdam, 3012 NJ
Founded in 2005
Fairstar Heavy Transport N.V Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2012; Provides Capital Expenditure Guidance for the Second Half and Full Year of 2012
Aug 30 12
Fairstar Heavy Transport N.V reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2012. For the quarter, the company reported revenue of $9,494,000 compared to $9,346,000 a year ago. Negative results from operating activities were $20,910,000 compared to $1,924,000 a year ago. Loss before tax was $33,008,000 compared to $2,937,000 a year ago. Loss attributable to the owners of the company was $33,008,000 compared to $2,937,000 a year ago. Net cash outflow from operating activities was $1,995,000. Acquisition of property, plant and equipment was $79,372,000. LBITDA was $18 million compared to EBITDA of $0.1 million a year ago. Adjusted EBITDA was $0.1 million compared to $0.1 million a year ago. Adjusted net loss was $2 million compared to $2.9 million a year ago.
For the six months period, the company reported revenue of $17,830,000 compared to $10,457,000 a year ago. Negative results from operating activities were $22,864,000 compared to $7,991,000 a year ago. Loss before tax was $39,223,000 compared to $9,360,000 a year ago. Loss attributable to the owners of the company was $39,223,000 or $0.46 per basic and diluted share compared to $9,360,000 or $0.12 per basic and diluted share a year ago. Net cash outflow from operating activities $8,445,000 compared to $9,289,000 a year ago. Acquisition of property, plant and equipment was $81,908,000 compared to $12,473,000 a year ago. LBITDA was $18 million compared to $4 million a year ago. Adjusted EBITDA was $0.1 million compared to adjusted LBITDA of $4 million a year ago. Adjusted net loss was $8.2 million compared to $9.4 million a year ago.
For the second half of 2012, the company expects capital expenditure of some $50 million bringing the total full year CAPEX at some $132 million.
Fairstar Heavy Transport N.V Confirms Commitment to Third New Build Vessel
Jul 19 12
Fairstar Heavy Transport N.V had entered into a Shipbuilding Contract with a face value of USD 110 million with China Shipbuilding Trading Company Limited and Guangzhou Shipyard International Company Limited concerning the acquisition and building of a fifth vessel (MV Fathom), identical to the two earlier new builds MV Forte and MV Finesse. This Shipbuilding Contract was amended by a Memorandum of Agreement to the Shipbuilding Contract on 23 May 2012 to the extent that Fairstar was obliged to make payment of the First and Second Installments under the Shipbuilding Contract by 20 June 2012. Any failure to do so would constitute an event of default under the Shipbuilding Contract and entitle CSTC and GSI to terminate the Shipbuilding Contract. In the event of such termination, Fairstar will be obliged to pay a Termination Fee in the amount of USD 37.5 million. Further, Fairstar in that case shall forfeit the USD 2 million Down Payment already paid pursuant to the Shipbuilding Contract. Fairstair failed to pay the sums due by 20 June 2012.
Fairstar Heavy Transport N.V Announces Management Board Changes
Jul 15 12
Fairstar Heavy Transport N.V announced the current members of the Management Board Mr. Philip Adkins, CEO, and Mr. Out, COO, will step down from the Management Board on July 15, 2012. Both Mr. Adkins and Mr. Out have agreed to remain available until the end of 2012 to provide support and assistance for the integration. Messrs Robert Jan van Acker and Mr. Erwin Hoogeveen will be appointed to the Management Board of Fairstar, with full authority, as of July 15, 2012. Their appointment will be formalized at the EGM.