Fairstar Heavy Transport N.V. (FAIR) has contracted revenues totalling USD 190 million for its fleet of four vessels, FJORD/FJELL/FORTE/FINESSE. These contracts are for the Gorgon (3 vessels) CLOV (1 vessel) Northern Offshore (1 vessel) Hercules (1 vessel) and recently announced Golden Eagle (2 vessels) projects.

Philip Adkins, CEO of Fairstar, highlighted the strategic importance of these contracts, stating - "Fairstar has taken a fundamentally different approach to the marine heavy transport industry in the past five years. We have invested heavily in a new fleet of purpose built, open stern semi-submersible heavy transport vessels. We have also listened carefully to our strategic clients, namely the E&P companies investing billions of dollars in new oil and gas projects and the EPC companies responsible for designing and constructing the infrastructure necessary to extract and package this energy for supply to the markets where it is in demand. The complexity of these projects is increasing and the technical support required by our clients involves a broad scope of skills including engineering, project management, environmental stewardship and most importantly safety. We have invested in a Team of dedicated professionals at Fairstar who can deliver this service package to our clients.

Our commitment to exceptional service has been validated by the contract awards we have received in the last 18 months. In particular, FINESSE now has its first voyage in place for Golden Eagle in 2013. FJORD has just arrived in Angola to load the CLOV FPSO components for DSME. After discharge in Okpo, South Korea, FJORD will be on contract for Gorgon. FORTE will soon follow in July. Fairstar stakeholders will benefit from a stream of monthly payments and achieve a consistent earnings profile that has never been a feature of our industry in the past. FJELL is sailing with the Northern Offshore rig ENERGY EXERTER en route to Rotterdam. After Rotterdam, FJELL will re-unite with the Hercules 185 and take her back to West Africa in March.

Fairstar has built strong relationships with all of our clients and the repeat business we have earned from Northern Offshore, ENSCO, Chevron, Hercules, KBR and Saipem underscores their confidence in Fairstar and the competence of our dedicated Team. The short term prospects of additional contract awards are high. The Tender Process for high value, multi-voyage projects can take as long as 18 months. Fairstar has submitted qualified tenders that are awaiting contract award, in over ten on-shore and off-shore projects. We believe the combination of our modern fleet and highly skilled Team will continue to give us a compelling competitive edge. We intend to maintain this competitive edge to win additional high value, multi-voyage contracts and deliver a predictable earnings stream to our stakeholders.


AND.......
Fairstar Heavy Transport N.V. appoints Joint Bookrunners for equity private placement
Fairstar Heavy Transport N.V. (FAIR) has retained ABG Sundal Collier Norge ASA, Carnegie ASA and SEB Enskilda (collectively referred to as the "Joint Bookrunners") to advise on and execute a private placement of new shares directed towards Norwegian and international institutional investors outside such jurisdictions as permitted or catered for by exemption rules under applicable securities laws, after the close of Oslo Stock Exchange today (the "Private Placement").

In the Private Placement, the Company is offering up to approximately 8.1 million new shares, representing up to approximately 10% of the issued share capital in the Company. The price in the Private Placement will be determined through an accelerated bookbuilding process. The minimum order has been set to the number of shares that equals an aggregate purchase price of at least NOK 500,000.

The funds from the equity issue will be used to maintain a solid foundation of balance sheet strength, while providing sufficient liquidity to Fairstar as it prepares its fleet to commence a series of voyages starting in May 2012. Fairstar has three contracts in place with Chevron Australia Pty Ltd and Kellogg Joint Venture-Gorgon for its vessels FORTE, FJORD and FJELL.

The book-building period will commence today (26 January 2012) at 17:30 CET and close on 27 January 2012 at 08.00 CET. The Company and the Joint Bookrunners may, however, at any time resolve to close or extend the bookbuilding period at its own discretion.
The private placement has been approved by the Management and Supervisory Boards of Fairstar. The new shares to be issued in connection with the Private Placement will be issued pursuant to the authorisation provided to the Board at the annual general meeting on 20 April 2011.

The Company will announce the number of shares placed and the final subscription price in the Private Placement through a stock exchange notice expected to be sent before opening of Oslo Stock Exchange on 27 January 2012.

Fairstar Heavy Transport N.V. successfully completes placement of 8.1 million shares
Fairstar Heavy Transport N.V. (FAIR) announces the successful completion of a private placement towards Norwegian and international institutional investors of 8,100,000 new shares at a price of NOK 8.00 per share. The share issue represents approximately 10% of the shares outstanding prior to the placement. Total gross proceeds from the Private Placement amounted to approximately NOK 65 million.
The new shares to be issued in connection with the Private Placement will be issued in accordance with the Board proxy established at the Company's Annual General Meeting held on 20 April 2011. The total number of outstanding shares after the issue will be 89,172,779 shares, each with a nominal value of EUR 0.46.
The private placement was managed by ABG Sundal Collier Norge ASA, Carnegie ASA and SEB Enskilda.