Bussiness News

The FJELL is currently underway towards the Halfdan Field in the North Sea on behalf of Heerema, carrying a Jacket and associated sea-bed pilings to install in an off-shore platform being constructed by Heerema. These voyages involve Fairstar in the type of high value, complex, energy infrastructure projects that we believe will create the highest returns for our shareholders. Gross revenue for Q1 2010 totaled USD 11.9 million (+46% vs. Q1 2009) and EBITDA totaled USD 5.9 million (+54% vs. Q1 2009). Fairstar achieved net profits of USD 1.3 million for the quarter.

One time re-financing expenses, included in Net Financing Cost were USD 1.1 million. These costs reduced the after tax profitability for the period. However, management believes that the re-financing of Fairstar’s outstanding NOK Bond issue, at a premium to par value, demonstrates Fairstar’s commitment to our financial partners.

Mark de Haas, Fairstar CFO highlighted: “Fairstar’s Balance Sheet continues to show impressive strength. Net Interest Bearing Debt has declined by USD 8 million since the end of last year. Shareholders’ Equity increased USD 10.2 million over the same time frame. The current Gearing of 48% reflects the growing reality that Fairstar has achieved financial strength and stability.”

Philip Adkins, Fairstar CEO added: “Leadership in our industry will not be determined by size. Fairstar is now well on its way to establishing itself as the new industry leader for marine heavy transport services.”

Fairstar will hold its Annual General Meeting on May 7, 2010 in Rotterdam.