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FAIRSTAR HEAVY TRANSPORT N.V. confirms FJORD now under way to Venezuela

Fairstar Heavy Transport N.V. (FAIR) confirmed its semi-submersible heavy transport vessel FJORD departed Singapore on July 16th loaded with 26 tug boats.

The departure had been delayed for approximately one week. Philip Adkins, CEO Fairstar Heavy Transport, stated "The charterer, GAC, under our original Charter Party Agreement failed to pay up under the terms of our contract. This was an awkward situation resulting in several days delay to our departure.

The situation has now been remedied. The cargo is secure. Fairstar has been paid under a new Charter Party Agreement and will suffer no loss in revenue as a result of GAC's failure to pay." The FJORD is expected to arrive in Venezuela in early September.

For further information please contact:

Philip Adkins, CEO (This email address is being protected from spambots. You need JavaScript enabled to view it. )
Web: www.fairstar.com
Tel: +31 (0)10-403 5333

***

Profile Fairstar Heavy Transport

Fairstar Heavy Transport N.V. is a leading provider of marine heavy transport solutions, specializing in high-value cargoes for the offshore and onshore energy and construction industries. Fairstar owns and operates two of the most modern semi-submersible heavy transport ships in the global fleet, FJORD and FJELL. The 50,000DWT, open-stern semi-submersible vessels FORTE and FINESSE are currently under construction with Guangzhou Shipbuilding International in China and will be owned and operated by Fairstar when they are delivered in 2012. Fairstar is based in Rotterdam and quoted on the Oslo Stock Exchange (ticker: FAIR).

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