Fairstar Heavy Transport N.V. (FAIR) has been awarded two contracts by Japan Gas Corporation (JGC) to provide marine transportation services for the Ichthys LNG Project in Darwin, Australia. The two contracts engage the Fairstar 50,000DWT, open stern, semi-submersible vessels FORTE and FINESSE for a minimum of twelve months per ship commencing in the Second Quarter of 2014. The total value of the two contracts is USD 56 million for the initial period. JGC has the option to extend the contracts a further six months at the same voyage rates agreed to in the initial period. The options, if fully exercised would add an additional USD 28 million in value. FORTE and FINESSE will execute a series of voyages from various fabrication yards in Asia, transporting the modules required to construct the two LNG trains now approved for development at the Ichthys site in Darwin.
Philip Adkins, Chief Executive Officer of Fairstar, commented from Yokohama Japan shortly after signing the Contracts, "Fairstar will work closely with JGC to manage the safe and reliable delivery of the LNG modules for Ichthys and will be closely engaged with the JGC project Team in Japan, preparing for the first voyage in early 2014 for the next 2 years. FORTE and FINESSE are two of the most modern, open stern, semi-submersible ships in the world today. They have fully independent and redundant propulsion systems as well as a powerful ballast system capable of safely maintaining equilibrium at quayside throughout the extreme tidal cycle that will be a feature of discharge operations in Darwin.
Fairstar has gained considerable experience in Australian Quarantine and Environmental practices through our involvement in the Gorgon LNG Project. Safety and Environmental stewardship play a dominant role in all Australian energy infrastructure projects. Fairstar has invested heavily in the quality and experience of our Team. We are committed to providing our clients with an integrated package of modern, purpose built vessels, experienced Dutch crews and dedicated project professionals. All of these resources will make a significant contribution to Ichthys and we are delighted to be awarded two multiple voyage contracts for the FORTE and FINESSE."
The Ichthys LNG Project is a joint venture between INPEX (76%, the Operator) and Total (24%). Gas from the Ichthys Field, in the Browse Basin approximately 200 kilometres offshore Western Australia, will undergo preliminary processing offshore to remove water and extract condensate. The gas will then be exported to onshore processing facilities in Darwin via an 889 kilometre subsea pipeline. The Ichthys LNG Project is expected to produce 8.4 million tonnes of LNG and 1.6 million tonnes of LPG per annum, along with approximately 100,000 barrels of condensate per day at peak.
For further information please contact:
Philip Adkins, CEO (philip.adkins@fairstar.com (mailto:philip.adkins@fairstar.com))
Ingmar den Blanken, Treasurer (ingmar.den.blanken@fairstar.com (mailto:ingmar.den.blanken@fairstar.com))
Web: www.fairstar.com (http://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 May and October of 2012 respectively. Fairstar is based in Rotterdam and quoted on the Oslo Stock Exchange (ticker: FAIR).
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Source: Fairstar Heavy Transport NV via Thomson Reuters ONE
