Correction: Fairstar Heavy Transport awarded marine transportation contracts for the Ichthys LNG Project in Darwin, Australia

3/5/2012, 8:59 AM (Source: GlobeNewswire)
Fairstar Heavy Transport N.V. (FAIR) has been awarded two contracts by the JKC
Joint Venture (JKC) consisting of JGC and Chiyoda of Japan and KBR of the United
States, to provide marine transportation services for the Ichthys LNG Project in
Darwin, Australia. The two contracts engage the Fairstar 50,000 DWT, open stern,
semi-submersible vessels FORTE and FINESSE for approximately 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. JKC has the option to extend
the contracts a further six months at the same voyage rates agreed to in the
initial period. The options are not included in the original contract value.
FORTE and FINESSE will execute a series of voyages from various fabrication
yards in Asia Pacific, transporting the modules required to construct the two
LNG trains now approved for development at the Ichthys LNG Project site in
Darwin.

Philip Adkins, Chief Executive Officer of Fairstar commented from Yokohama Japan
shortly after signing the contracts, "Fairstar will work closely with JKC to
manage the safe and reliable delivery of the LNG modules for the Ichthys LNG
Project and will be closely engaged with the JKC Project Team in Japan,
preparing for the first voyage in 2014. 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 the Ichthys LNG Project 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
1.6million 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)
Ingmar den Blanken, Treasurer (ingmar.den.blanken@fairstar.com)
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 May and
October of 2012 respectively. Fairstar is based in Rotterdam and quoted on the
Oslo Stock Exchange (ticker: FAIR).




Press release (PDF):
http://hugin.info/143837/R/1591172/500044.pdf




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Source: Fairstar Heavy Transport NV via Thomson Reuters ONE

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