Fairstar Heavy Transport N.V. Signs Two Contract Extensions with Chevron

Fairstar Heavy Transport N.V. (FAIR) has signed two contract extensions with Chevron Australia.

The Fairstar semi-submersible heavy transport vessels FJORD and FORTE will provide marine transportation of modules and other related equipment over a series of voyages commencing in mid 2012 for thirteen months and seventeen months respectively. The total value of the extensions is approximately USD $19 million.

The total value of the three transportation contracts involving the FJELL, FJORD and FORTE is approximately USD $110 million. The total does not include various options to extend the contract periods.

The Gorgon Project is operated by an Australian subsidiary of Chevron and is a joint venture of the Australian subsidiaries of Chevron (approximately 47 percent), ExxonMobil (25 percent), Shell (25 percent), Osaka Gas (1.25 percent), Tokyo Gas (one percent) and Chubu Electric Power (0.417 percent).

 Philip Adkins, CEO, stated: “This information has been previously released to the market. Our good friends in the Chevron Australia Legal Department have a particular format they prefer to be used and we have acted accordingly.”

[mappress]

Source: fairstar , September, 27.  2011