Fairstar Heavy Transport N.V. (FAIR) has booked an Operating Profit in its Fourth Quarter Financial Results of USD 884,000 on revenues of USD 9.5 million. Revenues were up almost 300% from the same Period in the previous year. Fairstar's operating profit signaled a change in fortunes from the first three quarters of 2011. Fairstar's fleet of FJORD and FJELL achieved 83% utilization for The Quarter, significantly higher than levels reported by other industry participants and estimated to average around 60%.
Ingmar den Blanken, Treasurer, remarked, "2011 was a transitory year for Fairstar. In spite of the global economic crisis we continued to invest in our business and are now close to double in size. The addition of FORTE and FINESSE to our fleet brings over USD 200 million in value producing assets for our shareholders. We have hired a wide range of skilled professional to provide the complex skills and services we will be required to deliver in the "Red Box". Our financial results for 2011 record both the costs as well as the value attributable to our long term strategy. The operating profit in Q4 and the high utilization of our vessels reflects the skill of our Team and the versatility of our vessels to operate profitably in spite of the challenging economic climate."
Frits van Riet, Chairman of the Supervisory Board of Fairstar, added "Our CEO Philip Adkins and our COO Willem Out have done a remarkable job in 2011 leading our Company forward. Our strategy of focusing on high-value, multi-voyage energy infrastructure projects is sound. The investment we have made in our fleet and our Team in 2011 positions us to harvest significant value for our Stakeholders at levels never previously achieved in this industry. I am confident our Team will continue to add to the Gorgon and Golden Eagle Contracts in 2012 and I am looking forward to hearing from Philip when he returns from Tokyo, Japan later this week."
Source: Fairstar Heavy
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