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Gold/Mining/Energy : Gasification Technologies

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To: Dennis Roth who wrote (279)	8/11/2008 4:24:57 PM
From: Dennis Roth	of 1740

Fairstar's Fjord to transport Chevron's EGTL modules energycurrent.com Filed from Houston 8/11/2008 12:27:30 PM GMT ROTTERDAM, NETHERLANDS: Fairstar Heavy Transport was awarded a multiple-voyage contract by Houston's KBR. Fairstar's semisubmersible heavy transport vessel Fjord will relocate modules for Chevron's Escravos gas-to-liquids (EGTL) project from Abu Dhabi to the Escravos River in Nigeria. The EGTL project will be fed by the Escravos field offshore Nigeria. Fjord will make a total of three consecutive round trip voyages over the course of the contract. The first cargo is currently scheduled to be picked up in February 2009. Total contract value for Fairstar is US$23.2 million, all of which will be received in 2009. Fairstar CFO Cristijn Sarvaas highlighted the financial impact of the contract, saying, "Gross revenue of US$23.2 million combined with the revenues of the Bharati, Daewoo and Heerema Marine Contractors contracts now total US$58.6 million for 2009-2010. Contracted utilization for 2009 is now 368 days, or 50 percent, of our fleet capacity. The Fjord is now booked for a total of 291 days, or 80 percent utilization, in 2009. Based on current contracts, the expected time charter equivalent revenue for the fleet in 2009 is in line with our target of US$80,000 per day."

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