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Fairstar Heavy Transport N.V. appoints Joint Bookrunners for equity private placement


January 26, 2012 - London

Fairstar Heavy Transport N.V. (FAIR) has retained ABG Sundal Collier Norge ASA, Carnegie ASA and SEB Enskilda (collectively referred to as the "Joint Bookrunners") to advise on and execute a private placement of new shares directed towards Norwegian and international institutional investors outside such jurisdictions as permitted or catered for by exemption rules under applicable securities laws, after the close of Oslo Stock Exchange today (the "Private Placement").

In the Private Placement, the Company is offering up to approximately 8.1 million new shares, representing up to approximately 10% of the issued share capital in the Company. The price in the Private Placement will be determined through an accelerated bookbuilding process. The minimum order has been set to the number of shares that equals an aggregate purchase price of at least NOK 500,000.

The funds from the equity issue will be used to maintain a solid foundation of balance sheet strength, while providing sufficient liquidity to Fairstar as it prepares its fleet to commence a series of voyages starting in May 2012. Fairstar has three contracts in place with Chevron Australia Pty Ltd and Kellogg Joint Venture-Gorgon for its vessels FORTE, FJORD and FJELL.

The book-building period will commence today (26 January 2012) at 17:30 CET and close on 27 January 2012 at 08.00 CET. The Company and the Joint Bookrunners may, however, at any time resolve to close or extend the bookbuilding period at its own discretion.
The private placement has been approved by the Management and Supervisory Boards of Fairstar. The new shares to be issued in connection with the Private Placement will be issued pursuant to the authorisation provided to the Board at the annual general meeting on 20 April 2011.

The Company will announce the number of shares placed and the final subscription price in the Private Placement through a stock exchange notice expected to be sent before opening of Oslo Stock Exchange on 27 January 2012.

For further information please contact:
Philip Adkins, CEO (philip.adkins@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 2012. Fairstar is based in Rotterdam and quoted on the Oslo Stock Exchange (ticker: FAIR).

Press release (PDF)



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Source: Fairstar Heavy Transport NV via Thomson Reuters ONE

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