Fairstar Executes Sumbersion Test on Heavy Transport Vessel

On Friday, February 1, 2008, Fairstar's heavy transport vessel Fjord successfully completed three days of extensive tests on all aspects of the ballast system executed in Malta. The recently converted heavy transport vessel Fjord is now ready and capable of loading and transporting all kinds of floating and non-floating heavy cargoes.

The tests culminated in a complete submersion of the vessel's hull to a depth of approximately 20 meters below the surface, giving about 11 meters water above main deck. Achieving this milestone demonstrates that the vessel is able to accommodate heavy floating cargoes such as semi-submersible drilling rigs with thrusters, deep drafted nuclear submarines and jack-up rigs with big spud can protrusion.

"The submersion test was a complete success," Dave Hangoor, Fairstar's operations manager, reports from Malta. "All systems were checked by our technical team and were put to a rigorous inspection before, during and after the submersion. The Fjord is equipped with one of the most sophisticated ballast control and loading systems in the world. The submersion was smooth, controlled, and the stability profile of the Fjord was exceptional. We are delighted with the vesselís performance and look forward to taking the vessel into service."

The Fjord has passed the most important test for a vessel of this type. The precision and control demonstrated by the Fjord will sharpen our competitive advantage and position us to go after the most valuable cargoes of the most demanding clients. Safety and security are hallmarks of the offshore world, and we believe the Fjord will emerge as the vessel of choice for the most demanding cargoes.

The Maltese Port Authorities showed their confidence in the vessel's and its crew's capabilities, by allowing this crucial test in waters usually occupied by luxurious cruise liners and high profile military craft.

"A great result by a great team," Fairstar CEO Philip Adkins said. "It has been a difficult challenge, but everyone here in Malta has worked tirelessly to solve any problems that have presented themselves. We expect to finalize the final paperwork from DNV in the coming week, after which the Fjord will enter the global fleet of heavy transport vessels. We have an experience crew on board, a strong support team on-shore and one of the most modern, versatile vessels afloat."


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