Malta Hosts Naming Ceremony for Fjell Heavy Transport Vessel

Fairstar Heavy Transport NV (FAIR) held the naming ceremony of its second heavy transport vessel Fjell
in Malta on Friday. The Fjell is currently being converted to a self-propelled vessel at Malta Shipyards Ltd in Malta and will enter service early 2009.

In a colorful ceremony at Malta Shipyards, Fjell was named by Mrs. Heidsma, wife of the Netherlands Ambassador to Malta. Several hundred guests and shipyard workers witnessed the ceremony. Fjell was
also blessed by His Grace Monsignor Paul Cremona O.P., Archbishop of Malta.

Frits van Riet, Fairstar's Chairman, "The joint conversion team of Fairstar, Malta Shipyards and our many suppliers and sub contractors have done a great job on the Fjell conversion. We have full confidence that the Fjell will soon join its sister ship the Fjord on the high seas."

Fairstar also used the occasion to announce the promotion of Mark de Haas from his current role as director of finance to Chief Financial Officer. "Mark's strong accounting background is a valuable skill set in the demanding day to day management of our finances, cash management and risk hedging will have a significant impact on our performance. We congratulate Mark on his promotion. Cristijn Sarvaas will now have the time to work with
me in exploring the various strategic options now under consideration at Fairstar," commented Philip Adkins, CEO.


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