FAIR Seals Transportation Deal for Perro Negro 3

Fairstar Heavy Transport (FAIR) has signed a contract with Saipem to transport the jackup rig Perro Negro 3 from India to Dubai.

Fairstar's semisubmersible transport vessel FJELL is now underway from Singapore. The transport from the loading location to the discharge site is expected to require about 14 days including time for the actual float-on and float-off of the rig. Total contract value is approximately EUR 1.2 million.

Philip Adkins, CEO of Fairstar, stated, "We are delighted to have been selected by Saipem to transport this valuable cargo. Fairstar has won an opportunity to demonstrate the performance of FJELL, and our team on board, to a major energy company and valuable relationship. The contract creates important revenue for Fairstar now and is a significant step towards our goal of establishing Fairstar as a leader in the harsh and demanding world of off-shore heavy transport."