Fairstar Heavy Transport NV (OSE: FAIR) notified the stock exchange late Sunday night that it has been awarded two contracts by JGC Corporation (TYO: 1963). Fairstar’s 50,000DWT, open stern, semi-submersible heavy transport vessels FORTE and FINESSE, which are currently under construction in Guangzhou, China will serve the Japanese gas corporation’s Ichthys LNG Project related transportation from early 2014 for a minimum of twelve months per ship with a six month extension option on a similar rate.
The Ichthys Project is a Joint Venture of INPEX Browse Ltd (76%, the Operator) and Total E&P Australia (24%). JGC together with Kellogg Brown & Root and Chiyoda Corporation was awarded 15 billion USD EPC-Contract for Downstream LNG Plant Facilities for the project this January. Fairstar Heavy Transport will manage delivery of the LNG modules from various Asian locations for the two LNG trains that will have 8.4 million tonnes per annum capacity.
Fairstar has worked in Gorgon LNG Project and has thus gained experience in Australian Quarantine and Environmental practices. In the future there is a possibility for further LNG facilities in Darwin, to where the gas-condensate will be exported via an 889 kilometre pipeline, should the Browse Basin located gas and condensate field offshore project be expanded more. The total value of the two contracts received by Fairstar for of the initial period is 56 million USD.
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