Willem Out, managing director fleet: Throughout the test, the stability of the ship and the control of the de-ballasting and re-ballasting were outstanding. The Fjell will be able to provide our clients with an extremely safe and reliable vessel for the transport of their high-value cargoes.

The Fjell departed Malta on May 17, 2009 and is scheduled to arrive in Trapani, Sicily on May 18, 2009. While in Trapani the Fjell will be used to transport and launch a 7000 tons chemical tanker. The operation is expected to take five days. Fjell will depart immediately afterwards for Lobito, Angola where it will load a cargo of steel superstructure components for transport to the DSME yard in Okpo, Korea.

Philip Adkins, Fairstar’s chief executive officer commented: “The Fairstar team has finished its work in Malta. The conversion is complete. We have paid the last invoice to our friends at Malta Shipyards and the account is settled. The Fjell has departed Malta and will be generating revenue immediately. I am extremely proud of everyone at Fairstar and grateful to our shareholders, bankers, bondholders and clients. It is impossible to understate the perseverance and passion that have motivated our team for the last three years. We have fulfilled our promise to complete the conversion of Fjord and Fjell in Malta. There have been many desperate moments throughout this period when uncertainty and disappointment could have overwhelmed us. Nevertheless, failure was not an option. It has been a privilege to work with the men and women at Fairstar as well as our sub-contractors in Malta. We appreciate the patience and trust the market has given us. Now it is our intention to focus our energy towards the goal of setting the highest standards of safety, reliability and operational excellence within the heavy transport industry, enabling us to enhance the value of our business and create consistent returns for our shareholders.”