Dockwise Votes Against Fairstar’s Share Issuance Proposal

Fairstar Heavy Transport N.V. (FAIR) convened an Extraordinary Meeting of Shareholders today in Rotterdam. The purpose of the Meeting was to approve the issue of 30 million shares in Fairstar for the purposes of constructing an additional 50,000 DWT semi-submersible ship identical in specification to FORTE and FINESSE.

Purchase price of the vessel is USD 110 million. Under the terms of the agreement negotiated with Guangzhou Shipbuilding International, the ship was to be delivered in Q4 2013. Dockwise has voted against the share issue. As a result, in spite of significant and broad support from Fairstar’s other Shareholders, the resolution has failed. The number of votes in attendance was 74,615,935. The number of votes against the resolution was 50,656,522. The number of votes in favor was 23,959,413, which is 32.1% of total votes in attendance.

Frits van Riet, Chairman of the Supervisory Board, commented: “Our Management Team has successfully built the most valuable order book in the marine heavy transport industry today. We have been awarded high value, multi-voyage contracts for Gorgon, Ichthys and Golden Eagle by clients who demand modern, open-stern, semi-submersible vessels and the crews and project management support required to deliver safe and reliable transportation of energy infrastructure assets. Fairstar has made a compelling case for investing in an additional “FORTE class” ship. We are deeply disappointed that Dockwise continues to commit themselves whenever possible to disrupting our strategy and de-stabilizing our Company. Fairstar is currently preparing a formal response to the Dockwise Offer Document. We intend to publish our response on June 5th.”

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Offshore Nieuws Staff, June 04, 2012