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Fairmount Heavy Transport Floats in Norway

01 Sep 2005

Fairmount Heavy Transport NV has closed a $50m offering of new equity, the proceeds of which will be used to acquire the semi-submersible barges BOA 19 and BOA 20 from BOA Offshore AS of Norway as well as for general corporate purposes. The barges will be converted to self propelled transport vessels in works scheduled for completion in the second half of next year.

Fairmount Heavy Transport NV was recently established by Fairmount Marine BV, Capricorn Offshore AS, and Sea Solutions BV to focus on the attractive marine heavy transport market, with the main focus on the transport of jack-up and semi-submersible drilling rigs and floating production units for the offshore oil and gas industry.

Through the private placement, which was oversubscribed several times, a number of international and Norwegian institutional investors have invested in the company alongside private professional investors. Fairmount Marine NV will act as technical and operational manager for the converted vessels, with Capricorn Offshore providing management and market competence. The board of directors of Fairmount Heavy Transport NV is chaired by Henk van den Berg, the sole owner of Fairmount Marine BV, while Capricorn Offshore owner Frederik Steenbuch acts as CEO. Both men have extensive experience of the marine and offshore industries.

MJ Information No: 21028

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