Fjell heavy lift jack up jackup fairstar

FJELL transports a jackup rig for Saipem, image courtesy Fairstar Heavy Transport N.V.

In what must have been a rather tense meeting this morning, Fairstar Heavy Transport N.V. (FAIR) met with representatives of Dockwise in Fairstar’s Rotterdam Headquarters to discuss the unsolicited acquisition offer they received from Dockwise yesterday.

At this meeting, Fairstar provided Dockwise with factual materials, including details about its future order book, which demonstrate that the true value of Fairstar is significantly higher than the conditional offer of NOK 9.3 per share. Fairstar calculated the replacement cost of the current fleet, the EBITDA contribution of the various contracts in place for both onshore and offshore energy infrastructure projects, as well as the immediate benefits the conditional proposal would bring to Dockwise shareholders.

Fairstar has made it clear to Dockwise that in the absence of a properly valued, unconditional offer for all of the outstanding shares in Fairstar, the conditional and opportunistic offer made by Dockwise will escalate into an increasingly hostile stalemate.

Fairstar Heavy Transport N.V. (FAIR) has appointed ABG Sundal Collier and SEB Enskilda to act as financial advisors to the Company.

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