Fairstar Heavy Transport (FAIR) has secured a $167m loan from DNB Nor, ING and HSH Nordbank which will be used to repay its existing debt from HSH Nordbank and ABN AMRO.

The loan will also be used to fund the final payments due for the construction of the 50,000dwt semi-submersible vessel FORTE.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

The bank facility will also be used for issuing performance bonds required for the company’s backlog of ‘Red Box’ transportation contracts.

The company has also received an agreement with more than two thirds of its bondholders in its NOK300m unsecured bond to improve the current bond agreement so it is not in breach of any bond loan covenants.

Ship Technology Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Ship Technology Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now