Fairmount Marine: Fairstar's claims rejected (VO)

Fairmount Marine: Fairstar's claims rejected (VO)

01/04/2011

The Netherlands Arbitration Institute rejects claims against Fairmount Marine. (VO)
Today the Netherlands Arbitration Institute has rejected claims worth 53 million euro’s against Rotterdam based marine contractor FAIRMOUNT MARINE in a dispute with heavy transport company FAIRSTAR regarding the conversion of two heavy transport vessels. FAIRMOUNT MARINE has always denied any responsibility.
Until the beginning of 2007 FAIRMOUNT MARINE was responsible for the supervision of the conversion process at Malta Shipyards. FAIRSTAR regarded FAIRMOUNT MARINE to be responsible for the budget overrun and delays. To the opinion of FAIRMOUNT MARINE the performance of the yard and the way FAIRSTAR interfered with the process cost the budget overrun and delays.
In its judgment of today the Netherlands Arbitration Institute rejected all claims of FAIRSTAR. The counterclaim by FAIRMOUNT MARINE regarding the unlawful termination of the management agreement by FAIRSTAR was attributed to FAIRMOUNT MARINE. FAIRSTAR has to reimburse FAIRMOUNT MARINE for the total costs of this arbitration.
Mr. Albert de Heer, ceo of FAIRMOUNT MARINE, is very happy with the judgement of the Arbitration Institute: “From the beginning we have had no doubts about a positive judgment for Fairmount Marine in this case. I’m very happy all things have come to a satisfactory and fair conclusion.
FAIRMOUNT MARINE is a leader in ocean towage transportation, headquartered in Rotterdam, the Netherlands. FAIRMOUNT MARINE’s fleet of tugs consists of five modern super tugs of 205 tons bollard pull each, especially designed for long distance towing. FAIRMOUNT MARINE is part of LOUIS DREYFUS ARMATEURS Group.

 
Note for the editor, not for publication:
For more information please contact Mr. Albert de Heer, telephone +31-10-2402500 / +31-6-29220103, e-mail: albert@fairmount.nl.