Fairstar Heavy Transport N.V. (FAIR) announces the successful completion of a private placement towards Norwegian and international institutional investors of 8,100,000 new shares at a price of NOK 8.00 per share. The share issue represents approximately 10% of the shares outstanding prior to the placement. Total gross proceeds from the Private Placement amounted to approximately NOK 65 million.

The new shares to be issued in connection with the Private Placement will be issued in accordance with the Board proxy established at the Company's Annual General Meeting held on 20 April 2011. The total number of outstanding shares after the issue will be 89,172,779 shares, each with a nominal value of EUR 0.46.

The private placement was managed by ABG Sundal Collier Norge ASA, Carnegie ASA and SEB Enskilda.

Ingmar den Blanken, Treasurer, stated "Our three Joint Bookrunners, ABG Sundal Collier Norge ASA, Carnegie ASA and SEB Enskilda, did a fantastic job on our behalf. Support from current as well as new Shareholders ensured the success of this deal in the midst of unpredictable global capital markets. Our balance sheet is strong, our fleet has been awarded a series of valuable multi-voyage contracts and the Fairstar Team is determined to reward our Shareholders for their trust and support."

For further information please contact:
Philip Adkins, CEO (philip.adkins@fairstar.com)
Web: www.fairstar.com
Tel: +31 (0)10-403 5333

Profile Fairstar Heavy Transport:

Fairstar Heavy Transport N.V. is a leading provider of marine heavy transport solutions, specializing in high-value cargoes for the offshore and onshore energy and construction industries. Fairstar owns and operates two of the most modern semi-submersible heavy transport ships in the global fleet, FJORD and FJELL. The 50,000DWT, open-stern semi-submersible vessels FORTE and FINESSE are currently under construction with Guangzhou shipbuilding International in China and will be owned and operated by Fairstar when they are delivered in 2012. Fairstar is based in Rotterdam and quoted on the Oslo Stock Exchange (ticker: FAIR).