Malta Shipyards Ltd has secured a contract for the conversion of the second heavy lift barge for the existing client, Fairmount Heavy Transport. This additional contract will include fitting of propulsion equipment and on-deck accommodation facilities.

The contract value is in excess of Lm5 million and is likely to commence late in the fourth quarter 2006, subject to operational commitments prior to the arrival of the vessel Fairmount Fjell. Completion is planned for some five months after arrival.

The award of the contract at this stage will allow for prefabrication to be done in 2006, as well as for improved purchasing and subcontracting opportunities. The majority of the actual construction work on the vessel will take place in 2007, a Malta Shipyards statement said.

The overall works are similar to those currently being carried out on the Fairmount Fjord with the exception that no lengthening is required.

This will allow experience, as well as other measures, to be used to assist in improving efficiency in the Shipyards.

With this second contract from such an important client, Malta Shipyards Ltd has secured a fifth of the turnover target it set for 2007.

This, together with the secured turnover for 2006 give the Shipyard a renewed boost and a conviction that it can competitively attract projects that are of high added-value. Completion of these projects on time and according to standards will bring the company one step closer to a successful turnaround, the company said.