Fairmount's Fjord Heavy Transport to Take Maiden Voyage

Fairmount Heavy Transport has finalized a contract with Ensco for the transport of the Ensco 100 jackup. The project will be the maiden voyage of the heavy transport vessel Fjord which is currently in the final stages of its conversion program in Malta.

The Fjord will pick up the Ensco 100 jackup in Malabo and deliver it to Rotterdam. The voyage will start in August and is expected to take approximately 40 days, including mobilization from Malta to Malabo. Total contract revenues are US $4.4 million.

Speaking on behalf of FHT, company CEO Philip Adkins stated 'We are deeply proud to be selected by Ensco for this project. Ensco is one of the leading drilling companies in the world with a strong reputation for excellence within the energy industry. The cargo is challenging and the expectations of our client are high, but this is exactly the type of service we intend to provide in a market that clearly wants an alternative to our competitors. The conversion of Fjord has been an enormous challenge and our shareholders have been extremely supportive over the last year. We hope they will now begin to feel that their confidence has been justified. The Fjord and its sister ship the Fjell will be the newest and most modern heavy transport vessels operating in the market. This voyage will give us a great opportunity to show what these vessels really can do.'

The FJORD and FJELL are among the world's largest semisubmersible barges. Both barges are due to be converted to self-propelled heavy transport vessels, for entry into service in the offshore heavy transport segment in 2007. Fairmount Heavy Transport N.V. is a Rotterdam based company currently quoted on the Oslo Stock Exchange (ticker: FAIR).

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