Farstad Shipping Sells Lady Margaret AHTS

P/R International Offshore Services ANS, a wholly owned company of Farstad Shipping ASA, has reached an agreement to sell the AHTS Lady Margaret. Buyer of the vessel is Vigeo Ltd, Farstad Shipping's joint venture partner in Nigeria. The vessel is of design ME505 (BHP 8850) built in Australia in 1993. Delivery to the new owner will take place at the turn of August/September.

Vigeo will also take over Farstad Shipping's part in the joint venture being the company in charge of the operations in Nigeria. Due to the prevailing safety situation in Nigeria Farstad Shipping has decided to withdraw from that market.

The price for the vessel is US $14.5 million. This will give a booked profit of approximately NOK 11.5 million in the third quarter 2007.

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