Fairmount Heavy Transport & Fairmount Marine Terminate Deal

Fairmount Heavy Transport N.V. (FHT) has informed Fairmount Marine BV (FM) of its decision to terminate the management agreement between FHT and FM. Both the Supervisory Board and Management Board of FHT have concluded that FHT will be better placed to compete in an increasingly competitive market place for heavy transport services by establishing its own internal management team. The Management Agreement provides a wind-down period over the next few months. FHT Management does not anticipate any negative impact on its current or future business. FHT CEO, Philip Adkins, stated 'In addition to a core team of 23 experienced heavy transport professionals we already have in place to sail the Fjord and Fjell, we will soon be announcing a number of new appointments. These individuals will add a new set of skills to our company's management team that will enhance our ability to compete successfully and continue to capture value for our shareholders.'

The FJORD and FJELL are among the world's largest semi-submersible 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).