Fjord Conversion Update

Fairmount Heavy Transport informs the market that progress on the Fjord conversion is nearing completion. The principal operating systems providing ballasting, power and propulsion are now undergoing various stages of commissioning.

FHT and Malta Shipyards are working closely with the DNV to satisfy the requirements of obtaining class approval. FHT is still working closely with Ensco regarding their option to transport the Ensco 100 from Gibraltar across the Bay of Biscay to Rotterdam in November. It may be necessary to finish some of the work on ancillary systems in Rotterdam. The company is working around the clock to be able to give Ensco the option to use the Fjord in the event Ensco chooses to use this option. Bad weather in Malta in the last few days has limited the use of shipyard cranes, which has had some hindrance on loading equipment onto the ship. This may result in sea trials starting around the end of October or early November. FHT will inform the market of Ensco's decision to exercise their option to use the Fjord once this decision has been made by Ensco.