Farstad's Subsidiary Sells Tug Supply Vessel for $17MM

P/R International Offshore Services ANS, a wholly owned company of Farstad Shipping ASA, has reached an agreement to sell the anchor-handling tug supply vessel, Lady Dawn (built in 1982), to European Venture III AS. Delivery of the vessel to the new owner will take place in mid-August 2008.

The agreed price for the vessel is US $17 million. This will give a booked profit of approximately NOK 58.8 million in the 3rd quarter 2008.