Aker Yards to Build Construction Vessel

Maritime Activity Reports, Inc.

June 27, 2006

Aker Yards has entered into a contract with Farstad Shipping ASA for the building of one Construction Vessel with a value of approx $135m. Aker Yards, Langsten is to build a 398 x 85 ft. construction vessel for Farstad, based on the Rolls-Royce design; UT 761 CD. The Vessel is scheduled for delivery from Aker Yards, Langsten in the fourth quarter of 2008. The vessel will after delivery enter into a long term charter with Saipem UK Ltd. The vessel is specially designed for plough duties in connection with pipe laying of oil and gas pipes offshore. The vessel will have a Bollard Pull of more then 350 tons, and all equipment necessary to support the most challenging operations and environments world wide. The vessel will be built according to the DP III class and equipped with a large construction crane and an A-frame. This is the 20th contract between the shipowner Farstad Shipping and Aker Yards.
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