Farstad Releases First Quarter Results

Farstad Shipping achieved for the first three months of 2001 an operating income of $38.4 million. The result before taxes was $16.8 million Farstad Shipping obtaines estimates for the market value of the vessels twice each year, by half-year and the year-end. Based on the valuation of the vessels (charterfree) from 3 independent brokers in January 2002 the value-adjusted equity capital per share before tax was calculated to NOK 83.98 ( NOK 65.59). The fleet The anchor handling tug supply vessel Far Saltire, UT 728 design, was delivered by Ørskov Christensens Staalskibsværft AS in the middle of March. The vessel has after delivery traded the spot market in the North Sea. The platform supply vessel Lady Grace, UT755L, was delivered by Brevik Construction AS to IOS in March. The vessel departed for Australia to enter a 7 year contract with the oil company Woodside. In March Far Scotsman left the North Sea for Australia where the vessel started a two year contract with Phillips Petroleum Pty. Far Scotsman has during this charter been chartered into IOS from Farstad on a bareboat contract. At the same time Far Viscount left the North Sea for Brazil. The vessel has been awarded a two year contract with Petrobras. Far Sovereign, contracted to EMC, has been transferred from the Gulf of Mexico to Vietnam in connection with EMC's pipelaying program.