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    Farstad issues update on fleet

    News // November 12, 2004
    Farstad Shipping in Norway has provided an update on its fleet. It notes that agreements have been reached to sell Far Turbot and Lady Elaine. Delivery to the buyers will take place in November. Far Turbot was laid up in 2004, while Lady Elaine has beenoperating in the Far East/Australia. Thus two of the oldest vessels in the Farstad fleet have been sold.

    Far Scout and Far Sky traded the spot market in the North Sea until September and then left for operation in Brazil. Far Sky is expected back in the North Sea in late November/December, while Far Scout is expected back in March.

    Far Supplier and Far Superior were awarded contracts by Team Marine in Aberdeen for two years plus three years options, starting in January 2005. An agreement has been reached for Far Sovereign for another two years with Saipem UK Ltd.

    In July Lady Astrid and Lady Caroline were fixed to Woodside and Santos for a firm period of nine months plus options for approximately nine months. The vessels will be used in connection with drilling operations in Australian waters. Far Grip and Lady Caroline were fixed for the towage of Ocean Patriot from South Africa to New Zealand. Far Grip continues to support the rig during its employment in New Zealand and Australia. The work is expected to last until September 2005.

    In Vietnam, Lady Cynthia has extended her contract with JVPC for a year plus one year option from September 2004.

    Six vessels were partly or completely without employment in the Far East/Australia during the quarter.

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