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Sale Of Vessel

Farstad Shipping ASA 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 USD 17 mill. This will give a booked profit of approx. NOK 58,8 million in the 3rd quarter 2008.

Contacts: Karl-Johan Bakken tlf. +47 901 05 697 Torstein L. Stavseng tlf. +47 911 07 001

Farstad Shipping's fleet consists - after the sale of the Lady Dawn - of 50 vessels (23 PSV and 27 AHTS) and 7 vessels (5 AHTS, 1 PSV, 1 CSV) under construction at Norwegian yards. The company's operations are run from Ålesund, Aberdeen, Melbourne, Singapore and Macaé by a total of 1550 employees onshore and offshore. The company's strategy is to be a major international supplier of large, modern offshore service vessels to the oil industry. We also remain committed to solid long-term charter profile for the fleet.

Farstad Shipping ASA

http://www.farstad.no/

ISIN: NO0003215303

Stock Identifier: XOSL.FAR

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Farstad Shipping ASA

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