Farstad Announces Vessel Sale

P/R International Offshore Services ANS, a wholly owned company of Farstad Shipping ASA, has reached an agreement to sell the Lady Elizabeth to European Venture II AS. Delivery of the vessels to the new owner will take place the first week in August 2007.

The vessel is a platform supply vessel (PSV) of design ME 202 built in 1983. The price for the vessel is $10.6m. This will give a booked profit of approx.