Farstad Confirms Contracts

June 5, 2002

Brazil Offshore Services (BOS), which is a joint venture between Farstad Shipping ASA and Petroserv SA, formally announced the contracts for three different classes of anchorhandling vessels, each of 8 years duration in the present Petrobras tender. With the first of three contracts awarded to BOS by Petrobas on April 15, 2002, it is now formally confirmed that BOS was awarded the other two contracts. Total contract value for the three contracts for Petrobras is approximately $183 million. The contracts are expected to start around the turn of the year 2005/2006.

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