On April 2, 2007 FESCO Board of Directors made the resolution to call an Exrtraordinary General Shareholders Meeting on May 18, 2007, where shareholders will be asked to approve two transactions involving FESCO and its offshore subsidiaries. Both transactions are related to the restructuring of the company’s existing debt portfolio. According to the deal structure, both transactions need to be approved before May 20th, 2007. The EGM will be held by proxy voting, the record date is set on April 2, 2007.

Shareholders will be provided with more detailed information about the proposed transactions in the mailing package.