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FESCO WINS SAKHALIN-1 ICEBREAKER TIME CHARTER CONTRACT

16 December 2004
Today the Far-East Shipping Company (FESCO) announced that it has signed a contract with Exxon Neftegas Limited (ENL), operator of the Sakhalin-1 Project.

Under the contract, JSC FESCO will time charter two ice breakers, Admiral Makarov and Krasin, to the operator of Sakhalin-1 for up to a 10-year period. The icebreakers will be used to escort Aframax crude oil tankers (deadweight over 100,000 tons) from the port of De-Kastri through the Tatar Strait. Time-charter of these two icebreakers is to begin in late 2005 and will continue throughout winter seasons up to 2015. The icebreakers will be used to escort Aframax crude oil tankers (deadweight over 100,000 tons) from the port of De-Kastri through the Tatar Strait. Time-charter of these two icebreakers is to begin in late 2005 and will continue throughout winter seasons up to 2015.

FESCO plans to invest significant funds in modernization of its icebreakers. FESCO and ENL have performed a complete inspection of the icebreakers using DNV, the highly regarded ship surveyors from Norway. Based on the inspection results, a detailed program was developed to modernize Admiral Makarov and Krasin and prepare them for operations in the winter ice conditions of the Tatar Strait.

The contract was awarded to JSC FESCO as a result of a tender held by ENL in summer of 2003. ENL experts recognized FESCO’s management system as meeting the Sakhalin-1 Project requirements.

This is a second ENL-tendered contract won by FESCO. On July 22, 2003 JSC FESCO and ENL had entered into a freight agreement for an ice breaking supply vessel for the Orlan platform. The vessel is being built at Kvaerner Masa Yards in Finland and is to be launched in May 2005.

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