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March 30, 2001

NEW COO FOR FGH
Friede Goldman Halter, Inc. has appointed Anil Raj as its chief operating officer. He was previously its senior vice president, government projects.

Raj joined Halter Marine in 1987 as director of engineering. He had previously been employed by Brown & Root, Inc. and Gulf Fleet Marine. He holds a BSE in naval architecture and marine engineering from the University of Michigan.

Havila gets contract for cable layer
Norway's Havila Supply ASA has announced a 12 months contract with two 6 months options commencing mid July 2001, with Tycom Marine SA for the "Havila Reel".

The vessel is a lengthened supply vessel of UT 705 design with dynamic positioning. Built in 1976, it has been upgraded/converted several times, the latest upgrade being early Spring last year when it was converted for cable laying.

The contract value is about US$ 10.2 mill. including optional periods.

Deputy Managing Director Njaal Saevik said the award, which will broaden the Company's involvement in cable related activities. The vessel is currently working for CNS, and will continue with a similar type of work for Tycom Marine.

Charters for Farstad
Farstad Shipping ASA, through its wholly owned subsidiary Farstad Supply AS, has been awarded charter contracts for the following vessels:

Far Superior, a UT 705 platform supply vessel built in 1990, has been awarded a two year contract with two yearly options for Amerada Hess on the British sector of the North Sea from December this year. The vessel will be operated through Team Marine.

Far Scotsman, an ME 202 design platform supply vessel built in 1982, has been awarded a 6 month contract with up to 6 monthly options for the same company. Start-up for this contract is April this year.

Far Supplier, a VS 483 design platform supply vessel design built in 1999, has been awarded an extension of the charter contract with ASCo/BP Norway for another three years from November this year.

Far Spirit, a UT 706 platform supply vessel design built in 1983, has been awarded an extension of the charter contract with ASCo/BP Norway for another three years from November this year.

Total contract value exclusive of options is approx. NOK 300 million. Farstad now has a contract coverage of approx. 80% for the rest of the year and approx. 60% for 2002.

Ramform Banff back at work
Petroleum Geo-Services's Ramform Banff production ship has resumed oil production on the Banff field in the U.K. sector of the North Sea.

The vessel was removed from the field in late September 2000 in order to undergo a comprehensive modification program designed to significantly reduce the vessel's roll motion in severe weather conditions, repair damage incurred and improve the vessel's general operability.

PGS says that based upon limited experience with severe weather conditions while the vessel has been moored over the field during the past several weeks, it is already clear that the modifications have been successful in limiting the vessel's previous roll motion problems.

Chairman and Chief Executive Officer of Petroleum Geo-Services, Reidar Michaelsen, said, "While we were disappointed that these modifications took longer than originally anticipated, we are very happy with the vessel's performance in recent extreme weather situations. The vessel's systems have now been tested and oil is being produced in a reliable and safe manner. PGS Production has done an excellent job of modifying this vessel. We believe the Ramform Banff will now operate in a consistent fashion comparable with PGS' other high-tech FPSO's operating in the extreme North Sea environment. PGS Production will now resume discussions with other operators in the area with a view towards bringing additional oil across the Banff production system."

New VP Ship Management for Marine Transport Corporation
Marine Transport Corporation has appointed Rockwell Smith Vice President of its Ship Management group in Weehawken, New Jersey. Smith, former Vice President of Crowley Petroleum Transport, replaces Bob Germain, who retired March 16. Smith reports to Mark Filanowski, Senior Vice President, Marine Transport Corporation.

Smith is responsible for Marine Transport Corporation's fleet operations, including engineering, purchasing and marine personnel functions. He also continues to oversee the management of Crowley's petroleum tankers, the Blue Ridge, Coast Range and Prudhoe Bay.

"We are very pleased to have Rocky join our team," said Richard du Moulin, Chairman and CEO, Marine Transport Corporation. "This exchange of talent is but one example of the potential benefits of Crowley Maritime Corporation's recent acquisition of our company"

Smith joined Crowley in San Francisco in 1981 and held various marketing and operations positions in the harbor services and barge petroleum transportation groups. In 1986 he left Crowley and joined Trans Ocean, Ltd., a container leasing company, as Product Manager with profit-and-loss responsibility for the refrigerated container fleet.

He returned to Crowley in 1990 as Manager of Oil Transportation, Pacific Division, and was responsible for marketing the offshore oil barge fleet. In 1996, he became Vice President of Oil Transportation and Harbor Services, and in 1997 he was assigned to head up Crowley's new petroleum transport company.

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