Fairmount Heavy Transport to acquire semi submersible barges from BOA Offshore AS

Fairmount Heavy Transport N.V. is pleased to announce the closing of its USD 50 million private placement of new equity. The proceeds from the offering will be used to acquire the semi submersible barges BOA 19 and 20 from BOA Offshore AS in Trondheim, Norway, and for general corporate purposes. The Barges will be converted to self propelled transportation vessels, which are planned to be completed in the 2H of 2006. Fairmount Heavy Transport N.V. was recently established by Fairmount Marine B.V., Capricorn Offshore AS and Sea of Solutions B.V. to focus on the attractive marine heavy transportation market, with the main market segments being within transportation of jack-up and semi submersible drilling rigs, floating production units and offshore for the offshore oil and gas industry.