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Far Eastern Shipping

October 30, 2003

A new international level was reached by FESCO PLC in the field of Company and Fleet Management

In June, 2003 the Company adopted the Safety and Quality Management System in accordance with the ISO Certification 9001:2000 (FESCO S&QMS).

In October 2003 the Safety and Quality Management System was submitted to such international Certification Bodies as Certification Associations RUSSIAN REGISTER and SAI GLOBAL LIMITED (Australia) and validated by them.

On the 22d of October the FESCO Certificate of Conformity was issued.

The decision of implementing the S&QMS and certifying its compliance with the requirements of ISO Certification 9001:2000 was taken by the Company Management in the beginning of 2003. That policy was accepted with full understanding of the responsibility for having QMS Certificate complying with ISO Certificate requirements 9001:2000 when participating in the international projects and tenders.

The fact of securing the Certificate of Conformity levels the Company up on the international scene of business cooperation.

The fundamental QMS challenge is not a complete inspection of each unit or a particular stage of a service procedure but avoiding any operation error which could result a flaw or a foozle.

The Safety and Quality Management System is to provide the Company service quality and to adjust that quality to the customers’ expectations.

To summarize the various definitions implemented by ISO (International Organization for Standardization), it is possible to say that the Safety and Quality Management System is a system for forming the policy and aims in the area of quality as well as achieving those aims via concerted management of an enterprise as applied to Quality.

S&QMS includes Organization Structure, Procedures and Resources, Responsibility and Authority for maintaining Quality Management.

The S&QMS successful adaptation and certification will allow:

- to participate in tenders, competitions and federal orders;
- to attract investments;
- to create and introduce in the Company an up-to-date business model;
- to improve the Management effectiveness by means of a strict distribution of responsibility for procedures implementing;
- to win the advantage in the management and a strong argument on setting up home-base contracts as well as foreign ones;
- to reduce reoperation costs.

In other words, the Safety and Quality Management System Certificate is recognized as a guarantee that all processes and sub-processes needed for S&QMS are identified, properly documented and controlled and that the enterprise has all the abilities to provide the stable quality of production and rendered services.




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