Following a long and illustrious career in maritime industry, Sámal Jákup Joensen is stepping down as Chairman of FMS Ltd. He will continue as a member of the board of directors of FMS Ltd. and of Faroe Maritime Services,Shipbrokers and Samtrade.

Pauli Joensen will take over as Working Chairman of FMS Ltd and the company´s activity’s Faroe Maritime Services, the Shipbrokers Team and Sam trade. In this capacity, he will be responsible for determining and developing strategy as well as for strengthening relationships with FMS’s contacts and for existing and future partners.

Pauli Joensen has worked in the maritime industry last 14 years, where he worked both on-board as master mariner and in land organization, in management positions.

Most recently he moved back to the Faroe Islands after several years in Denmark.

He holds a master degree in transport and maritime management from University of Southern Denmark, and a master mariners degree from Faroes International Marine Academy.

Pauli Joensen has extensive experience with maritime management, development projects, human reassures and flag state management. Through his assignments he has been continuously working with creative customer solutions and optimization. He has a wide active international network with professionals from both maritime and energy industries. He also has knowledge of running and funding projects.

The above changes will be effective July 1st 2011