  We present far-ultraviolet spectra of the Seyfert 1.5 galaxy NGC 5548
obtained in 2000 June with the Far Ultraviolet Spectroscopic Explorer (FUSE).
Our data span the observed wavelength range 915--1185 Angstroms at a resolution
of 20 km/s. The spectrum shows a weak continuum and emission from O VI, C III,
and He II. The FUSE data were obtained when the AGN was in a low state, which
has revealed strong, narrow O VI emission lines. We also resolve intrinsic,
associated absorption lines of O VI and the Lyman series. Several distinct
kinematic components are present, spanning a velocity range of 0 to -1300 km/s
relative to systemic, with kinematic structure similar to that seen in previous
observations of longer wavelength ultraviolet (UV) lines. We explore the
relationship between the far-UV absorbers and those seen previously in the UV
and X-rays. We find that the high-velocity UV absorption component is
consistent with being low-ionization, contrary to some previous claims, and is
consistent with its non-detection in high-resolution X-ray spectra. The
intermediate velocity absorbers, at -300 to -400 km/s, show H I and O VI column
densities consistent with having contributions from both a high-ionization
X-ray absorber and a low-ionization UV absorber. No single far-UV absorbing
component can be solely identified with the X-ray absorber.
