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 Å at a resolution of \sim 20 ~ { } { km s } ^ { -1 } . The spectrum shows a weak continuum and emission from O VI \lambda \lambda 1032,1038 , C III \lambda 977 , and He II \lambda 1085 . 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 \sim 0 ~ { } to -1300 ~ { } { km s } ^ { -1 } relative to systemic , with kinematic structure similar to that seen in previous observations of longer wavelength ultraviolet ( UV ) lines . We explore the relationships 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 } ^ { -1 } , 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 .