December 18, 2000

Marinette Marine launches cutter
Manitowoc Company subsidiary Marinette Marine Corporations successfully launched the U.S. Coast Guard Cutter MAPLE on December 16, 2000. MAPLE is the seventh ship in a series of 16 seagoing buoy tenders being built by Marinette.

Terry D. Growcock, Manitowoc's president and chief executive officer said the launch was "particularly exciting for us as it represents Marinette's first launch as a part of the Manitowoc Company. The MAPLE exemplifies Marinette's well-deserved reputation for manufacturing the highest-quality vessels using the industry's most innovative and efficient ship construction technologies. We look forward to the successful launch of many cutters and other ships for the U.S. Coast Guard in the future."

On November 20, 2000, Manitowoc completed the purchase of Marinette, Wisconsin-based Marinette Marine Corporation. Located just across Green Bay from Manitowoc's Bay Shipbuilding facility, Marinette Marine operates one of the largest shipyards on the U.S. Great Lakes. Manitowoc also operates Bay Shipbuilding Co. in Sturgeon Bay, Wisconsin; Toledo Shiprepair Co. in Toledo, Ohio; and Cleveland Shiprepair Co. in Cleveland, Ohio.

Global Marine's SCORE up 50% over prior year
Houston based offshore drilling contractor Global Marine today reported that its worldwide SCORE, or Summary of Current Offshore Rig Economics, for November 2000 increased by 3.1 percent over the previous month and by 49.5 percent compared to a year ago.

Global Marine chairman,president and CEO, Bob Rose said, "While recovery in the worldwide SCORE has been supported by improvements in all major areas over the past year, the SCORE in the North Sea remains well behind those of other areas. Recent increases in rig tendering activity and limited rig availability for upcoming North Sea projects, however, suggest that momentum is building for a springtime recovery in this important region."

Global Marine's SCORE compares the profitability of current mobile offshore drilling rig rates to the profitability of rates at the 1980-81 peak of the offshore drilling cycle, when speculative new rig construction was common. In the 1980-1981 period, when Global Marine's SCORE averaged 100 percent, new-contract dayrates equaled the sum of daily cash operating costs plus approximately $700 per day per million dollars invested. In addition to a worldwide SCORE covering key types of competitive offshore drilling rigs in key drilling markets, a separate SCORE is calculated for certain types of rigs and certain regions to indicate the relative condition of rig markets. The release, which is made available for publication on the third Monday of each month, includes separate SCORE calculations for the U.S. Gulf of Mexico, the North Sea, West Africa, and Southeast Asia. Rig types include jackup and semisubmersible rigs.

Houston-based Global Marine is one of the largest offshore drilling contractors with an active fleet of 33 mobile rigs worldwide. In addition, the company is the world's largest provider of offshore drilling management services.

NNS turns IS unit into a subsidiary
Newport News Shipbuilding announced today that it has restructured its Information Services division into a wholly-owned subsidiary.

Named Naptheon Inc., the new subsidiary will, says NNS, "enable better visibility and comparison of the information services costs; enable better alignment of the costs of information services to those using the services; and enhance the ability of Naptheon Inc. to compete for business external to Newport News Shipbuilding.

The new subsidiary will begin operations January 1, 2001.

Incorporated in Delaware, Naptheon Inc. will be made up of approximately 500 employees who currently work in the Information Services division at NNS. NNS EVP and COO Tom Schievelbein will serve as Chairman of the new subsidiary and NNS VP and chief information officer Stephen C. Hassell will serve as president and CEO.

Services provided by Naptheon include telecommunications, distributed and mainframe computer services and office services. Naptheon will be the exclusive provider of information services to Newport News Shipbuilding and will be located in Newport News, Va. I

The name Naptheon comes from the Greek words "nafpeyeion" which means shipbuilding and "theon" which means excellence. The name was chosen to allow the new company to create its own identity while maintaining ties to its shipbuilding origin.


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