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October 10, 2001

Manitowoc clinches ferry, dump scow contract
The Manitowoc Company, Inc. announced today that the City of New York recently awarded its Manitowoc Marine Group contracts to build three Kennedy-class ferries. (The city announced on August 6 that Manitowoc was the apparent low bidder for the trio, with a bid of $119,213, 651).

In addition, Manitowoc Marine Group has also received a contract from Great Lakes Dredge & Dock to build a 7,100-cubic-yard dump scow for this worldwide dredging contractor.

The new Kennedy-class ferries will be 310 feet long, 70 feet wide, and are capable of transporting 4,400 passengers and 30 vehicles. They will replace three existing ferries built in 1965 and will provide year-round transportation service between Staten Island and Manhattan. The ferries will feature twin pilot houses plus state-of-the-art navigation and propulsion systems.

"This contract is an excellent example of the solid growth opportunities afforded us by our strategic acquisition program in general, and more specifically, last year's acquisition of Marinette Marine,'' said Terry D. Growcock, Manitowoc's president and chief executive officer. "It also continues our success in extending the reach of our shipyards beyond their traditional Great Lakes markets, while bidding and obtaining work that is ideally suited to our shipbuilding capabilities.''

Tom Byrne, president of Manitowoc Marine Group, added: "The ferry contract, which is valued at approximately $120 million, will span nearly 30 months of work. We expect to build the ferries at Marinette Marine, with the first ferry scheduled for delivery in fall of 2003. Material procurement and basic hull fabrication work for the first ferry will soon begin at Marinette Marine.

Work on the 7,100-cubic-yard, split-hull dump scow, which will be built by Bay Shipbuilding, is expected to begin later this fall. This vessel is the 50th vessel that Manitowoc has built for Great Lakes Dredge & Dock. The 63-foot by 277-foot dump scow will be constructed and ABS-certified for ocean-class service and is similar to two dump scows built by Bay Shipbuilding in 1987. Delivery of the $4.8-million vessel is scheduled for August, 2002.

Ship design and newbuilding supervision in China
Two European ship design and newbuilding supervision groups have joined forces to provide dedicated ship design for Chinese shipyards.

Cardiff-based Graig Plc and Copenhagen-based Carl Bro a/s today launched Graig Carl Bro Ship Design, which will provide a full ship design service from its modern Shanghai office.

“Chinese shipyards are set to double their share of the world newbuilding market,” says Hugh Williams, CEO of Graig. “That creates a massive demand for ship design services. Graig and Carl Bro have worked together in China for the last five years, building the Confidence series of ships at Zhonghua Shipyard. Graig has supervised newbuildings for other owners at different Chinese yards, and Carl Bro has made designs for a number of Chinese shipyards. We know what the yards need, and we understand the needs of shipowners.”

Chinese shipyards currently rely on two local design offices, which produce about thirty ship designs annually. Graig Carl Bro will provide new standard designs, in addition to design consultancy from concept through to detailed design and drawings.

“Chinese yards are moving to a new level of technical sophistication, increasing the need for practical and innovative design work. The combination of our global design expertise and experience with Chinese yards means that owners can now choose to build in China with greater confidence,” says Niels Chr.Engbjerg, director of Carl Bro. “We have already designed 49 ships which have been built in China. With Graig we are establishing a modern design office in Shanghai, with ten staff and the latest design tools and software. The joint venture can draw on expertise from Denmark yet provide on the spot service in the fast-growing and increasingly technically demanding Chinese market.”

John Coffin has been appointed general manager of Graig Carl Bro Ship Design. He has extensive experience of working with Chinese newbuilding projects and will be based in Shanghai.

Carl Bro a/s is a European-based international engineering and planning company, having its roots in Denmark, and employing a staff of approximately 2,100, the majority of which work in Denmark and the UK. It employs around 45 people in its ship design and consultancy division. They have been responsible for over 190 different designs, all of which have been built.

The Graig Group has interests in shipowning, shipmanagement, ship design, newbuilding supervision, ship repair, IT support, and ship finance. It has supervised over twenty-five newbuildings in China on behalf of itself and others.

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