2001 Maritime

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October 16, 2001

SENESCO inks $3 million in new contracts
Southeastern New England Shipbuilding Corporation, North Kingston, R.I., reports that it has signed contracts for construction of three barges and pier floats. Total estimated value is around $3 million.

SENESCO will build one 160 ft deck barge for New Jersey's Hughes Marine. It's SENESCO's fourth such project for Hughes and is expected to take eight weeks to complete.A contract with Boston's Cashman Equipment calls for construction of two identical 180 ft deck barges, with heavy deck loading capacities. To be used as construction barges, they'll be able to take loading of 4,000 lb/sq.ft, compared with the more usual 2,000 lb/sq.ft. Deliveries are scheduled for February and March.

The pier float contract is with AGM of Mashpee, Mass. and is for the MacMillan Pier reconstruction in Provincetown, Mass. This project is expected to be completed by Spring 2002.

More orders for Austal
Austal Ships, Australia, and Austal USA have secured contracts for new vessels with a combined contract value of approximately US$26 million.

Austal USA has signed a contract for a 34 m dinner cruise vessel with Island Queen Cruises, Miami, Fla.

The Austal ships order is for three 47.5 m passenger catamarans for New World First Ferry of Hong Kong, with an option fora further four vessels on completion of the first three.

The dinner cruise contract illustrates the broad product base offered by the US shipyard and increases Austal USA's production to four vessels, adding to the two 150 ft crew-supply vessels and the 82 ft passenger catamaran currently under construction.

Due for delivery in November 2002, the dinner cruise catamaran will
operate in the Miami and Biscayne Bay area, offering a variety of
charter options appealing to corporate and large private groups.

The Hong Kong contract reintroduces Austal into the Hong Kong market with one of the largest ferry operators in the Asian Pacific region.

The contract provides Austal with the opportunity to reinforce its position in this market, where it delivered over 29 catamarans to Hong Kong operator Yuet Hing in the 1990's.

Due for delivery in October 2002, the three passenger catamarans will each have the capacity to carry 416 passengers and will operate between Hong Kong and Macau at a speed of approximately 42 knots.

Commenting on the two contracts, Austal managing director Bob McKinnon said, "these contracts further highlight the success of Austal's diversification strategy."

"Each contract was securedthrough a very competitive process," he continued, "and Austal's attention to quality and the ability to deliver vessels tailored to suit the clients' requirements has ensured out continued success. The Austal Group now has in excess of twelve vessels under construction ranging from small river catamarans to largevehicle-passenger ferries, a very positive outlook",