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December 3, 2003

Lockheed Martin and FBM Babcock to cooperate

Lockheed Martin and FBM Babcock Marine have signed a memorandum of understanding to cooperate in the joint marketing and pursuit of international business in the maritime industry.

Lockheed Martin, whose expertise in advanced ship design includes work with SLICE and SWATH technology, will provide sophisticated systems integration capability, whole systems thinking and project management skills. FBM Babcock Marine, known for its wide range of high-speed ferries, para-military vessels and specialist craft, will bring specialized design, construction and additional new business opportunities to Lockheed Martin through its design and operations office in the United Kingdom and its shipyard in the Philippines.

"By working together we significantly strengthen our combined capabilities in the military and non-military markets and we look forward to growing our business relationship as we move forward," said Craig Schnappinger, director of Ship Systems operations for Lockheed Martin Maritime Systems & Sensors. "This agreement will assist both Lockheed Martin and FBM Babcock Marine to further fulfil customer needs in all the markets we currently serve and those we are pursuing by delivering original solutions derived from our collective reputation for quality and reliability."

John Warbey, managing director of FBM Babcock Marine, said, "This is an important step for FBM and will enable us to make greater inroads into the United States market where we are already working with the U.S. Coast Guard, Marines and Army. This agreement will also open new opportunities for FBM worldwide."

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