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November 6, 2003

KMM to close Annapolis office

Over the past year, the management at Kvaerner Masa Marine says it has been reassessing its position in the North American marketplace. The decision has been made to focus future efforts in the United States from its Houston office. As a result of this, the Annapolis, Maryland office of Kvaerner Masa Marine, Inc. will be closed effective November 7, 2003. Future communication should be directed to either Ron Pearson in the Houston office (tel: (713) 981-2012 e-mail ron.pearson@kmmc.net) or Dave McMillan in Vancouver (tel: 604 736 8711 e-mail david.mcmillan@kmmc.net)

"We believe this restructuring will better serve our clients in the United States and we look forward to expanding our market share of the marine and offshore industry projects in the coming years," says KMM. "With that in mind we hope to see many of you at our booth during the Workboat Show in New Orleans in early December or at the Ferries 2003 Conference next week in Fort Lauderdale.

KMM's Vancouver office will be moving at the end of the year into the same building as associate company Kvaerner Chemetics in Vancouver. Effective January 1, 2004 thenew address will be:

KMM
1818 Cornwall Avenue
Vancouver, B.C.
Canada V6J 1C7

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