October 1, 2003

Moran oil barge order for Bay

The Manitowoc Company, Inc. (NYSE: MTW) through its subsidiary, Bay Shipbuilding Co., part of Manitowoc's Marine Group, has been awarded a contract from Moran Towing Corporation to build two ocean-class, double-hull, hot oil tank barges. The first barge is scheduled for delivery in the fourth quarter of 2004, and the second in the second quarter of 2005. Other contract terms were not disclosed.

Each of the 110,000-barrel capacity barges will measure 425 feet in length by 78 feet in width and will be configured with 10 cargo compartments serviced by three diesel-driven, deep-well cargo pumps. The barges will also feature a stern notch and an Intercon coupling system, which will link the units to customer-supplied tugs. In addition, the barges will be equipped with an onboard heating system to maintain consistent cargo temperatures of 135 degrees F. Both vessels will be ABS, U.S. Coast Guard, and OPA-90 compliant.

"This contract award is another indication that the pace of orders for OPA-90 class vessels is increasing," said Dennis McCloskey, president of Manitowoc's Marine Group. "We are also pleased to be Moran's yard of choice for this project. While these barges will be the fifth and sixth OPA-90 vessels built by Bay Shipbuilding, this is our first opportunity to serve Moran as a customer. Upon completion, these tank barges will be among the most sophisticated petroleum carriers in Moran's growing fleet of ocean-class vessels."

Last month, Manitowoc announced that Bay Shipbuilding Co. (BSC) had won a contract for construction of a 140,000-barrel, double-hull, hot oil tank barge from Penn Maritime, Inc. This contract also includes a high- horsepower, ocean-class tug, which BSC will build at its Sturgeon Bay facility.

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