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June 8, 2005

Unitor inks record agreement with Hyundai

TI Marine Contracting A/S, a wholly-owned subsidiary of Unitor's Ships Equipment Division has signed an agreement with Hyundai Heavy Industries (HHI) to supply cargo tank insulation to 21 liquefied petroleum gas (LPG) carriers being built at its shipyard in Korea.

Deliveries will take place over three years.

The agreement has an estimated value of $35.5 million--making it the largest single order ever won by Unitor.

The deal will see Unitor deliver and install thermal cargo tank insulation systems on 17 VLGCs and four LPGs being built at Hyundai.

The total area to be insulated is approximately 330 acres, equivalent to more than 50 soccer fields and requiring over 2,500 tons of insulation foam

Delivery starts immediately and will continue throughout the period of the contract.

Jarle Roth, CEO comments that, "Unitor is very pleased about landing this contract. It reinforces a period of cooperation with Hyundai going back three decades." Anstein Sorensen, Managing Director, TI Marine Contracting AS adds that, "Our innovative profile, cost effective production and high speed manufacturing will mean less time needed in dock. These vessels can be put into operation sooner to produce earnings. This was a major factor in Unitor being chosen for this work."

Unitor has developed an innovative new spray foam system, TI-Spray Foam Insulation System, making the insulation process more efficient while at the same time reducing the need for maintenance. The insulation consists of polyurethane foam with a polymeric coating that protects against moisture, fire and mechanical impact. The TI-Spray Foam system is the first real new development in LPG cargo tank insulation in 20 years. The system halves the time needed for the insulation process, thereby shortening the shipbuilding process. The shipyard's capacity is thereby increased. This will be a competitive advantage to shipbuilders in the LPG carrier market. Unitor's TI Marine Contracting A/S has also delivered on major liquefied natural gas (LNG) carrier contracts with Hyundai Heavy Industries on previous occasions, including a previous record order worth approximately $26.4 million in 2002.

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