TAX CONFERENCE

The recently enacted "American Jobs Creation Act" gives significant tax breaks to a number of U.S. industries--including shipping.

MARINE LOG and BLANK ROME will present a senior level seminar CHANGES IN U.S. TAXATION OF SHIPPING INCOME in Stamford, Conn. on April 5 & 6, 2004

Make sure you know how the new tax rules work!

Broadwater LNG terminal

March 5, 2005

Giuliani partners with SeaSecure on LNG project

Giuliani Partners LLC has partnered with SeaSecure LLC to provide security and strategic consulting services to Broadwater Energy LLC for its proposed floating liquefied natural gas (LNG) terminal on Long Island Sound.

Physically, the terminal would consist of what Broadwater describes as "a ship like vessel moored in the deep waters of Long Island Sound."

"This Floating Storage and Regasification unit (FSRU)," says Broadwater, "would be approximately 1,200 feet long and 180 feet wide--roughly the same size as the Queen Mary 2 ocean liner. The FSRU's deck (excluding on-deck equipment) would rise between 75 and 100 feet above the water line."

The proposed location is in the broadest part of Long Island Sound in New York State waters (about 9 miles from the closest New York shoreline and about 11 miles from the closest Connecticut shoreline). In 70 to 90 feet of water, the proposed site is about 25 miles from the subsea connection with the existing Iroquois pipeline.

Giuliani Partners, assisted by SeaSecure, has completed a preliminary security assessment that indicates that, given a set of critical security assumptions, the proposed facility can be operated safely and securely. Giuliani Partners and SeaSecure have been working on this project since late 2004 and will continue to provide security consulting services on an ongoing basis to help enhance the security of the planned facility.

"This facility will provide an important additional energy supply to the region, with an emphasis on security," said Rudolph W. Giuliani. "Giuliani Partners is pleased to be working with the SeaSecure team, which has a long and successful track record in maritime security and counterterrorism."

Kim E. Petersen, SeaSecure's President, said, "All of us at SeaSecure take pride in teaming with Giuliani Partners for this important project, given their exceptional background in security, public safety, and emergency planning."

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