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January 18, 2006

Rigdon Marine gets Bourbon help for further newbuildings

Rigdon Marine Corporation today announced the completion of a series of financial transactions which it says will strategically position the company for future growth. It also announced that it has a firm contract with "a major Louisiana shipbuilder" (Bollinger) for a new series of 10 vessels.

Rigdon Marine Corporation recently signed a $170 million Credit Facility with a group of European banks led by DVB Bank and secured $30 million in equity investment.

Controversially, $9.1 million of the new equity is being injected by Bourbon of France. Bourbon says the investment was made "in compliance with American regulations particularly th Jones Act."

Bourbon chairman and CEO Jacques de Chateauvieux said the new stake in Rigdon Marine was "the natural outcome of four years of collaboration. We have seen that this fast-growing company has rapidly become a profitable service provider, duly recognized in the offshore marine services sector, particularly in the Gulf of Mexico. Our commitment is a clear demonstration of Bourbon's investment policy, designed to assemble the best skills and resources to successfully fulfill the customer needs for new generation vessels worldwide."

The newly restructured Rigdon Marine Corporation says that it has replaced its original financial capitalization for the recently completed GPA 640 series of 10 technically advanced platform support vessels and has obtained additional financing for a new series of 10 vessels, which it has on a firm contract with a major Louisiana shipbuilder.

Vessel construction for the new GPA 654 Class of platform support vessels is expected to be completed in the fall of 2008, and new boats will double the company's operational fleet.

"The success of our initial fleet of ten diesel-electric platform support vessels, designed by Guido Perla & Associates, has given the company the capability of attracting investment capital and attractive long-term debt financing," stated Larry T. Rigdon, President and CEO of Rigdon Marine Corporation. "Furthermore, our organization is committed to the redevelopment of the State of Louisiana. Our operations department will remain in the State, and we will construct our next ten vessels in the State."

Rigdon Marine Corporation is a closely held private company, with vessel operations based in Saint Rose, Louisiana, and executive offices in Houston, Texas.