Marine Log

March 31, 2006

Smit adds 18 new vessels

Rotterdam based Smit Internationale is continuing its fleet expansion and renewal program, adding vessels to both its harbor towage and terminals and its transport and heavy lift divisions.

Smit has reached an agreement with Damen Shipyards in the Netherlands for construction of 11 new vessels for the harbor towage and terminals diviison.

Two of these vessels (type ASD 3211, 65 tons bollard pull) have a long-term contract for the Terminals Division in Equatorial Guinea and will be delivered in respectively September and December 2007.

Four type ASD 2810 vessels are replacements for the harbor towage fleet in Rotterdam with a substantially higher bollard pull (60 tons). Two of these vessels will be delivered in respectively 2007 and 2008.

An additional five vessels of the ASD 2810 type (60 tons bp) will be deployed as replacement for and expansion of the divisions. worldwide fleet. Two vessels will be delivered in 2007 and three in 2008.

Transport & Heavy Lift

Smit has reached an agreement for the purchase of seven newly built workvessels from Hadi H. Al-Hammam Est. of Saudi Arabia.

These vessels--with a bollard pull of approximately 75 tons--are a modified version of the Smit Kamara and Smit Komodo.

The first two vessels of this new series will be delivered this year and the last one is expected to be delivered in 2008. They will be managed by the Smit Singapore organisation.

This investment comprises both replacement as well as expansion. Three of these vessels have already been awarded with long-term contracts for the oil & gas sector to work for Saudi Aramco in Saudi waters through Hadi H. Al-Hammam Est.

Both Hadi H.Al-Hammam Est. and Smit have declared their intent to jointly pursue additional opportunities in Saudi Arabia.