2001 Maritime

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August 28, 2001

New Sabine Pass shipyard
Sabine Offshore Service, Inc. in Sabine Pass, Texas has been acquired by a 50/50 consortium of PPL Shipyard, Pte. Ltd. of Singapore and the P&A Group of Houston.

Principals in the P&A Group are J. P. Marks, Jr. and Carl Wendenburg. Both are offshore industry veterans. Marks was in the offshore living quarters business and Wendenburg, who is a structural engineer, has been involved in the rig repair market.

PPL Shipyard Pte. Ltd. is involved in the turnkey construction and repair of offshore drilling rigs and other vessels, provides rig designs, rig enhancement and upgrading services, as well as engineering consultancy, and project management services for the offshore oil and gas industry.

With over 200 acres and in excess of 1,600 feet of bulkhead on the Sabine Port Neches waterway, the consortium plans to offer a full range of mobile offshore drilling rig repairs, both in the yards and offshore, plus technical support.

A new company, Sabine Shipyards, Inc., has been formed for rig repairs. Sabine Offshore Service, Inc. will continue to offer fueling services to a variety of offshore vessels, a business already thriving at the Sabine Pass facility.

Marks, who will assume the position of CEO, stated, "We have been considering this acquisition for a while, and with PPL as our partner, we are certain we have formed the perfect combination. Both of our groups bring an abundance of experience and resources to the table, and we are particularly excited about the potential that lies ahead for Sabine Shipyard, Inc."