July 10, 2003

Sectional barge business acquired
Rendrag Equipment Company, LLC, of Spanish Fort, Alabama, has acquired the business of Rendrag Leasing Corporation, of Katy, Texas, including all designs and other technical data relating to Rendrag sectional barges and associated equipment. All existing leases with Rendrag Leasing Corporation will be managed by Rendrag Equipment Company, effective immediately. Tim Colton, President and Chief Operating Officer of Rendrag Equipment Company, said "I want all Rendrag Leasing Corporation's customers to know that the transition of their accounts to Rendrag Equipment Company will be absolutely seamless. We will be talking to and/or visiting all of them in the next few days and we want each of them to tell us how we can serve them better."

Colton continued: "We are very enthusiastic about the potential of the market for sectional barges and we intend to move forward immediately to add a significant number of new barges to our inventory. In addition, we intend to develop new variants on the basic Rendrag barge, new barge-mounted accessories and new barge-mounted equipment options that we believe will be of great interest to the marine construction industry."

Rendrag Equipment Company also announced the appointment of Trey LeBlanc as Vice President, Sales and Marketing. LeBlanc is a graduate of Louisiana State University and has over 22 years of technical and sales experience in the marine industry, most recently as Manager, Sales and Marketing, for two major U.S. shipbuilders.

For further information, call either Tim Colton at (228) 374-1258 or Trey LeBlanc at (251) 490-6078.

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