Title XI Funding
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Marine Log

June 1, 2007

MacGregor establishes offshore division

Cargotec's MacGregor Group has established a new division, MacGregor Offshore. The recently acquired Hydramarine of Norway and Plimsoll of Singapore will be the foundation for the new division. The offshore division will be headed by Henrik Vildenfeldt who previously worked as SVP, Corporate Development at MacGregor. Vildenfeldt reports to Olli Isotalo, President of MacGregor. The new division employs approximately 700 people. In 2006, Hydramarine and Plimsoll had a combined turnover of approximately EUR 100 million and an order backlog of EUR 175 million. Both Hydramarine and Plimsoll are included in MacGregor financials as of the beginning of April 2007.

The new offshore division will focus on achieving targeted synergies from the combination of Hydramarine and Plimsoll and continue to build on future growth. The division serves customers globally and concentrates in its R&D in solutions that support the customers' business in offshore industry. Also the offshore service companies Grampian and Vestnorsk Hydraulikkservice will support MacGregor's offshore operations.

Hydramarine and Plimsoll focus on the development of hydraulic and electrical deck machinery equipment for ship owners, yards and operators. Products such as large active heave compensated cranes, davits, winches and subsea load handling solutions are installed on various kinds of offshore supply vessels and rigs. Hydramarine concentrates on the offshore business in North Sea and U.S. Gulf while Plimsoll is one of the major deck equipment suppliers in the Asia Pacific region.