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March 12 2002

Repairer files IPO statement
Unites States Marine Repair, Inc. has filed a registration statement with the Security and Exchange Commission for an initial pulic offering of its common stock

USMR's ship repair operations include Norshipco in Norfolk, Va., Southwest Marine's yards in San Diego and Terminal Island, California, Ingleside, Texas and Pearl Harbor, Hawaii, and San Francisco Drydock in San Francisco.

USMR is the leading private-sector provider of ship repair, maintenance and modernization services to the Navy, as well as performing work for commercial shipowners and other government agencies.

The shares will be offered by an underwriting group led by Lehman Brothers, Inc., Credit Suisse First Boston, Bear, Stearns & Co. Inc. and Credit Lyonnais Securities (USA). When available, copies of the prospectus relating to the offering will be obtainable from Lehman Brothers, c/o ADP Financial Services, 115 Long Island Ave, Edgewood, NY 11717.

SENESCO gets biggest contract yet
The Southeastern New England Shipbuilding Corporation (SENESCO), Quonset Point, North Kingston, RI, has signed its largest barge contract to date. It covers construction of a 332 ft x 74 ft double-hulled liquid fuel barge. The contract’s value is in excess of $7 million and creates an immediate opening for twenty new employees, a move that will increase SENESCO’s workforce to just under 200 employees. The contract includes options for two additional barges that, if exercised, will ensure full employment at SENESCO for the next two years.

" We are very pleased and honored to make this announcement," said SENESCO president Robert Jarvis. "The quality craftsmanship, dependability and skill demonstrated by our employees has become well known within the shipbuilding industry and this new contract is evidence of our strong reputation."

Jarvis said he expects the company to begin hiring immediately to fill twenty openings. SENESCO is seeking trained ship fitters but will also offer some training for qualified applicants.

Construction of the 332 ft ABS classed, ocean service double-hull tank barge will begin immediately and it is expected to be delivered by November 2002. The barge, with a capacity in excess of 80,000 barrels, will be built primarily for oil service in the Southern U.S. and will comply with the Oil Pollution Act of 1990 (OPA 90) requirements.

This new contract follows a similar 332 ft unit, scheduled for delivery in August 2002. It demonstrates that SENESCO has emerged as a serious competitor among the limited number of ocean service barge fabricators located in the United States. Last October it opened a sales office in New Orleans to promote its capabilities to prospective clients in the Gulf states, along the West Coast and internationally.