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March 4, 2003

Four team for LCS
Lockheed Martin, Gibbs & Cox, Bollinger Shipyards and Marinette Marine today announced a teaming effort to capture the Navy's Littoral Combat Ship program. The Navy considers LCS its most transformational effort and number one budget priority.

"In the process of creating this team, we carefully considered all of the innovative and unique requirements the Navy needs in this new ship," said Fred Moosally, president of Lockheed Martin's Naval Electronics & Surveillance Systems. "Our team harnesses world class expertise in naval architecture, LCS-sized ship construction, systems engineering and program management to help the Navy fill its littoral warfare needs."

Lockheed Martin will be the prime contractor, with Gibbs & Cox, Bollinger Shipyards and Marinette Marine sharing significant roles as principal team members.

Gibbs & Cox is a leading naval architectural and marine engineering firm, and world-renowned designer of surface combatants for the U.S. and international navies. Gibbs & Cox will be the team's platform design authority, naval architect and platform systems integrator.

"We are pleased to be partnering with these industry leaders to provide the United States Navy with a robust transformational solution to the littoral threat," said Kevin Moak, chairman of Gibbs & Cox, Inc. "Ships built to our designs, such as the USS Cole, USS Stark and USS Samuel B. Roberts, have a proven track record in combat threat situations around the world."

Bollinger Shipyards and Marinette Marine both share long lists of shipbuilding successes. As mid-market shipbuilders, their construction work serves smaller classes of ships and vessels, similar to the Navy's size requirements for LCS. In addition, both ship builders have significant experience serving commercial markets, where price, design, quality and on- time delivery are the primary measures for winning new customers.

Bollinger Shipyards is a leading builder of vessels serving the energy, commercial and government marine markets. It operates 14 shipyards located throughout South Louisiana and Texas. Bollinger built the U.S. Navy's Cyclone patrol craft, the U.S. Coast Guard's 110-foot Island Class and the 87-foot coastal patrol boats, as well as liftboats, tugs, offshore supply vessels, OPA 90 tank barges and specialty ships.

"The Littoral Combat Ship is a perfect fit for us," said Mike Ellis, executive vice president and chief operating officer for Bollinger Shipyards. "Our entire business is building and servicing mid-size vessels for our government and commercial markets. We have a strong track record of meeting our customers' needs in all areas from innovative design, quality workmanship and on time delivery."

Marinette Marine, with its shipyard facilities in Marinette, Wisc., is a leading shipbuilder serving the government, military and commercial customers throughout the maritime industry. Its shipbuilding portfolio includes U.S. Coast Guard icebreakers and buoy tenders, U.S. Navy mine countermeasure vessels and ocean tugs, as well as ferries, dredges and tugs.

"Many of our programs involve complex maritime solutions, and we deliver great ships on time, on or below budget," said Dennis McCloskey, president of Manitowoc Marine. "We're excited to bring our expertise and record of results to the Navy's LCS program."

Responsibilities for the two shipyards include production and cost engineering, production design and platform production.

In addition to serving as the overall prime, Lockheed Martin will be the systems and modularity architect, hullform developer and lead the overall program management and cost analysis work.

"This team brings the right talents to the Navy's service," said Moosally. "However, we will continue to build our team to bring in core and specialty expertise from around the world--this program is a top priority for the Navy, and we will make sure they are successful."

As the leading technology solutions provider and integrator to the U.S. government, Lockheed Martin (NYSE: LMT) focuses on the defense, information technology and homeland security requirements of the military services and civil agencies. The Corporation's advanced technology solutions draw on world-class capabilities in systems engineering and integration, complex project management, software development and information technology. Lockheed Martin Corporation is headquartered in Bethesda, MD.

Gibbs & Cox, Inc., specializing in surface combatant design and integration, brings more than 70 years of naval engineering expertise to the LCS program. More than 150 ships on active duty in nearly 20 navies around the globe, including 60 percent of the U.S. Navy's surface combatant fleet, are built to Gibbs & Cox, Inc. designs. The firm also provides engineering and design support directly to the U.S. Navy in early phase design and development of future systems for the Navy's surface combatant fleet. Gibbs & Cox, Inc. is headquartered in Arlington, Va.

Family owned and operated since 1946, Bollinger Shipyards, Inc., Lockport, La., has 14 shipyards strategically located between New Orleans and Houston with direct access to the Gulf of Mexico, Mississippi River and Intracoastal Waterway. Bollinger is a leading designer and builder of fast military patrol boats, offshore oil field support vessels, tugs, rigs, liftboats, inland waterways and OPA '90 ocean-going double hull barges as well as other steel and aluminum products.

Marinette Marine is part of Manitowoc Company, Inc.'s (NYSE: MTW) Marine Group. In addition to serving as a leader of shipbuilding, ship repair and conversion services for government, military and commercial customers, Manitowoc is the world's largest provider of lifting equipment for the global construction industry and the leading manufacturer of cold-focused equipment in the food service industry. Manitowoc is headquartered in Manitowoc, Wisc.

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