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November 18, 2003

First Toledo newbuild in 15 years

A 110,000 barrel double hull tank barge ordered from the Manitowoc Marine Group by Hornbeck Offshore Transportation, LLC will be the first newbuilding at Manitowoc's Toledo yard in 15 years.

The barge is scheduled for delivery in November 2004 and the contract provides Hornbeck with options to purchase three additional barges within the next year. Other contract terms were not disclosed.

"This contract marks the first new-construction project for the Toledo facility in approximately 15 years," said Dennis McCloskey, president of Manitowoc's Marine Group. "To make this facility better suited for shipbuilding work, Manitowoc and the Toledo-Lucas County Port Authority have agreed to expand the shipyard and to build a covered dry dock. To ensure its profitability, we will continue to pursue additional shipbuilding projects to complement Toledo's existing slate of repair work. We're committed to the future of Toledo and its economy, and this joint effort between Manitowoc and the Port Authority to upgrade this facility will greatly benefit the city of Toledo in terms of revenue and employment."

Because Manitowoc is committed to shipbuilding in Toledo, the Toledo-Lucas County Port Authority has agreed to provide $7.5 million for the facility upgrade. To date, says Manitowoc, U.S. Rep. Marcy Kaptur (D-OH) has provided $2 million in Federal funding to the Port Authority for the improvements.

Kaptur commented that the cooperation of Toledo's skilled trades groups and the Port Authority in partnership with the City of Toledo and Lucas County demonstrate what can be achieved when everyone has a common goal. "This giant step forward for Toledo will mark the rebirth of new shipbuilding and vessel repair capability on the Great Lakes centered at Toledo, the crossroads of the Great Lakes," said Kaptur.

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