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June 27, 2002

EnerSea in CNG ship alliance with HHI
Houston-based EnerSea Transport LLC says it's created a "strategic maritime alliance" with South Korea's Hyundai Heavy Industries.

This partnership will initially complete vessel design and obtain "class approval in principle" certification for EnerSea's VOTRANS compressed natural gas (CNG) ships. Upon completion of that process, HHI will then build the first VOTRANS ships for EnerSea's transport services projects.

Paul Britton, EnerSea's managing director calledf the alliance with Hyundai "a defining moment in the commercialization of CNG marine transport," and said "Yesterday's stranded gas is much closer to market today."

Hyundai EVP D.Y. Han said the alliance was "the culmination of several months of cooperation and discussions" and noted that "the CNG market has tremendous potential."

EnerSea and HHI will work with a leading classification society to pursue 'class approval in principle' of the vessel design. The vessel design will be focused on HHI's shipyard and capabilities to construct these new CNG vessels. EnerSea expects design and certification work to be completed by the end of 2002. The alliance and the accomplishments resulting from the work program will complement EnerSea's current marketing efforts, and will enable the immediate application of its transport services to help monetize remote, or stranded, natural gas resources worldwide.

The Houston based maritime broker, Lone Star R.S. Platou & Braemar Inc (LST) is the broker and consultant for EnerSea. LST's Managing Director Phil Elmore stated "I am extremely satisfied that our team has been able to bring these two dynamic parties together and I have full faith that this venture will be a successful in commercializing VOTRANS technology."

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