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May 3, 2004

First Wave to divest Houston assets, retire debt and focus on offshore sector

First Wave Marine, Inc. announced today that it has agreed to sell substantially all of the assets of its two Houston subsidiaries, Newpark Shipbuilding - Brady Island, Inc. and Newpark Shipbuilding - Pasadena, Inc., to Southwest Shipyard, LP. The transaction is expected to close in June.

First Wave president Grady Walker commented that "First Wave will now be able to focus all of its energies on our Galveston operations. The proceeds from this sale will be used to retire substantially all of the company's remaining debt and to provide additional working capital to devote to better serving the needs of our customers in the offshore drilling rig and vessel markets."

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