October 22, 2004

Senesco Marine wins AT/B contract

Senesco Marine, Quonset Point, R.I., has signed a contract with U.S. Shipping, LLC, Edison, N.J, to build a double-hulled AT/B with tug. The unit will be able to serve as a 140,000-barrel chemical carrier or 150,000 barrel petroleum carrier. The contract includes options for three more 150,000-barrel double-hulled petroleum AT/B's.

The move will more than double Senesco Marine's workforce, which currently stands at approximately 200.

"By November of 2005 we will have a workforce of more than 500 employees," said Gary Schuler, CEO of Senesco Marine. The contract for the first AT/B is worth more than $40 million.

"We are announcing to the industry that we are now focusing on state of the art AT/B's," said Schuler.

Construction is expected to take around 14 months for the barge and 12 months for the tug. If all goes according to plan, Senesco Marine will start cutting steel in December and expects to deliver the AT/B early in 2006.

"We were very impressed with the business like approach Senesco Marine took. We also felt they have an excellent technical team that addressed all of our questions and needs," said Joe Gehegan, President of U.S. Shipping, LLC.

U.S. Shipping currently operates six Integrated Tug and Barge (ITB) vessels in the domestic oil trade and two parcel tankers. The AT/B will be U.S. Shipping's first.

Guarino and Cox, New Orleans, designed the AT/B. Senesco Marine entered a strategic partnership with Guarino & Cox over a year ago.

Senesco Marine has established a strategic alliance with Luther Blount of Blount Boats, Warren, R.I., to act as a technical consultant on the tug portion of the project.

When complete the barge component of the AT/B will measure 512 feet long with a displacement of 26,600 tons. The 10,000 hp tug will measure approximately 145 feet in length and will feature state of the art controls, galley and sleeping quarters capable of holding a crew of 16.

In total, the AT/B will measure approximately 600 feet long.

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