TAX CONFERENCE

The recently enacted "American Jobs Creation Act" gives significant tax breaks to a number of U.S. industries--including shipping.

MARINE LOG and BLANK ROME will present a senior level seminar CHANGES IN U.S. TAXATION OF SHIPPING INCOME in Stamford, Conn. on April 5 & 6, 2004

Make sure you know how the new tax rules work!

February 23, 2005

Rolls Royce boosts Mississippi propeller machining capabilities

Rolls-Royce opened the doors today to a new machining center at its Propeller Center of Excellence in Pascagoula, Mississippi. The new facility, adjacent to the foundry, will improve manufacturing capabilities and production efficiency across a wide range of marine propellers and propulsors. Rolls-Royce has invested over $8 million in the local industrial base developing the facility.

The 18,000 square foot facility will include 15,000 square feet of manufacturing space and house a new gantry milling machine. As a result, machining will be three times faster than the current rate. This will enhance the foundry strengths to include: design and custom build capabilities; and capacity for propellers ranging in size from 60 inches to 33 feet.

Currently the foundry manufactures propellers for U.S. Navy nuclear aircraft carriers (CVN) and various commercial vessels. It also casts propeller blades for U.S. Navy Destroyers (DDG) and US Navy Amphibious Transport Dock class (LPD) ships. The machine center is positioned to manufacture components for the large waterjets used on the Littoral Combat Ship.

"This new facility demonstrates our commitment to product quality and process improvement," said Patrick J. Marolda, President of the Rolls-Royce naval marine business in North America. "We want to provide better products faster to our customers and are dedicated to maintaining our market leadership in quality and delivery. We have a long term relationship with the state of Mississippi and the city of Pascagoula, and are delighted to be increasing our presence and abilities here."

"Enhancing this facility also underscores our commitment to the US," said James M. Guyette, President and CEO, Rolls-Royce North America.

United States Senator Trent Lott joined other dignitaries at the ribbon cutting ceremony.

"Mississippi is proud to have Rolls-Royce as an economic partner, and we certainly welcome this investment in our state and our workforce," said Senator Lott."I was pleased to sponsor the funding request in Congress for the Propeller Center of Excellence. This expansion will sustain quality, high-skilled jobs in Jackson County, and I know the employees here will continue their long tradition of providing world-class marine products for Rolls-Royce customers throughout the globe."

Congressman Gene Taylor said:"I would like to thank Rolls-Royce for its continued investment in Mississippi and Jackson County. This expansion will only build upon the world-class shipbuilding industry in South Mississippi.

"The completion of the Pascagoula Foundry expansion highlights the ever-increasing commitment of Rolls-Royce to its U.S. business strategy", said George Freeland, Jr., Executive Director, Jackson County Economic Development Foundation, Inc. "We regard Rolls-Royce to be one of this community's premier corporate citizens and as such are committed to partnering with them to further their expanding operations in South Mississippi."

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