18 New Vessels for SMIT

SMIT has reached an agreement with Damen Shipyards from the Netherlands for constructing 11 newly built vessels. Two of these vessels (type ASD 3211, 65 tons bp) have been awarded with a long-term contract for the Terminals Division in Equatorial Guinea and will be delivered in respectively September and December 2007. Four vessels (type ASD 2810) are replacements for the Harbor Towage fleet in Rotterdam. These vessels will be equipped with a substantially higher bollard pull (60 tons bp). Two of these vessels will be delivered in respectively 2007 and 2008. An additional five vessels of the ASD 2810 type (60 tons bp) will be deployed as replacement for and expansion of the divisions’ worldwide fleet. Two vessels will be delivered in 2007 and three in 2008. Also SMIT has reached an agreement for the purchase of 7 newly built work vessels from Hadi H. Al-Hammam Est. of Saudi Arabia. These vessels of approximately 75 tons bp are a modified version of the Smit Kamara and Smit Komodo. The first two vessels of this new series will be delivered during this year and the last one is expected to be delivered in 2008. They will be managed by the SMIT Singapore organization. This investment comprises both replacement as well as expansion. Three of these vessels have already been awarded with long-term contracts for the oil and gas sector to work for Saudi Aramco in Saudi waters through Hadi H. Al-Hammam Est. Both Hadi H.Al-Hammam Est. and SMIT have declared their intent to jointly pursue additional opportunities in Saudi Arabia.