Seabulk International Appoints CFO

Wednesday, June 19, 2002
Seabulk International, Inc. announced the election of Vincent J. deSostoa as Senior Vice President and Chief Financial Officer, effective immediately. deSostoa, who most recently served as President and Chief Financial Officer of Zeosoft Corporation, will report directly to Seabulk's President and Chief Executive Officer, Gerhard E. Kurz. He will be responsible for all of the Company's financing activities, including its relations with investment bankers and lending institutions, as well as for the financial reporting function, risk management and information systems. "We are pleased to welcome Vince to the Seabulk management team," commented Kurz. "He is a well-known figure within the maritime industry, and he brings to the table a broad range of both public and private sector experience. He joins our organization at an opportune time as we move ahead on the transactions announced last week. These transactions, which include a $100 million equity investment and a new bank credit facility, will go a long way toward improving the Company's capital structure and generating the funds necessary to support future growth. Vince will play a key role in the funding process, where he is a proven innovator and strategist." Prior to joining Zeosoft, deSostoa served for eleven years as Senior Vice President and Chief Financial Officer of OMI Corporation, an international tanker operator with interests in real estate and energy development. While at OMI, he successfully led equity and debt offerings totaling more than $1 billion. In the mid-1980s deSostoa served as Chief Financial Officer for the New York City Transit Authority, where he helped reengineer the agency's financial systems and laid the groundwork for a major capital program. Prior to that, he was a partner with Peat Marwick, Mitchell & Co., which he joined in 1973. A Vietnam veteran, deSostoa served in the United States Navy from 1965-1969 and is a recipient of the Navy Achievement Award. deSostoa received a B.B.A. in Accounting from Ohio University and an M.B.A. in Finance from Xavier University. He also completed the Harvard University Advanced Management Program and the Stanford University Strategic Planning Program.
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