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Austal Wins Contract

Maritime Activity Reports, Inc.

March 6, 2002

Austal has secured a contract for two 226 ft. ‘boutique’ cruise ships for operation in French Polynesia. Ordered by Bora Bora Cruises of Tahiti, the ‘boutique cruise ships will be monohull design. Tu Moana and Tia Moana, meaning strong on the ocean and sure and stable on the ocean, will accommodate 78 passengers each in 37 cabins and will provice luxury cruises between the islands of Huahine, Raiatea, Tahaa and Bora Bora at a cruising speed of 14 knots. Due for delivery in early 2003, the cruise ships will feature a four star hotel standard in passenger areas and will be fitted to a high combination of double and twin share cabins, lounge and restaurant areas, a pool/spa and an array of water sports equipment.

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