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Millman Steps Down From Grand Bahama Shipyard

Maritime Activity Reports, Inc.

December 17, 2004

Freeport’s Grand Bahama Shipyard (GBS) has announced that current President & CEO, Chris Millman has decided to step down from his position and is to leave the Company. Chris has been with the Shipyard for over four years and in that short time he has overseen its growth from a construction site into one of the region’s foremost ship repair centres.

Citing personal reasons for his decision, Chris said that he was leaving GBS to return to the UK with his family, although not before taking a well-earned break. He stated “It has been a roller coaster ride over the last few years. I shall always look back at this period with immense pride in what we have achieved and with great appreciation for those who helped to achieve it”.

Chris left the Company on December 10 this year and the Board has announced that David Dalgleish, previously Operations Director at the shipyard, will be promoted to the position of Managing Director with effect from that date and thereafter he will assume responsibility for the day-to-day operations.

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