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SENESCO Announces Contract

Maritime Activity Reports, Inc.

March 15, 2002

The Southeastern New England Shipbuilding Corporation (SENESCO), announced that it signed its largest barge contract to date to build a 332 x 74 ft. double-hulled liquid fuel barge. The contract’s value is in excess of $7 million and creates an immediate opening for twenty new employees, a move that will increase SENESCO’s workforce to just under 200 employees. The contract comes with options for two additional barges that, if exercised, will ensure full employment at SENESCO for the next two years.

SENESCO president Robert Jarvis said he expects the company to begin hiring immediately to fill twenty openings and urges anyone interested in applying to contact SENESCO at 401-295-0373. He said the company is seeking trained ship fitters but will also offer some training for qualified applicants. Construction of the 332 ft. ABS-Classed, Ocean Service double-hull tank barge will begin immediately and it is expected to be delivered by November 2002. The barge, with a capacity in excess of 80,000 barrels, will be built primarily for oil service in the Southern U.S. and will comply with the Oil Pollution Act of 1990 (OPA 90) requirements. This new contract follows a similar 332 ft. double hull fuel barge under construction at SENESCO, scheduled for delivery in August 2002, and proves that SENESCO is a serious competitor among the limited number of ocean service barge fabricators located in the United States.

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