SENESCO Announces Barge Contract

August 1, 2002

The Southeastern New England Shipbuilding Corporation (SENESCO) announced today that it has signed a major barge contract for construction of a 171-foot hopper barge that will have a holding capacity of 2,750 cubic yards. Construction has already begun and is expected to be completed this fall. The barge is being built for Disch Construction of Summit, New Jersey who will use the barge to transport dredge spoils. Today’s news coincides with SENESCO’s announcement of a major expansion of the company’s executive team to include the hiring of SENESCO’s first chief financial officer. “The growing reputation of SENESCO within the U.S. shipbuilding industry continues to generate new opportunities for our 200 employees,” said SENESCO President Bob Jarvis. The Disch contract represents Senesco’s 32nd new construction contract since it completed its first barge in 2000. In addition to an increase in its executive ranks and the announcement of the Disch contract, Senesco officials also announced today that the company recently completed a multi-vessel repair contract for Modern Contenental, a Boston-based construction company. Senesco’s repair business is expected to grow even further when the company launches a new dry dock it is building at its Quonset Point, RI facility. The new dry dock will allow the company to repair larger vessels and also enable Senesco to launch larger barges, including the 320-foot 80,000 barrel double hulled liquid fuel barge being built for Don Church of Sea Boats, Inc.

SENESCO Announces Barge Contract

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