New Ciserv Company to Serve the Baltic Region

March 15, 2005

Wärtsilä Corporation and the BLRT Grupp of Estonia will set up a joint venture to service ships in the Baltic area. The joint venture will be owned 51% by Wärtsilä and 49% by the BLRT Grupp. Establishing a service company is integral to Wärtsilä's strategy of strengthening its position as the Total Service supplier to its marine customers. The new company will be named Oü Ciserv BLRT Baltica and it will provide a single source of marine service covering all aspects of ship repair including servicing of engines, gearboxes, propellers, and other ship equipment. Ciserv BLRT Baltica will operate in Tallinn, Estonia. The new company will start with some 65 employees in Tallinn but with the facility to draw on the extensive resources of both Ciserv and the BLRT Grupp according to the needs of individual service jobs. The joint venture will bring significant benefits to the customers of both Ciserv and the BLRT Grupp, as well as to the companies themselves. Ciserv BLRT Baltica will extend the delivery of Ciserv products and services to the major markets of the Baltic and Eastern Europe. It will provide Ciserv customers with full shipyard repair facilities in the Baltic region.

New Ciserv Company to Serve the Baltic Region

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