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Mivan Wins Cruise Deal

Maritime Activity Reports, Inc.

October 8, 2004

Northern Ireland’s Mivan has won contracts to outfit the interior of two cruiseships. The contracts, totalling around £3m, will be undertaken in the Bahamas and in Malta.

Mivan will help refit Royal Caribbean International’s 73,192 grt Sovereign of the Seas at Grand Bahamas Shipyard (GBS) in Freeport, and carry out the conversion of Cunard’s 24,492 grt Caronia, to be renamed Saga Ruby for her new owners Saga Shipping at Malta Drydocks.

Mivan Chief Executive, Dr. Ivan McCabrey, “This has been an excellent year for Mivan in the cruiseship sector with around £6m of new contracts secured to date. This reflects the buoyancy of the cruise market and Mivan’s ability to complete these projects in the required short time-scales to the right quality.”

The Sovereign of the Seas contract will be completed by early December 2004 over a three-week period. Mivan’s 40-man plus project team will work on the ship at Freeport in the Bahamas before it returns to Port Canaveral, Florida where it will resume cruises to the Caribbean and the Bahamas. Mivan’s contract covers the refurbishment of the theatre, mid ships lounge, conference centre, coffee shop and retail areas.

The Caronia to Saga Ruby conversion will take place over a five week period between December 2004 and January 2005. Areas that the 50-man project team will be working on include the Spa, Hair-dressing Salon, Gymnasium, Speciality Restaurant, Night-club, Shop, Ballroom and Lido Restaurant.

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