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Vinashin E&T New ShipConstructor Dealer for Vietnam

Maritime Activity Reports, Inc.

July 8, 2004

Albacore Research Ltd. (ARL) announced the signing of Vinashin Engineering and Technology Joint Stock Company (Vinashin E&T) as the dealer for its flagship ShipConstructor software product for the Vietnam market.

Under this agreement, Vinashin E&T will be the sales, support and training contact for ShipConstructor in Vietnam. ShipConstructor is the easy-to-use, AutoCAD-based 3D product-modeling software for the design and fabrication of complete ships and offshore structures.

“After testing ShipConstructor throughout our entire company, we were so impressed that we approached ARL about becoming a dealer,” said Mr. Nguyen Duy Hung, Director of Vinashin E&T. “Because ShipConstructor runs inside of AutoCAD and is fully scalable to clients’ needs, the software’s minimal training requirements and flexibility offer several advantages over other design software.”

Vinashin E&T specializes in the creation, research and transfer of scientific and technology applications for the shipbuilding industry, including the development of production design software for all of its subsidiaries, and the design and test production of high-tech machinery for the shipbuilding industry.

“Vinashin E&T is a strong partner for ShipConstructor in the Vietnamese market”, said Mr. Rolf G. Oetter, Founder and President of ARL. “I am confident that ShipConstructor‘s capabilities combined with Vinashin E&T’s established presence as a member of the biggest shipbuilding and repair state-owned company in Vietnam will help Vietnamese builders make a great impact on the international shipbuilding arena.”

Vinashin E&T has already acquired Pha Rung Shipyard, Ha Long Shipyard and Ben Kien Shipyard as ShipConstructor users for the following projects:

- Pha Rung Shipyard for a 6300DWT cargo vessel

- Ha Long Shipyard for a12500DWT cargo vessel and a 53000DWT bulk carrier

- Ben Kien Shipyard for a 564TEU container vessel and a 6500DWT cargo vessel

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