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V.Ships to Pilot Test New Software

Maritime Activity Reports, Inc.

December 18, 2003

Resurgence Software, Inc. said that V.Ships Group, Ltd. has agreed to pilot the Wave Equipment Optimization System for a portion of its fleet. The agreement, which covers both software and services, will allow V.Ships to do analysis on a portion of its technically managed vessels. The pilot will require the integration with planned maintenance systems including V.Ships' own ShipSure Ship Maintainer system. The Wave system will be used to identify maintenance trends that are not easily identifiable without Wave software's unique set of analysis tools. Increased reliability and efficiency and reduced maintenance costs are not mutually exclusive propositions. V.Ships hopes to prove with this pilot that the Wave system will help them to optimize the reliability and efficiency and financial performance of their fleet through maximum vessel uptime, reduced maintenance costs and reduced risks of equipment failure. "V.Ships is always looking for ways to make fleet management more efficient," said Arild Farbrot, Divisional Technical Director of V.Ships. "We hope to prove with this pilot that Wave's unique focus on benchmarking and criticality analysis will allow us to operate vessels more reliably and efficiently and at lower cost."

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