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M.V. !Gariep Arrives at Tyneside

Maritime Activity Reports, Inc.

December 20, 2002

The M.V. !Gariep has arrived at A&P’s Tyneside Hebburn Conversion Facility. The vessel departed Cape Town, South Africa on November 20 and will arrive Tyneside on December 23, 24 days ahead of schedule. The contract was won following significant international competition in August of this year. The new 300 tonne mid body fabrication block has now been completed five weeks ahead of schedule. This block has been assembled in the Hebburn fabrication facility and work is now undergoing installation of pipe work, ventilation trunking and other systems in preparation for the insertion of the mid body in dry-dock. The vessel is due to dry dock in mid January and the operation to insert the mid body will commence late January. David Skentelbery, Group Director of Projects said, "Everyone at A&P Tyne is delighted with the progress that has been achieved to date on this project and the continuing good relationship with our client De Beers Marine and the other parties involved in this prestigious conversion project. I am delighted that we are currently well ahead of schedule and producing a quality product that the customer is happy with. The success to date of the !Gariep project proves the capability of the Company to execute significant ship conversion projects at its Hebburn shipyard in Tyneside. We are currently targeting similar projects for this facility in the future." M.V. !Gariep is to be converted by A&P Tyne into a vertical drill diamond mining vessel and will be operational from the end of 2003 offshore Namibia to supplement the fleet of vessels currently operated by De Beers Marine. De Beers Marine is the largest marine company worldwide involved in the recovery of diamonds.

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