Moran and Washburn & Doughty Unveil New Build Program

On August 29, 2006, Moran Towing Corporation of New Canaan, Connecticut and Washburn & Doughty Shipyard of East Boothbay, Maine signed a Letter of Commitment for the construction of six additional tug boats. These vessels will follow the two 5100 hp 92 ASDs and two 121 Intercon Tugs currently under construction at Washburn & Doughty for Moran.

Moran Towing anticipates building six 92 ASDs for its ship docking fleet, but has reserved the right to build alternative vessels, including Intercon Tugs or 98 ASDs, if necessary. The construction of all eleven vessels reflects Moran¢s steadfast commitment to provide its customers with the most powerful, technologically advanced and reliable tug fleet in the industry according to Paul Tregurtha, Moran¢s Chairman & CEO. Construction of the six tug boats is slated to begin in the spring of 2007 and finish in mid 2009. In 1999, Washburn & Doughty delivered its first Moran tug, the 92¢ ASD Marci Moran. Since then, Washburn & Doughty has delivered to Moran eleven additional 92¢ ASDs and one 98¢ ASD. With the upcoming deliveries, Moran will operate the largest fleet of ASDs in the United States. Moran¢s fleet is comprised almost entirely of recently built ASDs of 4000 to 6700 HP, many of which also carry Fire Fighting 1 designation.