Fincantieri Marine Group: Bay Shipbuilding Company starts steel-cutting on platform supply vessels from Tidewater Marine, LLC

STURGEON BAY, WI – September 19, 2011 – Fincantieri Marine Group (FMG) announced that its Bay Shipbuilding Company started steel-cutting on two 92.4-meter (303’) platform supply vessels (PSVs), of the MMC 887 LH PSV Design from MMC Ship Design of Poland, for New Orleans, La.-based Tidewater Marine, LLC, a wholly-owned subsidiary of Tidewater Inc. The deepwater PSVs are state-of-the-art diesel-electric Z-drive propulsion vessels with redundant dynamic positioning (DPS-2), polar class 7 (Ice Class PC 7), firefighting class 2 (Firefighting Vessel Class 2), and ENVIRO ABS notations.

“I am very pleased and excited that we are building the first Polar Class 7 Platform Supply Vessels for Tidewater Marine under the newly developed American Bureau of Shipping (ABS) Rules,” said Gene Caldwell, Vice President and General Manager of Bay Shipbuilding Company. “This has allowed us to transition from the OPA ’90 Tank Barge Market into the Offshore Arctic and Deepwater Market Sectors. Equally important, this production will jumpstart the recall of our previously laid-off workers.”

“With the win of this project, our focus remains to acquire additional contracts and grow our commercial business in concert with the continued CAPEX support being provided by our parent company, Fincantieri Cantieri Navali Italiani S.p.A.,” said Floyd Charrier, Vice President of Sales and Marketing.

About Tidewater Inc.

Tidewater Inc. is the world’s largest and most experienced provider of marine support services for the offshore energy industry. With the largest and newest vessel fleet, a broad global footprint and leading safety performance, it serves customers operating in more remote, deeper and increasingly hostile environments in order to meet the world’s energy demands.

About The Fincantieri Marine Group

Fincantieri Marine Group is one of the leading mid-sized shipbuilders in the United States for commercial and governmental customers, including the U.S. Navy and U.S. Coast Guard.

FMG is comprised of the following shipyards: Marinette Marine — located in Marinette, Wisconsin, and focused on the design and production of government ships; Bay Shipbuilding — located in Sturgeon Bay, Wisconsin, and specializing in new-building of commercial ships and ship repair services; and ACE Marine — located in Green Bay, ACE is a production plant specializing in aluminum constructions.

About Fincantieri

Fincantieri-Cantieri Navali Italiani SpA (http://www.fincantieri.com) is one of the world’s most prominent and diversified shipbuilding groups. World leader in the construction of cruise ships, reference operator in the large ferry sector, the company also boasts a considerable order book in the military sector. To encourage the group’s growth, Fincantieri has developed a series of initiatives in fields close to its core business: ship repairs and conversion, marine systems and components and mega-yachts. Headquartered in Trieste, the company employs more than 10,000 people and has eight shipyards in Italy. In the United States, it operates through its subsidiary, Fincantieri Marine Group (FMG), which builds ships for commercial and government customers, including the U.S. Navy and Coast Guard, at three facilities (Marinette Marine, Bay Shipbuilding, ACE Marine) in the Great Lakes region.

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Contact: Floyd Charrier
On behalf of Fincantieri Marine Group
(920) 265-1069
[email protected]

For additional information on Bay Shipbuilding Company and Fincantieri Marine Group, visit: http://www.fincantierimarinegroup.com

For additional information on Fincantieri, visit: http://www.fincantieri.it