$43 MILLION CONTRACT AWARDED FOR DESIGN AND CONSTRUCTION OF NEW BACKHOE DREDGE
News Release
Panama Canal Authority
April 29, 2011
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<P style="TEXT-ALIGN: justify" class=MsoNormal><B><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">PANAMA
CITY, Panama, April 27, 2011 - </SPAN></B><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">The
Panama Canal Authority (ACP) has awarded a $43 million contract to Dutch company
IHC Engineering Business Ltd., a part of IHC Merwede Group, for the design and
construction of a new backhoe dredge.<B></B></SPAN></P>
<P style="TEXT-ALIGN: justify" class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">The
addition of this new dredge to the ACP’s existing fleet in December 2012 will
increase the ACP’s ability to effectively dredge as part of the Expansion
Program and future maintenance projects. </SPAN></P>
<P style="TEXT-ALIGN: justify" class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">IHC
Engineering Business Ltd. will be responsible for the design, construction,
tests and delivery of the hydraulic backhoe dredge. The dredge, powered by
diesel engines, will have the capacity to dredge to a depth of 18 meters
underwater with a bucket of at least 11 cubic meters.</SPAN></P>
<P style="TEXT-ALIGN: justify" class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt"></SPAN> </P>
<P class=MsoPlainText><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">Five
other companies participated in the public international bid, which was open
from September 2, 2010 to March 28, 2011: Shanghai Zhenhua Heavy Industries Co.,
Ltd.; De Donge Shipbuilding; Heli Steelstrong LLC; Qinhuangdao China Harbour
Shipbuilding Industry Co., Ltd. and Holland Shipyards BV. </SPAN></P>
<P style="TEXT-ALIGN: justify" class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">The
dredge will be built with state-of-the-art equipment, enhancing its performance
and increasing efficiency.</SPAN></P>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">Expansion
will build a new lane of traffic along the Panama Canal through the construction
of a new set of locks, doubling the capacity and allowing for the transit of
longer, wider ships.</SPAN></P>
<P style="TEXT-ALIGN: justify" class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">Earlier
this month, the ACP welcomed the QUIBIAN I, a cutter-suction dredge also built
by IHC Beaver Dredgers, as part of a contract awarded in 2008. In addition to
the QUIBIAN I, the ACP Dredging Division consists of two other dredges –
<I>Mindi</I> and <I>Rialto M. Christensen</I> – and two drill barges,
<I>Baru</I> and <I>Thor</I>.</SPAN></P>
<P class=MsoNormal><SPAN class=longtext><B><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">About
the Panama Canal Authority (ACP)</SPAN></B></SPAN></P>
<P class=MsoNormal><SPAN class=longtext><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">The ACP
is the autonomous agency of the Government of Panama in charge of managing,
operating and maintaining the Panama Canal. The operation of the ACP is based on
its organic law and the regulations approved by its Board of Directors. For more
information, please visit <A
href="redir.aspx?C=6f73d2fd20734c77bf7604b4739d11af&URL=http%3a%2f%2fwww.pancanal.com%2f"
target=_blank>http://www.pancanal.com/</A>. You can also follow us on Twitter:
<A
href="redir.aspx?C=6f73d2fd20734c77bf7604b4739d11af&URL=http%3a%2f%2ftwitter.com%2fthepanamacanal"
target=_blank>http://twitter.com/thepanamacanal</A>.</SPAN></SPAN></P>
<P style="MARGIN-LEFT: 0.5in" class=MsoNormal><SPAN class=longtext><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt"></SPAN></SPAN> </P>
<P class=MsoNormal><B><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">About
IHC Merwede</SPAN></B></P>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">IHC
Merwede is focused on the continuous development of design and construction
activities for the specialist maritime sector. It is the global market
leader for efficient dredging and mining vessels and equipment – with vast
experience accumulated over decades – and a reliable supplier of custom-built
ships and supplies for offshore construction.</SPAN></P></DIV></BODY></HTML>
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<META name=GENERATOR content="MSHTML 8.00.6001.18904"></HEAD>
<BODY>
<DIV>
<P style="TEXT-ALIGN: justify" class=MsoNormal><B><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">PANAMA
CITY, Panama, April 27, 2011 - </SPAN></B><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">The
Panama Canal Authority (ACP) has awarded a $43 million contract to Dutch company
IHC Engineering Business Ltd., a part of IHC Merwede Group, for the design and
construction of a new backhoe dredge.<B></B></SPAN></P>
<P style="TEXT-ALIGN: justify" class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">The
addition of this new dredge to the ACP’s existing fleet in December 2012 will
increase the ACP’s ability to effectively dredge as part of the Expansion
Program and future maintenance projects. </SPAN></P>
<P style="TEXT-ALIGN: justify" class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">IHC
Engineering Business Ltd. will be responsible for the design, construction,
tests and delivery of the hydraulic backhoe dredge. The dredge, powered by
diesel engines, will have the capacity to dredge to a depth of 18 meters
underwater with a bucket of at least 11 cubic meters.</SPAN></P>
<P style="TEXT-ALIGN: justify" class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt"></SPAN> </P>
<P class=MsoPlainText><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">Five
other companies participated in the public international bid, which was open
from September 2, 2010 to March 28, 2011: Shanghai Zhenhua Heavy Industries Co.,
Ltd.; De Donge Shipbuilding; Heli Steelstrong LLC; Qinhuangdao China Harbour
Shipbuilding Industry Co., Ltd. and Holland Shipyards BV. </SPAN></P>
<P style="TEXT-ALIGN: justify" class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">The
dredge will be built with state-of-the-art equipment, enhancing its performance
and increasing efficiency.</SPAN></P>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">Expansion
will build a new lane of traffic along the Panama Canal through the construction
of a new set of locks, doubling the capacity and allowing for the transit of
longer, wider ships.</SPAN></P>
<P style="TEXT-ALIGN: justify" class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">Earlier
this month, the ACP welcomed the QUIBIAN I, a cutter-suction dredge also built
by IHC Beaver Dredgers, as part of a contract awarded in 2008. In addition to
the QUIBIAN I, the ACP Dredging Division consists of two other dredges –
<I>Mindi</I> and <I>Rialto M. Christensen</I> – and two drill barges,
<I>Baru</I> and <I>Thor</I>.</SPAN></P>
<P class=MsoNormal><SPAN class=longtext><B><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">About
the Panama Canal Authority (ACP)</SPAN></B></SPAN></P>
<P class=MsoNormal><SPAN class=longtext><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">The ACP
is the autonomous agency of the Government of Panama in charge of managing,
operating and maintaining the Panama Canal. The operation of the ACP is based on
its organic law and the regulations approved by its Board of Directors. For more
information, please visit <A
href="redir.aspx?C=6f73d2fd20734c77bf7604b4739d11af&URL=http%3a%2f%2fwww.pancanal.com%2f"
target=_blank>http://www.pancanal.com/</A>. You can also follow us on Twitter:
<A
href="redir.aspx?C=6f73d2fd20734c77bf7604b4739d11af&URL=http%3a%2f%2ftwitter.com%2fthepanamacanal"
target=_blank>http://twitter.com/thepanamacanal</A>.</SPAN></SPAN></P>
<P style="MARGIN-LEFT: 0.5in" class=MsoNormal><SPAN class=longtext><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt"></SPAN></SPAN> </P>
<P class=MsoNormal><B><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">About
IHC Merwede</SPAN></B></P>
<P class=MsoNormal><SPAN
style="FONT-FAMILY: 'Arial','sans-serif'; COLOR: black; FONT-SIZE: 10pt">IHC
Merwede is focused on the continuous development of design and construction
activities for the specialist maritime sector. It is the global market
leader for efficient dredging and mining vessels and equipment – with vast
experience accumulated over decades – and a reliable supplier of custom-built
ships and supplies for offshore construction.</SPAN></P></DIV></BODY></HTML>