Rigdon Marine Launch Signals Revolution in Offshore Marine Service Industry

Larry Rigdon, a veteran of the offshore oil industry, has launched a new shipbuilding company that will introduce a new breed of environmentally friendly vessels designed for the Gulf of Mexico, deepwater production and international markets.

NEW ORLEANS, Louisiana - Dec.4, 2002 - Larry Rigdon, a veteran of the
offshore oil industry, has launched a new shipbuilding company that will
introduce a new breed of environmentally friendly vessels designed for the
Gulf of Mexico, deepwater production and international markets.

Under an agreement announced in November with Bender Shipbuilding & Repair
Co. of Mobile, Alabama, Rigdon Marine LLC will build ten, 210-foot
state-of-the-art, diesel-electric driven ships that will meet the
ever-changing requirements and demands of oil companies for a
cost-effective, high specification platform supply vessel for the Gulf
market, Rigdon said. The ships are being designed jointly with Guido Perla &
Associates of Seattle. They will feature electric motors to drive 360-degree
azimuthing thrusters, use less diesel fuel than conventional direct
diesel-driven propulsion systems and produce much less pollution.

Each vessel will be equipped with a DP2 level dynamic position capability to
hold a precise position for delicate and risky maneuvering or docking
procedures with offshore oil rigs and other floating equipment. DP2 is the
latest generation of dynamic positioning technology, and will be certified
by the American Bureau of Shipping.

The vessels are intended to excel in supporting deepwell-drilling
operations, and are designed to maintain a speed of 13 knots under fully
loaded conditions, up to three knots faster than existing vessels in the
Gulf fleet. Spread over a year, the additional speed would add up to greater
fuel and cargo delivery efficiency, Rigdon said. The new vessel design
provides the liquid mud tank capacity and delivery capabilities typically
found only in much larger vessels. They will be equally at home serving
shallow water jackup rigs and mating perfectly with the new deepwell rigs
just beginning to enter service.

Launching Rigdon Marine is the culmination of Rigdon's 28-year career in the
offshore oil industry. Rigdon, a former executive vice president of
Tidewater Inc, watched the offshore boat business evolve and adapt to
changing conditions in the pursuit of offshore oil. Realizing the need for
a new standard of performance, Rigdon decided to form his own company. His
goal is to have Rigdon Marine certified under the strict, high standards of
ISO 9000 and ISO 14000, which would easily exceed the minimum ISM
(International Safety Management Code) standards.
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The design and capabilities of the new Rigdon Marine vessels fit the
demanding requirements of developing markets around the globe. Rigdon
anticipates that some of the vessels will eventually find service in both
domestic and international markets.

Rigdon Marine LLC is a privately held company headquartered in New Orleans
and will initially create 160 new jobs for the area. Financing support has
been obtained through a cooperation agreement with a major European firm.

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