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MINISTRY OF ECONOMY AND FINANCE THE CHANGING STRUCTURE OF THE WORLD SHIPBUILDING INDUSTRY PARIS 4-5 DECEMBER 2008 SHIPBUILDING INDUSTRY IN ROMANIA CONTINUITY AND COMPETITIVENESS Mr. VICTOR SCHMIDT DEPUTY GENERAL DIRECTOR Mr. MARIN DAN A.N.C.O.N.A.V.

SEVERNAV S.A. SHIPYARD ADDRESS: 204, Timisoarei Str., 220242, Drobeta Turnu Severin - ROMANIA Phone: (40) 252 314270 Fax: (40) 252 314675 E-mail:office@severnav.ro, http/www.severnav.ro

SEVERNAV S.A. SHIPYARD Yard area: 219.146,53 sqm -On the assembling berth from the First factory, equipped with cranes of 50 tf and 16tf can be mounted in the same time 8 vessels. -The outfitting quay from the First Factory has an available working area of 450 sq.m, with double berth and a basin with an (surface) area of 6.240 sq.m, the depth of water is 5,75m. -The production halls are equipped with cranes and travelling cranes of 100, 50, 16, 12, 10 and 5 to. 1 HULL BUILDING SHOP 2 WAREHOUSE FOR ROLLED MATERIALS 3 STEEL PLATES AND PROFILES SHOT BLASTING SHOP 4 SOCIAL-TECHNICAL APPENDAGE 5 ENGINE PRESERVATION HALL 6 CENTRAL WAREHOUSE 7 MAINTENANCE SHOP 8 CANTEEN/MESSROOM/OFFICES 9 MEDICAL DISPENSARY AND OFFICES 10 HEAD-OFFICE, COMPUTER CENTRE, OFFICES 11 PAINT AND LUBRICANT STORE 12 ELECTRIC AND CARPENTRY SHOPS 13 MECHANICAL AND PIPING SHOP 14 LOCKSMITH S SHOP 15 COMPRESSOR STATION 16 SHIP RIGGING WHARF AND PLATFORM 17 SHIP RIGGING BASIN 18 SHIP RIGGING WHARF 19 BUILDING WAYS AND SLIPWAY 20 BLASTING AND PAINTING SHOP 21 OUTFITTING AND TESTING PIER

SHIPBUILDING INDUSTRY IN ROMANIA CONTINUITY AND COMPETITIVENESS VECTORS OF EVOLUTION INSIDE SECTOR REVISED LISBON STRATEGY FOR ENLARGED EUROPE (2007-2013) ACTION PLAN REGARDING SUSTAINABLE INDUSTRIAL POLICY (JULY 2008) Leader SHIP 2015 PROGRESS REPORT 2007 THE PROGRAM OF ROMANIAN GOVERNMENT PRIORITIES OF THE SECTOR Establishing a Level Playing Field in World Shipbuilding Improving Research, Development and Innovation Investment Developing Advanced Financing and Guarantee Schemes Promoting Safer and More Environment - Friendly Ships A European Approach to Naval Shipbuilding Needs Protection of Intellectual Property Rights (IPR) Securing the Access to a Skilled Workforce Building a Sustainable Industry Structure

SHIPBUILDING INDUSTRY IN ROMANIA CONTINUITY AND COMPETITIVENESS STRUCTURE OF SHIPBUILDING SECTOR IN ROMANIA SHIPYARDS STX RO Offshore Tulcea STX RO Offshore Braila Damen Shipyards Galati Constanta Shipyard Daewoo Mangalia Heavy Industries 2x1 Holding Cape Midia Shipyard Severnav Drobeta Turnu Severin Orsova Shipyard Giurgiu ATG Shipyard SHIP DESIGN COMPANIES Ship Design Group Galati Dutch Marine Trading Galati ICEPRONAV Galati Only SRL Galati NASDIS Galati SHIP REGISTER COMPANIES Germanischer Lloyd Romania Bureau Veritas Romania Control International Det Norske Veritas Romania HIGH EDUCATION AND TRAINING INSTITUTIONS - University Dunarea de Jos Galati - University Ovidius Constanta Faculty of Mechanical Industrial and Maritime Engineering - Naval Academy Mircea cel Batran - Maritime University of Constanta

SHIPBUILDING INDUSTRY IN ROMANIA CONTINUITY AND COMPETITIVENESS SHIPBUILDING SECTOR MARKET SHARE IN CGT SHIPBUILDING SECTOR MARKET SHARE IN CGT YEAR NUMBER BUILT (CGT) EXPORT ( CGT) TOTAL VALUE THOU EURO 2003 2007 Weight of Shipbuilding sector in GDP % 0,76 0,82 Productivity of Shipbuilding Sector CGT/CAPITA 4,93 15,42 EXPORT THOU EURO 2002 12 148,587 148,587 272 272 2003 9 98,605 98,605 151 151 2004 9 93,865 93,865 134 134` 2005 18 246,915 246,915 331 331 2006 71 574,456 447,704 580 461 2007 27 282,476 282,476 410 410 Shipyards Turnover-2007 Shipyards Employers-2007 Turnover 410 mil EURO Total = 10,800 Shiprepair~54 mil EURO Ship repair = 900 Merchant New building ~400 mil Euro Merchant New building = 9,700 Naval ~ 10 mil Euro Naval =200 The ship export represents 94% of the total production of the Romanian shipyards, thus shipbuilding improves the export/import balance. Products -Merchant Vessels (Tankers, Bulk Carriers, Container Feeders, LPG, Barges, etc.) -Offshore &Specialized Vessels (AHTS,PSV, Dredgers, Tugs, Yachts, etc) -Ship repairs &ship conversions -Naval Vessels

Containers 4860TEU already delivered Crude Oil Tanker 69K DWT already delivered New Building Commercial Ships : 180,000 DWT BULKCARRIER & 11,000 TEU CONTAINERSHIP (8 Vessels / Year) Containers 5560 TEU delivered Containers 5560 TEU under progress in different stages (biggest container build in Black Sea area) Capesize Bulk Carrier 180k DWT start building

Docking, Blasting & Painting SANTIERUL NAVAL CONSTANTA S.A CONSTANTA SHIPYARD Mechanical & Electrical Works REPAIRS & CONVERSION WORKS Steel Works Conversions Projects: A Buoyancy Barge into to a Desalination Plant B Single Hull to Double Hull Tankers C Single Hull Aframax to Post Panamax Bulkcarrier Pipe Works Conversion Project A Conversion Project B Conversion Project C

SANTIERUL NAVAL CONSTANTA S.A CONSTANTA SHIPYARD Design & Engineering TECHNICAL PROGRESS through TECHNOLOGY NEWBUILDING Production Flow DELIVERY Planning Modern and Efficient Ship Designs Promotion in the market Building large series Sea trials Materials Supply SNC PC-41-41 000 dwt - Oil Product & Chemical IMO 3 Tanker SNC PC-50-50.000 dwt - Oil Product & Chemical IMO 2 Tanker SNC BK- 60-60 000 dwt - SUPRAMAX Bulk carrier SNC TK-115-115 000 dwt - AFRAMAX Crude Oil Tanker Outfitting Shop priming Steel cutting Assembly & Indoor outfitting Blasting & Painting Erection in the dry dock

DAMEN SHIPYARDS GALATI Heavy Lift vessel Patrol vessel Platform Supply vessel Tug vessel

Advanced & Outfitted Hulls for off-shore industry completed inside the group

Complete vessels built in STX RO Offshore Braila

Hulls with a high outfitting degree : Specialized vessels for the offshore industry; Multipurpose supply vessels; Anchor handling vessels; Other specialized vessels for the offshore industry; Factory-freezer trawlers; Medium size ferries. PRODUCT MIX DESCRIPTION

SEVERNAV S.A. SHIPYARD PASSENGER - CARGO VESSELS ETHYLENE GAS CARRIER 8.600 cbm Main Particulars Length o. a. 116,00 m Length b. p.p. 105,00 m Breadth mld. 17,60 m Depth to main deck 9,90 m Design Draft 5,50 m Deadweight abt. 3800 T Main Engine Output abt. 3840 Kw D.G. - 2 pcs. Output 1.250 KVA D.G. - 1 pc. Output 400 KVA E.D.G..- 1 pc. Output 270 KVA Shaft Gen. Output 625 KVA Bowtrusther Engine Output 300 Kw Service speed 15,0 km No.of passengers 220 passengers - 27 ship crew - 36 Hotel/Restaurant personnel Classification: BV, I 3/3 E + PASSENGER SHIP/F; DEEP SEA + MACH +AUT - MS Main Particulars Length over all 129,00 m Breadth 17,80 m Draught 8,60 m Classification: GERMANISCHER LLOYD 100 A4 E1 Liquefied gas tanker MC E1 AUT Inert Main Engine: Main Engine output (MCR): abt. 6000 KW Service speed: abt. 16,5 Knots Cargo System: Is consisting of: 3 independent cargo tanks, type C (bilobal tanks); cargo piping system; cargo pump plant; cargo hold ventilation system; cargo reliquefaction plant; inert gas plant; one hose handling crane electric-hydraulically is provided.

SEVERNAV S.A. SHIPYARD Designing and building inland and marine vessels up to 10.000 dwt. Specialized in steel constructions, naval equipment and ship repair works. Aluminum, GRP and steel craft building. Export-import activity, goods shipping and technical assistance. LABOUR FORCE Abt. 1550. ARCHIVED EVENTS two RORO Tanker vessels of 2.400dwt for a Greek company. new design and worldwide innovation. two luxury Motor yachts of 63 and 75 ft for a Dutch company. PLANNED EVENTS intensive modernization program intended to improve the working technologies, to comply with the highest standards. invest to improve the quality of its products, in the following priority objectives: - integrated informational system; - shut blasting, blasting and painting equipment; - equipment for improving of life and working conditions of its employees; - environment protection.

SHIPBUILDING INDUSTRY IN ROMANIA CONTINUITY AND COMPETITIVENESS EVOLUTION OF PERSONNEL IN ROMANIAN SHIPBUILDING INDUSTRY 35000 30000 28756 25000 20000 20407 20500 20400 17285 17303 17260 16600 16580 15000 10000 10800 5000 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

SHIPBUILDING INDUSTRY IN ROMANIA CONTINUITY AND COMPETITIVENESS SHIPREPAIR SUB-SECTOR SHIPYARD SHIPREPAIR ACTIVITY FACILITIES STX RO Offshore Braila Minor activity Combined yard Constanta Shipyard Repair and building Combined yard Damen Shipyards Galatz Minor activity Combined yard Daewoo Mangalia Heavy Repair and building Combined yard Industries 2x1 Holding Cape Midia Shipyard Repair yard Repair yard Mangalia Shipyard (Navy) Repair and building Combined yard ORSOVA Shipyard Minor activity Combined yard SEVERNAV Drobeta Turnu Repair and building Separate repair facility Severin STX RO Offshore Tulcea Minor activity Combined yard The yards highlighted in bold print in the above table are considered to have ship-repair as either the sole or significant activity whereas the other yards are considered to operate currently as predominantly shipbuilding yards.

SHIPBUILDING INDUSTRY IN ROMANIA CONTINUITY AND COMPETITIVENESS ANALYSIS OF SECTORS STRONG POINTS Skilled labor force at a low cost Good facilities dry docks, slipways or synchrolift Good quality of the products A long tradition Good geographical position: Black Sea Coast 1000 km on Rotterdam - Constantza Waterway WEAK POINTS Under used of existing capacities Low productivity within 15.42 cgt / capita Lack of cash and rather high debts for the small companies Sometime Delays in delivery time Developments in shipbuilding The order book of the Romanian shipyards is expected to record about 494,824 cgt at the end of 2008. Within 2006-2007, 5,800 workers left Romanian shipyards for jobs in EU and USA shipyards. The workforce shortage seriously affected the vessel deliveries, therefore the financial figures for 2007. The engineering design recorded a significant number of orders. Education and training will be enhanced in order to cover the effects of personnel loss. Evolution of ship maintenance, repair & conversion The total turnover related to the ship repair & conversion activity decreased in 2007 with 21% in comparison with 2006.

GOVERNMENT INITIATIVES SHIPBUILDING INDUSTRY IN ROMANIA CONTINUITY AND COMPETITIVENESS The Government finalized the privatization program of the companies in this sector. The privatization methods were: - Selling the State owned shares package to strategic investors (SN Constanta, Damen Galati, STX RO Offshore Braila, STX RO Offshore Tulcea) - Capital gains ( joint venture) (Daewoo Mangalia Heavy Industries, Severnav Drobeta Turnu Severin, Navy Yard Mngalia) During the privatization process a program of support measures for the shipyards was applied (2004-2006), amounting 23,316,232 EURO. These support measures were generated for the restructuring purposes and for privatization and export promotion. Stage of support measures granted to the shipyards between 2004 and 2006, in accordance to the classification of OECD Questionnaires C/WP6 (2007)8 Type of aid/company 2004 2005 2006 TOTAL 2004-2006 A. Direct transfer Mangalia Shipyard of funds from Government/ 65,368.7 3,530-68897,7 D. Loan guarantees / Constanta Shipyard - 7,054,595-7,054,595 E. Export credit facilities/contanta Shipyard, DMHI, 11,137,747 6,958,709.6 6,427,003 24,523,459 STX RO Offshore Tulcea, Braila, Navol Oltenita, Severnav, Mangalia Shipyard, Orsova Shipyard F. Take over of debts by Government or debt reliefs for industry/constanta Shipyard 9,795,089 3,202,920-11,998,009 G. Conversion of the debts into shares/ Constanta Shipyard 11,109,638 31,909,550-43,019,188 H..Government revenue that is foregone or not collected/constanta Shipyard, DMHI 359,792 83,500 220,240 663,532 I. Rehabilitation of infrastructure / Severnav 343,023 343,023 (Rehabilitation Danube s bank) TOTAL Lei(romanian currency) 31,810,657 49,212,804 6,647,243 87,670,704 Average exchange rate LEI/EURO 4.0532 3.6234 3.5245 Total-EURO 7,848,282 13,581,940 1,886,010 23,316,232

SHIPBUILDING INDUSTRY IN ROMANIA CONTINUITY AND COMPETITIVENESS CONCLUSIONS (1) Since 1990, during the restructuring period no new production capacities were built. No such investments are envisaged in the future. The restructuring of ownership was completed, except two shipyards. Improving competitiveness of yards is necessary, in order to allow them to compete globally without a special support regime: Quality systems according with ISO standards and certification by well known classification companies; Sustaining of innovation activity, in order to promote the most performing technology Promotion of legislation concerning the industrial parks and clusters (especially in the areas Galatzi-Braila and Constantza Mangalia) Restructuring and adjustment of existing capacities Continuous training of the labor force

SHIPBUILDING INDUSTRY IN ROMANIA CONTINUITY AND COMPETITIVENESS CONCLUSIONS (2) Development of marine equipment industry complementary with EU countries The poor domestic demand will keep Romanian shipbuilding an export oriented industry for the next years Our strategy will pay attention to the international legal framework. An important role in the restructuring process of the Romanian shipbuilding industry played the Romanian Shipbuilder s Association (ANCONAV), set up in 1994. Since 2004 ANCONAV was accepted as member of CESA. Romania was invited for full membership in OECD s Council Working Party on Shipbuilding Romania fully supports the principles of the Agreement Respecting Normal Competitive Conditions in the Commercial Shipbuilding and repair Industry and is convinced that its coming into force, as soon as possible, could offer long term and improved stability for shipbuilding industry.

SHIPBUILDING INDUSTRY IN ROMANIA CONTINUITY AND COMPETITIVENESS THANK YOU VERY MUCH FOR YOUR KIND ATTENTION! Mr. VICTOR SCHMIDT DEPUTY GENERAL DIRECTOR Mr. MARIN DAN MANAGER - ANCONAV Tel: + 4021.305.52.00 Tel: 0241753340/1249 Fax: + 4021.3112434 Mobile: 0722697218 vschmidt@minind.ro marin.dan@dmhi.ct.ro