Looking for new horizons with

Trust & Passion

Overview Of DaewOO-MangaliaFormally established in 1997, with its first roots settled nearly three decades ago, Daewoo-Mangalia has a longstanding history of delivering top quality service to its worldwide partners.As a Romanian-Korean joint venture, DMHI has sought to combine modern shipbuilding technology from Korea with Romania’s traditional experience in naval construction.

All shipyard functions are fully supported by our major shareholder, Daewoo Shipbuilding and Marine Engineering (DSME), in our endeavor to maintain a competitive position among the world’s shipyards.Our committed workforce has accumulated experience on over 130 new-buildings and 300 ship repair projects. We are continuously developing our manpower capabilities

in order to transform the challenges of the day-to-day shipbuilding industry into opportunities for future growth. DMHI remains fully committed to the development of both our community and our clients in order to ensure mutual prosperity in the future.

Looking for new horizons with Trust & Passion

Company Motto

Global CompetitorDaewoo-Mangalia ranks second highest in Europe on Clarkson’s World Shipyard Monitor for 2009, based on size and building capacity. The shipyard spans the largest surface area of all yards in Romania, spreading across 980,000 square meters total. Daewoo-Mangalia also ranks first among Romanian shipyards in terms of sales volume and annual new-building capacity. Currently, Daewoo-Mangalia has a building capacity equivalent to eight vessels per year for bulk carriers of 180,000 DWT and/or containerships of 11,000 TEU.

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inDexOverview of Daewoo-Mangalia.................................... 2DMHI Location ............................................................ 4History of Daewoo-Mangalia........................................ 6Shipyard Layout & Facilities.......................................... 8Yard Facilities............................................................. 10Ship Design | From Theory to Delivery........................ 12Shiprepair & Conversion ............................................ 14

Aerial view of DMHI Shipyard and Mangalia Bay

Shiprepair Main Activities And Facilities...................... 16Quality Management | Policy...................................... 18Education & Training .................................................. 20Health, Safety & Environment..................................... 22Corporate Culture ..................................................... 24Major Performance 1997 - 2011 ................................ 26Overseas Network ..................................................... 28

DMHi lOcatiOnKnown for its close proximity to the Black Sea, Mangalia is abundant in sea-faring professionals, naval officers, and a warm community of residents that take pride in their longstanding connection with the sea. This is the culture of daily life in nearby Mangalia, where families reside along its sandy beaches and dine late into the night at local fisheries.

In comparison to its overall population of 41.000 residents, Mangalia contributes a significant portion of its workforce to DMHI. The shipyard provides job stability to nearly 7,000 families along with a countless number of additional beneficiaries who conduct business with the shipyard. Workers mostly retain life-long employment at the company.

In gratitude to its devoted workforce, Daewoo-Mangalia maintains a strong dedication to raising the living standards of local residents through its involvement in social and educational project for the benefit of the citizen and the future generations of the city.

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Daewoo-Mangalia is located along the Black Sea coast of southeast Romania. Positioned just 400km north of the Bosphorus Pass, Mangalia has a strategic opening to the Mediterranean Sea. Romania’s tranquil coastal region enjoys a mild and dry climate all year long, providing ideal conditions for new-building activity. As the leader among ten major shipyards located along the Black Sea and the Danube, DMHI belongs to a prominent network of Romanian shipbuilders. Today, new-building and repair services remain among the nation’s chief exports since

welcOMe tO Mangaliathe tradition of shipbuilding first began as early as the middle of the 19th century. The development of the maritime industry in Romania has led to the emergence of higher education in the fields of naval design and operation throughout the region.Simultaneously, many suppliers of high-tech equipment have been established over the years to serve the extensive community of Romanian shipyards. Altogether, the reputation of Romania’s shipbuilding sector, along with its endowed supply network of specialists and resources, as well as the region’s ideal geography, have contributed to form an ideal environment for shipbuilding.

HistOry Of DaewOO-Mangalia

Groundbreaking Investment ExpansionRomania’s rich tradition in naval construction began nearly 160 years ago along the Black Sea coast and the shores of the Danube. Shipbuilding was first introduced in Mangalia in the 1970’s when digging began in the area of DMHI’s original dry dock. The shipyard, known at the time as “2 Mai Mangalia”, celebrated its groundbreaking in 1976 as a state-owned company, dedicated exclusively to new-building services. In 1978, the very first vessel was proudly delivered: a 55,000 DWT bulk carrier christened “Callatis” after the original Greek name of her birthplace, Mangalia.

As early as 1980, investment began in the development of ship repair facilities to convert Mangalia’s shipyard into a multi-purpose dock-yard. The primary selection of vessels at the time included dry bulk carriers of varying sizes (25-29,000 DWT & 55-100,000 DWT) as well as oil tankers of 89,000 DWT. During this early period of establishment, Mangalia’s main client was Navrom Constanta, Romania’s state-owned shipping company with an abundant fleet connecting Romania with international ports around the globe.

After the fall of the Communist bloc, Mangalia’s export market grew to include shipowners from European countries, including Germany and Greece. During this period of restructuring, the original Mangalia shipyard was established as a limited liability company in 1991, though still remaining under the ownership of state authorities. This period signified a momentous growth for the shipbuilding community, as Romania’s shipyards were able to gain a significant increase in CGT capacity according to the changing demands of their new client base.

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Integration Modernization Innovation1997 marked the moment in which Mangalia entered the competitive world shipbuilding stage as DSME signed a joint venture with 2 Mai Mangalia Shipyard to form Daewoo-Mangalia Heavy Industries. Officially established on 22 January 1997, DMHI represented a unification of traditional European naval heritage with Asia’s rapidly-growing modern shipbuilding practices. DMHI became integrated in the world stage by benchmarking DSME design, software, equipment, facility, and technical know-how. Through this multitude of valuable exchange, DMHI expanded its new-building orderbook to include a wide range of containerships, tankers, multi-purpose vessels, coasters, pontoons, floating docks and barges.

By launching its management strategy plan called VISION 5 at the end of 2004, DMHI set out to increase its turnover up to USD500 million within 5 years and gain a top ranking in the European market. By the end of 2006, DMHI’s orderbook had already exceeded USD 1 billion and its sales volume in 2008 amounted to over USD500 million, thus achieving its VISION 5 earlier that planned. January 2007 remains as a milestone in the history of DMHI, not only because it marked the success of the Vision 5 strategy, but also because 2007 brought Romania’s long-awaited entry into the European Union. In accordance with its development strategy, DMHI built and delivered only complete new-building vessels since 2008, including containerships of 6,000 TEU and bulk carriers of 180k DWT. A vast investment program was implemented in order to accommodate DMHI’s vision, including:* Construction of a Panel Block Shop with six bays * Conversion of Dry Dock No.3 from repair dock into new-building dock to form the largest in southeast Europe, with a maximum deadweight capacity slightly below VLCC-class vessels * Mounting of a Goliath Crane with a lifting capacity of 1000 tons* Erection of a new Grand Assembly Platform for fabrication of blocks and multi-purpose steel construction.As a direct result of its complex investment plan, DMHI registered a 60% overall increase in total production capacity during this period of modernization.

With cutting edge technology and advanced production support from DSME, DMHI has distinguished itself among clients as a shipbuilder dedicated to excellence. In response to the current fluctuations in world shipbuilding market trends, DMHI has set out to enter diverse markets while maintaining a firm footing in its traditional product selection. Such new ventures include: steel structures for wind energy, passenger vessels, anchor handlers and offshore support vessels, chemical and product tankers, naval vessels, and design and consulting services. As DMHI looks towards the future of the worldwide industry, the company remains committed to satisfying the demands of the ever-changing global shipbuilding community.

From initial steel processing to the final application of paint coating, Daewoo-Mangalia is constantly innovating its facility layout to optimize production flow. Through DSME’s ongoing guidance, DMHI continuously benchmarks the newest shipbuilding practices and technology in order to accommodate vessel orders of varying types.

sHipyarD layOut & facilitiesMajor on-site equipment includes: a Goliath Crane able to lift 1000 tons, two additional Gantry Cranes each able to lift 480 tons, three large-sized docks, a 2 kilometer-long berth, various roofed workshops, a modernized hull shop, newly improved blasting and painting cells, and welding equipment for SAW, MIG,

MAG, TIG, and EGW capabilities. As market trends bring about changing demands, Daewoo-Mangalia meets new challenges by evolving its vast shipyard facilities.

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1. Steel Stockyard 2. Treatment Lines 3. Cutting & Assembly Shop 4. Grand Assembly Platform 5. New Panel Block Shop 6. Component & Sub-Assembly Shop 7. Outfitting Hull Shop 8. Unit Module & Galvanization Shop 9. Engine Assembly Shop

Layout Map10. Hatch Cover Grand Assembly Area11. Blasting Cells & Painting Cells12. New Blasting & Painting Cells13. Pre-Erection & Large Blocks(over 200 tons) Assembly Platform14. Pre-Erection Assembly Platform15. Pre-Outfitting Platform16. No. 1 Dry Dock17. No. 2 Dry Dock

18. No. 3 Dry Dock19. Quay A20. Quay B21. Quay C22. Main Building Office23. Training Center24. No. 3 Goliath Crane, 1000 tf25. No. 1 Goliath Crane, 480 tf26. No. 2 Goliath Crane, 480 tf

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Dock FacilitiesDock Dimensions: Dry Dock No. 1 (302m x 48m x 9m) • Dry Dock No. 2 (320m x 48m x 18m/9m) • Dry Dock No. 3 (360m x 60m x 13m)

Lifting equipment over Dry Docks No.1 and 2: 2 Gantry Crane units of 480 tons lifting capacity each • Luffing Jib Cranes: 2 units of 120 tons lifting capacity each • 1 unit of 50 tons lifting capacity • 2 units of 16 tons lifting capacity each

Lifting equipment over Dry Dock No. 3: 1 Gantry Crane unit of 1000 tons lifting capacity • Luffing Jib Cranes: 2 units of 50 tons lifting ca-pacity each • 2 units of 16 tons lifting capacity each

Photos 1 & 2

Quay Dimensions & ServicesQuay A: (620m length x 7m depth) • Luffing Jib Cranes: 1 unit of 50 tons lifting capacity • 1 unit of 16 tons lifting capacity

Quay B: (430m length x 7m depth) • Luffing Jib Cranes: 1 unit of 120 tons lifting capacity • 1 unit of 16 tons lifting capacity

Quay C: (540m length x 7m depth) • Luffing Jib Cranes: 2 units of 50 tons lifting capacity eachHeavy Transporters: 1 unit of 138 tons transport capacity • 1 unit of 200 tons transport capacity • 1 unit of 330 tons transport capacity • 2 units of 450 tons transport capacity each

Photos 3; 4 & 5

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Block FabricationSteel Stockyard: Storage capacity of 35,000 steel tons • 96m x 175m total dimensions • Lifting Equipment: 6 Magnetic Overhead Traveling Bridge Cranes of 20 tons lifting capacity each • 1 Magnetic Overhead Traveling Bridge Crane of 10 tons lifting capacity Steel Treatment Line: Total processing capacity of 30,000 steel tons per month Sub-Assembly & Component Fabrication Shop: 60m x 120m total dimensions • Cutting Equipment: 3 Dry Plasma Cutting Machines • 1 Stripping Cutting Machine • Lifting Equipment: 2 Magnetic Overhead Traveling Bridge Cranes of 20 tons lifting capacity each • 1 Overhead Traveling Bridge Crane unit of 25 tons lifting capacity • 2 Overhead Traveling Bridge Crane units of 5 tons lifting capacity eachCutting & Assembly Shop: Bay No. 1(Panel Line): 296m x 24m x 14/25m • Bay No. 2 (Cutting/Assembly): 296m x 24m x 14/25m • Bay No. 3 (Cutting/Assembly): 296m x 36m x 14/25m • Bay No. 4 (Assembly): 144m x 36m x 14/25m • Cutting Equipment: 1 Oxygas Numerical

Blasting & Painting FacilitiesBlock Blasting Cells: 2 Cells of 30m x 21m x 15m each, with a gate opening for each: 17m x 13m • Equipped with 16 Blasting Nozzles • 1 Cell of 33m x 31m x 19m, with a gate opening of 29m x 17m • Equipped with 12 Blasting Nozzles

Block Painting Cells: • 1 Cell of 120m x 21m x 15m • 5 Shelters of 120m x 21m x 15m each

New Painting Cells: 3 Cells of 33m x 31m each, with a gate opening of 29m x 19m

Major Equipment: Grit Recovery System • Air Filtration System • De-Humidifying System • Heating Units

Photo 8

Control (N/C) Cutting Machine • 1 Parallel Numerical Control (N/C) Cutting Machine • 1 Wet Plasma Numerical Control (N/C) Cutting Machine • 3 Dry Plasma Numerical Control (N/C) Cutting MachinesNew Grand Assembly Platform: Bay No. 1: 270m x 26m total dimensions • Bay No. 2: 270m x 20m total dimension • Lifting Equipment: 1 Gantry Crane unit of 250 tons lifting capacity • 4 Gantry Crane units of 30 tons lifting capacity each.Panel Block Shop (PBS) Total Surface Area: 27.460 m2 Bay No.1 – Cutting • Bay No.2 – Pannel Line/ Turn Over • Bay No.3: Components/Subassembly• Bay No.4: Subassembly • Bay No.5: Middle Assembly • Bay No.6: Grand Assembly • Facilities: 1 Crane of 25 tons mag. o/h.1 Crane of 160 tons (80+80) o/h. 2 Cranes of 20 tons o/h. 1 Crane of 10 tons o/h. 1 Crane of 50/25 tons o/h. 2 Crane of 30tons o/h. 1 Crane of 250 tons (150/125+125) o/h Pre-Erection Platform: Total Surface Area: 20,000 m2 • Facilities: 2 Gantry Cranes of 480 tons lifting capacity each • (from Dry Docks 1 & 2) • 1 Crane of 50 tons lifting capacity • 1 Crane of 16 tons lifting capacity • 1 Tower Crane

Photos 6 & 7

Inspiration begins in Korea at the design headquarters of Daewoo, where a team of naval architects initiates a dialogue with the client as well as with Mangalia’s design unit. From this preliminary exchange, the ship’s specification is developed, based on the owner’s requirements and up-to-date class standards. A vessel at this early stage will be surveyed by top engineers from various fields and subjected to countless virtual tests to ensure soundness and quality. Nearly all vessels in the DMHI orderbook have proven designs from leading ships built in Korea, while a growing number, including a series of anchor handlers, are newly designed by our engineers in Mangalia.

When the design concept obtains final approval from Romanian and Korean designers, the geographical distance is minimized as specialists remain in close contact to ensure that the ship design is meticulously carried out. Daewoo-Mangalia has DSME design specialists employed full time in Romania to provide in-house guidance to production members. Likewise, many trips between both shipyards are arranged in order to obtain DSME know-how and resources.

sHip Design | frOM tHeOry tO Delivery...Long before the spectacular moment when a Daewoo-Mangalia vessel is delivered to her owner, she undergoes an extensive process of intercontinental collaboration to determine the most proper design for her purpose.

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Online exchange through an FTP server allows the transfer of drawings to Mangalia’s design team. The use of sophisticated software, such as AutoCAD® and Tribon®, ensures that design rendering can be applied to computer-based machinery at the block fabrication stage.

Next, the Daewoo-Mangalia design team, composed of 150 specialists, simplifies the renderings into clear stages so members from each production field can interpret all relevant components. The work sequence is divided by Block Fabrication, Pre-Erection, Erection, Dock, and Quay stage, where final touches are applied. In order to develop the logical workflow of each project, the joint Korean and Romanian design team maintains active communication with all levels of engineers throughout the entire shipbuilding process.

Finally, the launching of a ship marks a key milestone for her designers, as she is dispatched for trials to ensure that her performance is top-rate. All involved in the project, from initial concept to manufacturing, experience a special breathtaking moment as the ship takes to her natural element for the first time.

sHiprepair & cOnversiOnWe have the pleasure to inform all our customers that our shipyard is resuming the shiprepair and conversion activity starting with December 2011, having once again the

chance to demonstrate to our customers that we are the most reliable shiprepair and conversion shipyard in the Black Sea and Eastern Mediterranean area.

During the past years, Daewoo - Mangalia Heavy Industries has accomplished remarkable success and contributed to the ship maintenance industry by performing repairs of over 300 vessels and a variety of vessel conversions, using highly skilled manpower, accumulated know-how and technology, highlighting the remarkable performance of our shipyard during the

Thus, our customers can take a great advantage of remarkable short time and fast dry-docking, as well as unique facilities for repair, as follows:

replacement of 5,300 tones of steel on MT “Valbruna” project grounded on the Algerian coast, very large repair works in E/R and accommodation rearrangement on M/V Harmen Oldendorff project, the conversion of a heavy lift into a cable layer, and last but not least the conversion of a floating dock for the U.S. Navy.

- Dry dock no. 3 (360m x 60m x 13m) equipped with 4 JIB cranes (2 units x 16 t and 2 units x 50 t), with one Goliath crane of 1,000 t;

- Dry dock no. 2 (322m x 48m x 9m) and Dry dock no. 1 (302m x 48m x 9m) equipped with 5 JIB cranes (2 units x 16 t, 2 units x 50 t, and 1 unit x 120 t), with two Goliath cranes of 480 t each which can also work in tandem.

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With guaranteed quality, on-time delivery and very competitive prices, DMHI is ready for the challenge of performing all kinds of repair works, from routine maintenance including steel, blasting and painting works, machinery overhauling and upgrading,as well as all kinds of steel outfitting,piping and electrical works, to major conversions of ships up to 250,000 DWT for which an approximate

reaDy fOr tHe cHallengenumber of 700-900 DMHI workers and subcontractors are available with the following shiprepair productivity: - Steel works 12-15 t/day - Painting works 3,000-4,000 sqm/day - Variable volume of stagings to cover all kinds of shiprepair activities.

sHiprepair Main activities anD facilities

Hull PaintingConversions. Hatch covers. Any kind of steel works Main activities: - Lengthening- Renewal - Shortening- Major repairs

Main facilities: - Plasma and Oxy-gas cutting machines - CO2 welding and T-bar fabrication machines - Cherry pickers, trucks, heavy transporters up to 500 t

Main activities: - PSPC and special coating - Hull treatment - Tank treatment - Cargo hold treatment

Main facilities: - Sandblasting - Airless painting machines and dehumidifiers - WBT and COT cleaning and disposal facilities

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Electrical & ElectronicsMachinery & PipingMain activities:

- Control system & cabling work - Navigation equipment

Main activities: - M/E overhauling & rechecking- Auxiliary equipment overhauling including extensive repairs or remetalling of components- Turbo charger overhauling, extensive repairs for any kind of shaft lines, propeller super polish

Main facilities: - Pipe workshop equipped with bending machines- Hot galvanizing facilities- Various machining workshops.

Since the joint venture of Daewoo-Mangalia in 1997, the company operates in compliance with the worldwide standards of International Standards Organization 9001. DMHI’s Quality Management System is contained within three levels of implementation which are strictly observed at each worksite:

1. Level One: Quality Manual•Applies to all individuals within the DMHI community•Establishes a general code of conduct in the form of DMHI company mottos•Serves as basis for Level Two and Three of the Quality Management System

2. Level Two: System Procedures•Applies to all worksites in the shipyard•Regulates business practices according to management of documents and information•Standardizes the organizational systems used by each worksite•Serves as basis for annual audits by Quality Assurance team

3. Level Three: Administrative Procedures •Applies only to relevant teams specified by each procedure •Contains a registry of detailed work processes from marketing to servicing, including design, procurement, production, inspection, testing and delivery•Innovates continuously through introduction of new standards and revisions of existing procedures•Defines practical methods for self-inspection to be performed at each worksite

Quality ManageMent | pOlicyTo proudly bear the “Daewoo” name, all vessels built at DMHI must comply with the same quality standards as DSME’s Okpo Shipyard. Since 1997, Daewoo-Mangalia

has built effective collaboration with class surveyors from Bureau Veritas, Lloyd’s Register, Germanischer Lloyd, Det Norske Veritas and the American Bureau of

Shipping. Under the regulations of these classification societies, Daewoo-Mangalia aims to deliver vessels that are equal in quality to the top shipyards worldwide.

Commitment to Quality

Quality Mottos:

Quality starts with me.Consider yourself both the vendor and the client at thesame time.Be the first to validate what you create.The quality and delivery of the final product reflects on you.Do everything in your power to uphold proper conditions of safety and order.

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Through dissemination of the Quality Manual, Daewoo-Mangalia makes the company’s policy visible to all members of the community. The foremost objectives, displayed at all worksites for each employee to internalize, are highlighted below.

Daewoo-Mangalia Quality Policy

1. Honor clients by supplying products and services that fulfill their expectations and satisfy relevant statutory and regulatory requirements.

2. Satisfy the client’s site representatives by supplying the best quality products and services throughout each production phase.

3. Increase the level of efficiency by encouraging innovation from the individual level.

4. Build bonds of mutual trust between the company, its workforce, subcontractors, clients, and the Mangalia community.

eDucatiOn & training

Quality standards are strict at our Training Center, as Class certification is the final determination for completion of our welding program. In addition to welding, our employees learn how to operate various fitting and painting equipment in order to obtain the skills necessary to produce a sample block section together as a team. Under the guidance of DMHI production specialists as well as external consultants, trainees are subjected to simulated conditions that resemble the real working environment at Daewoo-Mangalia Shipyard.

Approximately 40% of the workers are trained annually for multi-skilled faculties inside the shipyard.

From our multi - skill course offerings to our manage-ment programs, the Education & Training team, together with top management’s full support, succeed in delivering highly-competent individuals with exceptional organizational performance.

Modeled from Okpo’s impressive educational complex, the DMHI Training Center houses a fully-functional block manufacturing line.Facilities are contained in three various shops and one main building, with four additional shops off-site in

nearby Mangalia. Approximately 40% of all Daewoo-Mangalia workers are trained annually for multiple faculties inside the Training Center. At any given period, the training shops can accommodate up to 165 students simultaneously with classroom facilities for 80

additional students. From multi-skill course offerings to safety instruction to leadership workshops, the mission of the Training Center is to deliver highly-competent individuals with proven quality performance.

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From the onset of an employee’s career at Daewoo-Mangalia, the company invests many resources into developing the capabilities of the individual. In this respect, DMHI organizes professional development courses, such as management, safety and work legislation, communication and leadership, foreign languages, along with technical skill-related programs.

Our interactive training involves partnerships with schools and technical colleges from all across Romania, including Hirsova, Navodari, Baneasa, Ovidiu and Iasi. These partnerships provide training for prospective employees in various fields. Yearly, our partnerships with these external learning communities provide up to 30% of our total manpower needs.

As a key step in the DMHI’s long-term development, training sessions correspond directly to our corporate strategy and thus are designed to match current priorities as well as anticipate long-term objectives.

HealtH, safety & envirOnMentFirst and foremost, Daewoo-Mangalia is dedicated to ensuring the wellbeing of its community, which extends far beyond the shipyard’s enclosure. Our Health & Safety Policy enforces not only the best labor conditions for all employees and collaborators in our shipyard, but also the preservation of the surrounding air and sea.

Protecting our people today and our next generation for tomorrow

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Environment Policy

Our HSE Team safeguards the environment through prevention of pollution as well as through the continuous improvement of ecological activity. At the start of each day, DMHI employees perform cleaning at their worksites in order to take part in environmental improvement as a unified team. Additionally, Daewoo-Mangalia employs specialists to maintain updated waste recycling systems, water treatment services, as well as air filtration. Our complex subterraneous system for water management measures 6 kilometers and is complete with a 3-pump treatment system, as well as a neutralization station at the galvanizing shop. Air filtration units are installed throughout the shipyard, in painting cells as well as the steel plate treatment shop and galvanizing shop. Waste disposal and recycling stations are ubiquitous throughout the shipyard, according to a detailed plan enforced by the HSE team.

Health & Safety Policy

Although DMHI has not encountered a single work-related death or permanent disability since 2000, the company maintains round-the-clock firefighting and emergency medical services in case of incidents. Daewoo-Mangalia is committed to providing optimum labor conditions for each one of our current employees, client representatives, subcontractors, suppliers, class members, and auditors. The on-site medical facility is fully equipped and staffed by seven medical practitioners. As a risk prevention strategy, the HSE team guarantees that all 4,000 employees undergo frequent training sessions to remain up-to-date about worksite hazards that may arise.

Trust•Following standards and principles•Keeping promises to clients•Taking initiative

Passion•Carrying out duties with enthusiasm•Adopting a pioneering spirit•Seeking out knowledge

cOrpOrate cultureDaewoo-Mangalia Mission Statement: “To deliver Daewoo-built vessels fit to navigate the world’s changing tides.”

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A naming ceremony at Daewoo-Mangalia represents the climax of efforts from across a large expanse of distance and time. From the first design team in Korea to the final surveyors in Romania, a shared sense of accomplishment is felt as the completed vessel is handed over to her new captain and crew.

The delivery itself serves as a visible proof that employees achieved their mission through communication and support from their fellow teammates. The contribution of Daewoo-Mangalia’s 4,000 employees is honored upon delivery of each vessel, as the diligence of each worker is built into the intricate network of the ship’s composition.

Until this moment of gratification, all employees followed a distinct set of core values governing how we conduct ourselves internally as well as within our broader community.

MajOr perfOrMance 1997 - 2011

Coasters Bulk Carriers

Anchor Handling Tugboat

Floating Docks

Crude Oil Tankers

3,900 DWT CoasterDelivery: June 2000Owner: IHDA, Netherlands

3,900 DWT CoasterDelivery: December 2000Owner: IHDA, Netherlands

180,000 DWT Bulk Carrier“Stella”Delivery: August 2009Owner: Freeway Pioneer S.A. C/OTsakos Shipping and Trading S.A. Greece

180,000 DWT Bulk Carrier “CPO America”Delivery: June 4, 2010 Owner: Reederei Claus -Peter Offen(GmbH & Co.)KG Claus-Peter Offen Bulkschiffreederei (GmbH & Co.) KG Germany

Anchor Handling Tugboat 100 Tons Bollard Pull “Fairplay-33”Delivery: June 17, 2011Owner: Fairplay Towage Schlepdampfschiffs- Reederei Richard Borchard GmbH

Floating Dry DockDelivery: June 2002Owner: Metro Machine CorporationUnited States of America

69,000 TEU Crude Oil Tanker“Nefely”Delivery: November 2005Owner: LMZ Transoil Shipping Enterprises Greece

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Containerships

750 TEU ContainershipDelivery: October 2004Owner: Volharding, Netherlands

750 TEU Containership Turnkey “Herm”Delivery: October 2004Owner: Volharding, Netherlands

750 TEU Containership Turnkey “Endurance”Delivery: October 2005Owner: Volharding, Netherlands

4,860 TEU Containership“Geneva”Delivery: July 2006Owner: NSB Niederelbe Schiffahrtsgesellschaft GmbH&Co. KG, Germany

5,560 TEU Containership“Monte Azul”Delivery: October 2008Owner: Hamburg Sudamerikanische Dampfschiffahrts - Gesellschaft KG, Germany

5,905 TEU Containership“Rio Blanco”Delivery: March 2009Owner: Hamburg Sudamerikanische Dampfschiffahrts - Gesellschaft KG, Germany

4,860 TEU Containership“APL Qatar”Delivery: April 22, 2010Owner: Beteiligungs-Kommanditgesellschaft MS “Buxliberty” Verwaltungs-und Bereederungs GmbH & Co., c/o NSB, c/o GEBABGermany

5,550 TEU Contanership “MSC Alicante”Delivery: June 10, 2011Owner: Reederei Claus- Peter Offen (GmbH & Co.) KG

Overseas netwOrk

Head Office & ShipyardDaewoo - Mangalia Heavy Industries1 Portului Street, Mangalia, 905500Web: www.dmhi.ct.ro

General Information:Tel: +40 241 70 62 00Fax: +40 241 75 60 60 E-mail: dmhi@dmhi.ct.ro

Newbuilding Marketing & Sales:Tel: +40 241 75 36 39Fax: +40 241 75 60 54E-mail: lvaida@dmhi.ct.ro

Newbuilding After SalesTel: +40 372 41 13 14Fax: +40 241 75 60 54E-mail: aftersales@dmhi.ct.ro

Shiprepair MarketingTel: +40 372 41 12 01Fax: +40 241 75 60 54 E-mail: rmd@dmhi.ct.ro

Human Resources:Tel: +40 241 75 12 71Fax: +40 241 75 60 60E-mail: carmen.szabo@dmhi.ct.ro

Materials Procurement:Tel: +40 241 75 11 72Fax: +40 241 75 60 25E-mail: materials@dmhi.ct.ro

KoreaDaewoo Shipbuilding & Marine Engineering Co., Ltd.Head Office, Seoul85 Da- Dong, Jung- gu100- 180 Seoul, KOREATel: (+) 82-2-2129-0114Web: www.dsme.co.kr

United KingdomDSME London OfficeUnit C402,Westfield London Shopping Centre,Ariel Way, London W12 7FD, UKTel: (+) 44-20-3249-1141~4E-mail: london@dsme.co.uk

NorwayDSME Oslo OfficeVollsveien 13C, P.O. Box 67N– 1324 Lysaker, NORWAY Tel: (+) 47-67-83-2440Fax: (+) 47-67-83-2450E-mail: oslo@dsme.no

GreeceDSME Athens Office1 Possidonos Ave., 174 55 Alimos, GREECETel: (+) 30-210-422-6786~7E-mail: dsme@ath.forthnet.gr

United StatesDSME Houston OfficeAshford II, 950 Threadneedle,St#270, HOUSTON, TX 77079 USATel: (+) 1-281-679-1351E-mail: jkseo@dsmeus.com

JapanDSME Tokyo Office15F, Shiroyama Trust Tower 3-1,Taranomon 4-chome, Minato-ku,105-6015, Tokyo JAPANTel: (+) 81-3-5472-1581E-mail: kykim@dsme.co.kr

AngolaDSME Luanda OfficeRua Engracia Fragoso,Predio Kalunga Atrium No.1Piso,Letra 103, Luanda, ANGOLATel: (+) 244-222-39-39-49E-mail: ytjee@dsme.co.kr

United Arab EmiratesDSME Dubai OfficeOffice # 1010,Grosvenor House Commercial Tower, Sheikh Zayed Rd 191121 Dubai, UAETel: (+) 971-4-329-8110E-mail: okkim@dsme.co.kr

SingaporeDSME Singapore Office#14-01 Suntec City Tower 1,7 Temasek boulevar Singapore 038987Tel: 65-6336-0930E-mail: singapore@dsme.com.sg

ChinaDSME Shangai OfficeRoom# 1111 Unit B,Far East International Building,No. 317 Xianxia Road,Shangai 200051, CHINATel: (+) 83-21-6235-1123E-mail: hibomb@dsme.co.kr

AustraliaDSME Perth OfficeLevel 28, AMP Building 140 St. Georges Terrance,WA 6000 Perth AUSTRALIATel: (+) 61-424-712-854E-mail: shkim4@dsme.co.kr

BrasilDSME Brazil OfficeAV. Rio Branco 123 Conj.1508/1511 Centro - Rio de Janeiro - RJCEP 20040-005- BRASILTel: (+) 55-21-2221-0644 Ext. 232E-mail: rlee@dsme.co.kr

Daewoo International CorporationName: S.J. ParkPhone: (+) 82 2 759-2137Fax: (+) 82 2 759-364E-mail: parksj@daewoo.com/wonjoko@daewoo.com541, Namdaemunno 5-Ga, Chung-gu,Seoul Korea

Cambiaso Risso Services S.R.L.Name: Giovanni PalumboPhone: (+) 39 010 5714203Fax: (+) 39 010 530154Cell: (+) 39 335 5961324E-mail: tech@cariservice.comWeb: www.cambiasorissoservice.itCarso Andrea Podesta, 1- 16128 Genova

Peter Gast Shipping GmbhName: Elke Cathor - Technical DepartmentPhone: (+) 49 40 37 49 89- 18E-mail: elke.cathor@pgs.deName: Dieter GastPhone: (+) 49 40 37 49 89- 15Fax: 00 49 40 36 25 25Cell: (+) 49 175 40 60 440E-mail: dieter.gast@pgs.de;info@pgs.deWeb: www.pgs.deBallindamm 15, 20095Hamburg, Germany

Penn International Marine AgenciesName: Louis W. GomlickPhone: (+) 1 732 290- 0049Fax: (+) 1 732 441- 9543E-mail: loupima@aol.com81 Andover Lane PO Box 504Matawan, New Jersey 07747 USA

Transma LimitedName: Martin ChenPhone: (+) 852 2861 1623Fax: (+) 852 2861 3901Cell: (+) 852 9268 0076 / (+) 852 9046 0033E-mail: transma@transma.com.hk7 th Floor, 167- 169 Hennessy Road,Wanchai, HONG KONG

Sea Crests ShippingName: J. V. BatraPhone: (+) 91-22-66780973Fax: (+) 91-22-66780974Tel: (Res): 91-22-26041692Cell: (+) 91 98211-13529E-mail: jvbatra@bom5.vsnl.net.injoginderbatra@hotmail.comSea Crests Shipping 611- Sai Chambers, Opp. Santacruz Station,Santacruz (East), Mumbai- 4000 55

MartechnikName: Serene HoPhone: (+) 65 6225 1181Cell: (+) 65 9780 7858E-mail: martech@singnet.com.sg/ spares@singnet.com.sg23 l Flora Road, # 03-15Estella Gardens, Singapore 509739

LDC EuropeName: David K. KimPhone: (+) 44 20 208 972 9093E-mail: general@ldc-europe.comWeb: www.ldc-europe.com

DSME has overseas branches operating active sales and marketing activities all around the world. Branch locations: United Kingdom, Norway, Greece, United States, Japan, Angola, United Arab Emirates, Singapore, China, Australia, Brasil.

Daewoo - Mangalia Overseas Offices Shiprepair Agencies