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September 17, 2003

Steven R. Hill Appointed Vice President for Irving Shipbuilding

HOUSTON (September 17, 2003) – Andrew McArthur, Vice Chairman of Irving Shipbuilding Inc. is pleased to announce the appointment of Steven R. Hill as Vice President for Irving Shipbuilding Incorporated to office out of Houston and Halifax.

Mr. Hill has served 27 years in the oil and gas business, most recently as Vice President of Hyundai Heavy Industries Co, Ltd., responsible for EPIC strategies for deep-water projects.  Prior to that, he was Vice President, Major Projects, ABB; and owner of his own Engineering Company located in Houston, Texas.  Hill has spent most of his career executing projects in South America, the Mid East, the Pacific Rim and West Africa.

Hill’s appointment is a major step in a strategy for Irving Shipbuilding to bring a seasoned person who can redirect the Shipyard and Fabrication business towards EPC Offshore works in the Gulf of Mexico, West Africa and Brazil with Houston-based operators.  Special emphasis will be given to FPSO conversions and topside fabrication.  Hill will be looking to partner with U.S.-based engineering companies and with operators who might benefit from Canadian Export Credit Financing.

The Irving Group of companies is a privately held business founded more than 100 years ago in New Brunswick, Canada. As a wholly owned operation within the Irving group, Irving Shipbuilding Inc. comprises selected companies involved in shipbuilding, offshore modular fabrication, ship repair and engineering services. Irving Shipyards currently own and operate six shipyards, two fabrication yards and an industrial manufacturing plant, all located in the Canadian Maritime Provinces.

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