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INCAT — A Delicate Balance for the Future Rising out of the ashes of receivership, Hobart, Australia-based INCAT is back with a vengeance. After a setback this 46 past year, the company, according to CEO Robert Clifford, is "well struc- tured for the future." And the company is on its way to a speedy recovery with 2003 as it has just received two orders for the U.S. military and at press time, announced plans to have its debts repaid to the bank by the end of January 2003. The U.S. Army Tank-Automotive (TACOM) leased its premiere Theater Support vessel for the Army from Bollinger/INCAT USA, the Australian shipbuilder's joint aluminum shipbuild- ing venture in Louisiana. MR/EN: It's no secret that INCAT was in receivership last year — but is now emerging out of financial difficulty. What is the current status of the compa- ny and if you can please explain why hard times occurred last year? Robert Clifford: INCAT had two cus- tomers lined up to take production ships in 1999, both customers elected instead to take near sisterships, offered by a fin- ancier. INCAT did not react soon enough to reduce production and this coupled with the banks lack of confi- dence in the market, led to the bank wishing to withdraw our finance facility. I point out here that Incat never exceed- ed the bank's facility. By the end of Jan 2003 we expect to have the bank repaid, and orders in place. MR/EN: What are the current activities (both corporate and manufacturing) that were undertaken by the organization to strengthen/restructure the company? Clifford: With orders in place, no bank debt, and substantial unencumbered assets, INCAT will be well structured for the future. MR/EN: Why will the "new" INCAT survive, when the old went into financial disclosure? Clifford: There is no "new" INCAT, there never has been a question of INCAT's survival, it has only ever been a question of realizing some of its sub- Maritime Reporter & Engineering News Introducing Dens-Marine from Georgia-Pacific. The new wave in bulkhead panels. Dens Marine Bulkhead Panel from Georgia Pacific is a U.S. Coast Guard approved gypsum bulkhead panel for merchant vessels and platforms. It's a 1/2" glass mat gypsum panel that can be used with conventional metal framing. Other unique features include: • Less costly than other interior joiner wall panels • More design flexibility than conventional joiner panels • Approved to use in B-O, B-15, B-30 construction • Able to readily accept finishes and adhered laminates A DENS-MARINE" BULKHEAD PANEL www.gp.com/gypsum Technical Hotline 1-800-225-6119, M-F 8-6 (ET) SK66KOM 4 Blocks & Rigging AS I I VI \ CO.W'ANY Circle 261 on Reader Service Card Circle 269 on Reader Service Card Need a Lift? If you're suffering from those load- towing blues, we have just what you need. Allied Systems Com- pany now manu- factures Lantec g! Winches. With ^ three winch models and four drive models to choose from, chances are, you'll find the machine suited to your application. Fast, safe, reliable-Lantec Winches are leaders in their field. To find out more, write, call or email: Allied Systems MMM^^H/C OMPANV 2300 Oregon St. Sherwood, OR 97140, USA Phone: 503.625.2560 Fax: 503.625.7269 Email: marketing@alliedsystems.com Website: http://www.alliedsystems.com Circle 242 on Reader Service Card YOU'VE KNOWN US FOR QUALITY RIGGING PRODUCTS SINCE 1890 Now more than ever, Skookum signifies value in todays cost- conscious world. Our comprehensive block, fairtead. sheave and alloy forging lines have met the challenges ot the most demanding applications around the world. And in the process, we've proudly taken part in the shaping of American history; from salvage operations at Pearl Harbor and construction of the Grand Coulee Dam to San Francisco's BART and the space shuttle. Whatever your applications, we're committed to serving you with the finest in standard and custom engineered products. For further infomnation contact your nearest dealer or call us direct: Skookum PO Box 280, Hubbard. Oregon 97032 Telephone 503/651-3175 1 -800/547-8211 FAX 503/651 -3409
