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MR: Fincantieri Marine Systems, North America has been recently introduced. Please provide details on how the new compa- ny differs from FDGM. Kamal: All current activities of FDGM will be continued and subsumed by Fincantieri Marine Systems and we expect that this tran- sition will be trans- parent to our current customers. Our new company, FMS, is part of the vision of Giuseppe Bono, Fincantieri's Chief Executive Officer, to expand our presence and busi- ness base in the global maritime market. Drawing on the vast resources of our parent company, and forming strategic partnerships with other U.S. companies, Fincantieri Marine Systems, North America Inc. is uniquely qualified to provide fully engineered and integrated propulsion system and machinery plant solutions to industry. Further, services to existing cus- tomers will be enhanced as the additional resources of our parent company are brought to bear. MR: Specifically, why was it decided to launch the new venture at this time? Kamal: Mr. Bono believes that the time is right, in view of constrained defense budgets and the desire to get extremely cost effective supply and service in the future further improving on the already excellent stan- dards we had achieved in the past at FDGM. He further believes, as I do, that we offer a unique combination of products, systems and services required by the market- place. MR: What do you believe differentiates your company from the competition? Kamal: As I said, I believe that we bring a unique combination of goods and services to the marketplace. As a world-class shipyard, building the full gamut of merchant ships and naval vessels, we have proven that we can engineer, integrate, purchase, deliver, install, test and deliver to satisfied customers around the globe. As we are not a large hardware producer, we can make individually tailored choices that are far above standard solutions for our customers. And based on the lessons learned by Fincantieri while building hundreds of ships, we can both integrate machinery plant components as well as optimizing the machinery plants fit to the hull. MR: There were reportedly some problems associated with the developmental, non-magnetic Isotta Fraschini engines installed in the U.S. Navy's Mine Force ships — what is the current status? Kamal: The problems to which you refer were simple teething issues stemming from the Navy's traditional quest for upgrades that could be dealt with and quick- ly resolved thanks to our attention to the Navy's needs and continuous drive for improvements. To help gain some momentum, we funded some necessary improve- ments to two ships that participated in Operation Iraqi Freedom. We also provided an onboard technician who sailed with the Navy's personnel throughout the mission. These improvements proved more successful than either we or the Navy antici- pated - with nearly 100 percent reliability. As a result, we are currently teamed with the Navy to institutionalize these improvements on all of the Mine Countermeasure ships. We are very pleased with the results and believe that any minor issues related to the Isotta Fraschini engines have been successfully identified, solved and are now behind us. MR: Fincantieri Marine Systems has a significant presence in Ingleside Texas, which was on the recent Base Closure list — what are your plans? Kamal: We understand from the Navy that the Mine Force ships currently stationed in Ingleside will be transferred to San Diego, Calif. Accordingly, we are already looking for office and maintenance space there so that we can continue to provide the same outstanding level of maintenance and training that the Navy enjoys in Ingleside. MR: What other initiatives have you taken to expand Fincantieri Marine Systems' business base? Kamal: We have aggressively marketed the entire line of Fincantieri products and services and this has led to some initial successes. We: • will provide the Ship Service Diesel Generator and Ride Control System to the Lockheed Martin Flight Zero LCS; are currently re-engining one of the U. S. Coast Guard's Inland Construction Tenders, (WLIC) with an option for up to 10; recently concluded an agreement with Harvard University to provide a steam turbine for electrical generation. As you can see, this new business spans a wide range of engineering products and services, and I believe only scratches the surface of our potential future work. MR: Briefly describe your outlook for the business in 2006 and beyond? Kamal: I am very optimistic, because I believe that our unique combination of products and services will be well received by the market- place. I will shy away from specific numbers, but will be pleased to come back and talk with you in 2007 about our success. MR: What do you consider the top priorities proj- ect wise for your company in the upcoming 12 to 24 months? Kamal: First off, we must expand our team, with more first-rate professionals. Secondly, we must to continue our aggressive marketing campaign to highlight the wide range of solu- tions and services we can offer to the marketplace. And lastly, we must continue to honor our commitment and provide the same level of outstanding service that we currently offer to our customers. May 2006 55 Circle 221 on Reader Service Card Q&A: Upi Kamal, CEO, Fincantieri Marine Systems North America MR MAY2006 #7 (49-56).qxd 5/8/2006 3:49 PM Page 55
