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Trade press release

Bulk carrier conversion specifies MacGREGOR cement-handling system

4/10/2008

MacGREGOR further strengthens offshore portfolio by acquiring US service company

To further strengthen services to offshore customers and to widen coverage in the Americas and Gulf of Mexico, MacGREGOR has signed an agreement to acquire another service specialist: Platform Crane Services International IncMacGREGOR part of Cargotec Corporation has already established services to be close to offshore customers in two key regions, North Sea and Asia Pacific, and is now further increasing its presence in the important Americas and Gulf of Mexico area by signing an agreement to acquire privately owned Platform Crane Services International Inc (PCS), headquartered in Slidell, Louisiana.

PCS was established in 1983 and, as well as Louisiana, has offices in Lafayette, Houston and Del Carmen in Mexico. The company net sales in 2007 were US$16 million and it employs 105 persons. PCS specialises in the service, repair and maintenance of marine and offshore cranes with an emphasis on Gulf of Mexico installations. The product and service offering also includes inspections, load testing and installations.

Expanding into the offshore sector matched our strategy of pursuing growth by strengthening our existing capabilities organically and by acquiring suitable companies in promising sectors and regions as opportunities arise, says Olli Isotalo, president of MacGREGOR. Now the opportunity has arisen and acquiring Platform Crane Services International Inc ideally supports our overall strategy of providing offshore service to global markets, but also to support the regional growth of the whole MacGREGOR Group in the Gulf of Mexico area.

With the global recognition of MacGREGOR as the market leader in marine cargo handling solutions PCS will be able to tap on the technological expertise, market presence and extensive global service network to expand further and provide better solutions to our customers, states Ryan J. Richard who is the President and majority shareholder of PCS. Richard goes on to add, By joining the MacGREGOR team, PCS and its loyal employees will be able to grow and reach new heights than previously imagined. We are especially grateful to our Founder and retiring CEO Paul Richard, Sr. for his 25 years of hard work and guidance, for without his leadership this opportunity would not be possible.

The transaction is subject to due diligence. Parties have agreed not to disclose the transaction value.

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For further information please contact:
Harald de Graaf, President, Cargotec Services
Tel. +31 623 119 402
E-mail: harald.de.graaf@cargotec.com

Olli Isotalo, President, MacGREGOR Group
Tel: +358 204 554 253
E-mail: olli.isotalo@macgregor-group.com

or

MacGREGOR Group press office:
Mr Steve Labdon, MacGREGOR Group Media Representative
Tel: + 44 (0)20 8370 1740 Fax: +44 (0)20 8364 1331
E-mail: steve.labdon@j-l-a.com