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NEW TYPE PATROL BOAT SIGNATURE CEREMONY

Letter of Intent was signed between SSM and DEARSAN Gemi Insaat Sanayii A.S. regarding the start of the contract negotiations with the subject company, as a result of the bidding process of New Type Patrol Boat Project.

Issue 7 - January 2008

Regarding New Type Patrol Boat
Project that consists the acquisition of
16 units New Type Patrol Boat from
Turkey through local design, construction
and outfitting in Turkey, in order
to meet the reconnaissance, surveillance,
patrol and ASW requirements of
Turkish Naval Forces Command and
support the defence of base and harbours,
it has been decided to start the
contract negotiations with DEARSAN
Gemi Insaat Sanayii A.S.. In this
respect, with the intention of finalizing
the contract negotiations in a short
time, a Letter of Intent in which the
main principles of contract negotiations
have been agreed on, has been
signed with DEARSAN Gemi Insaat
Sanayii A.S.