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United States Marine Repair – Press Releases
FOR IMMEDIATE RELEASE


UNITED STATES MARINE REPAIR, INC. FILES REGISTRATION STATEMENT FOR INITIAL PUBLIC OFFERING
Norfolk, Virginia (March 12, 2002) - United States Marine Repair, Inc. (USMR) today announced that it filed a registration statement with the Securities and Exchange Commission for an initial public offering of its common stock.

The shares will be offered by an underwriting group led by Lehman Brothers Inc., Credit Suisse First Boston Corporation, Bear, Stearns & Co. Inc. and Credit Lyonnais Securities (USA) Inc. When available, copies of the prospectus relating to this offering may be obtained from Lehman Brothers c/o ADP Financial Services, 1155 Long Island Avenue, Edgewood, NY 11717.
USMR is the leading private-sector provider of ship repair, maintenance and modernization services to the U.S. Navy and a leading provider of such services to other U.S. defense-related agencies and commercial customers. USMR provides a range of services from standard topside ship repair to full drydock services at six strategically located ship repair facilities in the ports of Norfolk, Virginia; San Diego, San Francisco and San Pedro, California; Pearl Harbor, Hawaii; and Ingleside, Texas.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State

Contact:
Monty Dickinson
Phone: (619) 238-1000 (x2005)