rwoandgoltens

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SERVICE

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sition in the Middle East

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director of worldwide reporting

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G OL TENS

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ritime marine diesels, providing approximately 27,000 cylinder liners for various shipping companies over the years.

Liltved notes that Nyland Maritime has complete control over the production process from start to finish, ensuring quality of all parts. The company's facilities are also equipped to design parts according to individual specifications, quality and design,and all parts meet with relevant class specifications. Nyland Maritime also demands the same level of care from their suppliers, who are required to supply raw materials to meet or exceed the company's high standards.

Nyland Maritime's general manager, Tom Erik Johnsen, notes ompanies have a long history together. hip between Goltens and Nyland been built up over the last 25 years,” we welcome the opportunity now to more closely with them under the ns umbrella of companies.” Johnsen hat the deal will improve the distriof Nyland Maritime's spare parts, Goltens will be able to provide their mers instant access to quality parts in pore, Rotterdam and Dubai, as well as Goltens worldwide locations.

re confident that adding Nyland me to the Goltens worldwide organiwill not only help us serve our mers more efficiently, buthelp us market share by having access to our ource of quality parts,” says Liltved.

Rutkowski explains that managing the boards' mandate to grow by expanding in new geographic regions and through new product & service development is one of Friedberg's priorities and challenges. “Additionally, Paul will continue to drive the enhancement of operational efficiencies and other continuous improvements aimed at overall global coverage and customer satisfaction,” says Rutkowski.

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Goltens' strong brand will continue to serve as an excellent platform on which to grow the company and meet the new and exciting challenges we face in our changing industry

Bright futur e Goltens focus on meeting increased customer demand lies at the centre of the company's efforts to gain market share in the global marine repair, landbased diesel engine and trading industry segments. Friedberg, who has overseen Goltens' highly successful operation in the Middle East & India, remains confident aboutthe future.

“Goltens' strong brand will continue to serve as an excellent platform on which to grow the company and meet the new and exciting challenges we face in our changing industry,” he says.

The GoltensWorldwide Board and shareholders welcome Friedberg into this new position and look forward to working with him in future.

of Hong Kong operation roup concluded the terms of sale of its Hong Kong operations to the former acility. Goltens will continue to provide its maritime and land-based clients esel repair services from its expanding operations in Shanghai and Singapore.

6,the company's former offices in Hong Kong will trade independently of e (Ci-Tech). According to Paul Friedberg, recently named President of e of Goltens Hong Kong is part of the company's ongoing efforts to redeploy s and markets with significant, long-term growth potential. “Goltens is ulti-million dollar e xpansion of its facilities in Shanghai to improve its ability land-based customers in the region,” he says.

he Middle East

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VPI: S

Goltens to open new office in Qatar Goltens announces in December 2005 opening of a sales office in Qatar, a peninsula situated halfway along the west coast of the Persian Gulf. Like many Emirates, the country has developed port services to take advantage of increased maritime traffic in the region. Today, Qatar boasts shipyards and docks equipped to handle LNG shipments between the Middle East and Asia,as well as the emirate's own regional oil & gas activity.

While Goltens operations in Qatar will be confined to sales, the company hopes to establish a small workshop in the country over the next e f w years. Lastmonth, Goltens was awarded the first major contract for Qatar Petroleum (QP) of supply and installation of two start-up generator sets for QP's jacket platforms PS2 and PS3, a breakthrough for Goltens in Qatar. ”Goltens long-term strategy in the region relies on being where our customers are,” says Friedberg. Q ” atar is an emerging maritime and oil and gas centre in the region, one with significant potential for Goltens.”

Goltens Bahrain authorised by Woodward Located in the Persian Gulf between Qatar and Saudi Arabia, Bahrain plays a crucial role in the region's maritime traffic and Goltens regional network. With a staff of 25 people, Goltens Bahrain performs recognised core services, such as overhaul and repair of diesel engines, fuel systems and turbo chargers, reconditioning of engine components and in situ machining, and has recently developed expertise in the repair and servicing of diesel fuel governors.

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We have been successful in breaking into the industrial mark et …and believe that over the next five years, a significant part of our business will be landbased

G OL TENS

Recently, Goltens announced that the company's Bahrain operations have become an Authorized Independent Service Facility for the Woodward Governors Company.

Woodward, a leading manufacturer of engine fuel delivery and engine control systems, subsystems, and components, is a market leader in the Middle East.

TEP

- BY - STEP

The Vacuum Pressure Impregnation (VPI) system is used after the motor stator has been rewound to guarantee reliability and consistency. The thr ee-step process works as follows: 1.The stator is suspended in a sealed tank, creating a vacuum.

2. A transfer valve is opened and the appropriate medium (varnish/resin) is transferred from a storage tank into the processing tank until the stator windings are completely immersed.

3.The transfer valve is then closed and the tank is held under vacuum for a period of time before being pressurised to force the medium through the multiple la yers of wire and insulation (filling all voids).

According to Paul Friedberg, Goltens President of Worldwide Service, the two companies have had a service agreement in Goltens Dubai for more than a decade.

“We are confident that this service agreement will give Woodward's customers in Bahrain improved local service, and help strengthen the service capacity of Goltens in the region.”

Friedberg says that while the company enjoys an exclusive collaboration agreement with the very significant ASRY dry-dock facility in Bahrain, the company's customers are not all maritime .“We have become increasingly successful in serving the inland industrial sector in Bahrain,” he says.

WELCOMES NEWDIRECTOROFWORLDWIDEREPORTING

In response to a surge in growth and an increased focus on financial discipline, Goltens Worldwide is pleased to announce that Amy Sinicin has joined the company as director of worldwide reporting.

accounting firm. She subsequently worked for ABB and Rhone Poulenc, where she was promoted to increasingly senior roles in financial management, analysis and reporting.

Additionally, Sinicin is a married mother of two and an accomplished photographer.

According to Mark Rutkowski, Goltens' Managing Director & Chief Financial Officer, Sinicin will be responsible for developing a more efficient, systematic and integrated financial reporting infrastructure to consolidate Goltens' monthly, quarterly, and annual financial statements. “Amy is highly qualified, well experienced and a pleasure to work with,” says Rutkowski. “We are fortunate to have her on our team.”

Rutkowski says that Sinicin's role will also include budget preparation, product and service line analysis, analyses of the Goltens' worldwide tax structure and the coordination of our annual statut ory audits around the world. Once Sinicin becomes more familiar with Goltens operations, Rutkowski will focus on business development and other more operationally-inclined growth oriented initiatives.

In her fourteen-year career, Sinicin has earned an MBA and served as a CPA for Coopers Lybrand, an international ”Big Four” public

“Sinicin will be a welcome addition to Goltens,” says Rutkowski. “Notjusthere in the US, butthroughout our global organisation.”

Amy Sinicin Direct

or of Worldwide Reporting

Goltens Oslo Profitable partners:

Goltens and RWO For more than five years, Goltens Oslo and RWO, a leading waste water treatment systems company, have worked together to grow their businesses.

result of these new requirements, demand for RWO's highly efficient, space saving oil-water separator has surged,” he says. “A t the same time, our partnership with Goltens has allowed us to gain access to new customers.”

At present, RWO has a similar agreement with Goltens Rotterdam, and the two companies are currently discussing plans to work together in Miami and Dubai. In the meantime, Goltens Oslo continues to actively promote and market RWO waste water treatment systems to Norwegian shipowners and shipyards. “Our relationship with Goltens is simple, positive and mutually beneficial,” says Werle. “We look forward to working with them more in future.”

In addition to a service agreement, Goltens serves as an Helmut Werle Mana ging director, RWO exclusive sales agent to RWO in Norway, enabling RWO to gain access to new cusFounded in 1975, RWO covers all water tomers. At the same time, RWO's growing business treatment applications to be found has allowed Goltens Oslo to significantly raise onboard ships and offshore platforms, revenues providing service and spare parts for RWO including seawater desalination, fresh equipment. water treatment, technical water, East & India,will be responsible for all boiler feed water “While our relationship with RWO has always and river water produced stable revenues, we saw a significant treatmen t increase in revenues related to RWO in 2005,” solutions, waste Our relationship says Svend Skjeggdal, managing director of water treatment with Goltens is Goltens Oslo. “We expect RWO to remain an systems for black important part of our business in Norway for water, grey water simple, positive activities in the United States), and and galley water. and mutually will continue to manage Goltens' dayThe company, beneficial…We Helmut Werle RWO's managing director, noted which celebrated look forward to that the company's sales growth is related to its 30th anniverworking with International Maritime Organisation (IMO) sary on October regulation MEPC.107(49), a measure to increase them more in 28th, is based in the minimum purity level for outlet water, Bremen, futur e ecteffect on January 1, 2005. “As a which went into Germany

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etnam

and to serve as a al and international n the region.”

at the new office will be ens' services, support teams in Vietnam and mpany in this dynamic on,the new office will oltens core repair services, on diesel engines and s the viability of opening future.

“To meet the demands of our customers, we must provide quality services, short delivery time, reasonable prices, wherever they are,” Schoyen says. “With Vietnam becoming a significant regional shipping hub, itmakes sense to establish a presence there.”

Capt. Nguyen Thieu Huy BD Manager

Future Trade Show dates Goltens will participate n i the following Trade Show: Goltens Korea

ns Dubai ns Trading tens Fujairah

• Marinetec Shanghai 2005

Goltens Shanghai

• Posedonia 2006

Goltens India

• SMM 2006

Goltens Singapore Goltens Jakarta

ds of shipowners, wherever they are. g industry 24 hours a day, 7 days a

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To meet the demands of our customers, we must provide quality services, short delivery time, reasonable prices, wherever they are

IN SERVICE is published quarterly.

The opinions expressed in this newsletter are those of the authors or persons interviewed and do not necessarily reflect the view of the editors or Goltens.

All rights reserved. 2005

• Nor-Shipping 2007 International Maritime Industr y and Shipping Exhibition June 12 - 15, 2007 Oslo, Norway