CMM Commoditrade

RNS Number:9369J
Cammell Laird Holdings PLC
3 May 2000


                  CAMMELL LAIRD SIGNS JOINT VENTURE AGREEMENT


Cammell  Laird Holdings PLC, the international marine services company,  today
announced  the  establishment of a joint venture with  International  Shipping
Investors.

The  joint  venture  company,  Progress  Group  Ltd,  will  be  51%  owned  by
International  Shipping Investors and 49% owned by Cammell Laird.   The  joint
venture  has  been  formed to enable Progress Group  to  offer  an  integrated
package  to ship owners and operators, which will include ship management  and
finance.

As  an  integral  part  of  the deal, Progress Group  Ltd  has  acquired  from
International Shipping Investors, 100% of International Shipping Partners  and
75%  of  MMS Ship Management for a total consideration of $19.5 million (#12.3
million).   This  has  been satisfied by the issue of new shares  in  Progress
Group  Ltd,  valued at $8.5 million, with the balance paid in cash and  medium
term debt.

International  Shipping  Partners  is  one  of  the  world's  largest   cruise
management companies with 19 passenger vessels under management and more  than
1,600  Deck  and Engine Officers and Crew.  It has operations in the  US,  UK,
Bahamas and Denmark.  MMS Ship Management, based in Florida, is a leading firm
of naval architects.

At  the  same  time,  Progress Group Ltd has acquired  the  Big  Red  Boat  II
(formerly  the  Edinburgh  Castle) from Cammell  Laird's  subsidiary,  Oceanic
Marine  (Gibraltar)  Ltd  for a post-refurbished  cost  of  $46  million  (#29
million).  The consideration has been satisfied by the issue of new shares  in
the  Progress Group Ltd valued at $8.2 million and a combination of  cash  and
medium term debt, payable over 8.5 years (bearing interest of 7%).

Jon Schofield, Finance Director of Cammell Laird, said today:-

"Our  relationship with the Progress Group offers an exciting  opportunity  to
build  on  the  strength  of our existing operations which  will  ensure  that
Cammell  Laird is able to offer a fully integrated package including,  through
the  Progress  Group, the ability to facilitate ship finance  and  management.
This  will  further  strengthen the business to the  benefit  of  current  and
potential  customers,  shareholders and workforce.   The  deal  also  provides
access to extensive expertise in the cruise and ferry sector, one of the  most
rapidly growing areas within the marine market."


Niels-Erik  Lund,  formerly Chief Executive Officer of International  Shipping
Partners and now chief Executive of Progress Group Ltd, added:-

"We are delighted to complete this joint venture and welcome Cammell Laird  as
a  major shareholder in the Progress Group.  The Big Red Boat II provides  the
Group  with  a  substantial asset backing and a secured income stream.   Taken
together  with its long-term management contracts worth a further  $6  million
per  annum,  the  Progress Group is exceptionally well placed to  develop  its
expansion strategy.



For further information:

Jon Schofield
Finance Director
Cammell Laird Holdings PLC         Tel: 0151 236 5500


Peter Otero
Financial Dynamics                 Tel: 020 7831 3113


END
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