Craig Stevenson to join Intermarine as Chairman of the Board of Directors

(NEW ORLEANS – JULY 10, 2008) — Intermarine, a global leader in project cargo shipping, announced today that Craig Stevenson has joined the company as Chairman of the Board of Directors. Mr. Stevenson, the former Chief Executive Officer of OMI Corporation will work closely with Intermarine’s management in this non-executive position to formulate the company’s strategic objectives and growth plans.

“We welcome Craig Stevenson’s ongoing involvement with Intermarine. Craig is joining the company at an exciting inflection point in our growth and development,” said Andre Grikitis, Chief Executive Officer of Intermarine. Mr. Grikitis continued, “Craig’s deep understanding of
the shipping industry and his senior leadership experience make him a superb fit for Intermarine. Craig’s strategic involvement and our recent partnership with New Mountain Capital LLC strongly position the Company to grow with new and existing customers as increased global trade, energy exploration, and infrastructure development continue to drive the need for our services.”

“Intermarine is an attractive and unique shipping and logistics business,” said Craig Stevenson. “I believe its combination of talented people, systems, industry-leading customer service, and high quality fleet of heavy-lift multi-purpose ships enables the company to provide a highly
differentiated service to its global blue-chip customer base. I look forward to working with management to continue to build the company and to extend its global leadership within the world wide ocean transport for heavy lift and project cargo.”

Mr. Stevenson served as Chief Executive Officer of OMI Corporation (NYSE: OMI) from 1993 until 2007. During his tenure, the market capitalization of OMI increased more than ten times, and the company acquired one of the most modern fleets in the industry. Following the sale of OMI to Teekay Shipping and Torm in the summer of 2007, Mr. Stevenson joined Diamond S Shipping, where he currently serves as Chairman and CEO. He is also the current Chairman of Ship Finance International Limited. Mr. Stevenson graduated from Lamar University with a BA in Business Management.

By Professional Mariner Staff