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January 24, 2004

M/T ARCA TO BE DOUBLE HULLED AT VERREAULT NAVIGATION

The V. SHIPS-managed, and SHELL CANADA-owned bunker barge M/T Arca, which operates in Montréal harbour, supplying bunker oil to other vessels, is currently in the VERREAULT dry dock in order to undergo the process of obtaining a double-hull. The process, which should take roughly 3 months to complete, comes well in advance of proposed legislation which will, in all likelyhood, demand that all Canadian oil tankers have a second hull for environmental safety purposes. This initiative demonstrates a forward thinking approach to increasing operations standards and safety levels in Canadian waterways on the part of SHELL CANADA. It goes without saying that everyone at VERREAULT is pleased to be taking part in this project.

Should you wish any further information on this project or would like to have a quote for any work you are planning for the future, do not hesitate to contact us at:

Verreault Navigation inc.
146 Rue Principale
Les Méchins, (Québec)
Canada
G0J 1T0

Phone: 418.729.3733
Fax: 418.729.3285

serge.desrosiers@groupeverreault.com

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