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People & Company News The immediately preceding quarter ended June 30, 2006, had net earnings of $71.4 million, or $1.23 per common share, on revenues of $269.8 million. Included in the current quarter's net earnings is a gain of $28.2 million ($17.2 million after tax, or $0.31 per common share) related to the August 2006 sale of 11 of the company's offshore tug vessels to Crosby Marine Transportation, LLC for a total cash price of $34.8 million. Included in net earnings for the quarter ended September 30, 2005 is a gain of $65.9 million ($42.8 million after tax, or $0.74 per common share) from the sale of six of the company's KMAR 404 class of Anchor Handling Towing Supply vessel to Deep Sea Supply ASA for a total cash purchase price of $188m. Tidewater Inc. owns over 490 vessels, the world's largest fleet of vessels serving the global offshore energy industry. Fuel-Cell Subs for German Navy In late September the German Federal Office of Defence Technology and Procurement signed a contract concerning for the delivery of two submarines of class 212A. The contract was signed with the consortium "ARGE 2. Los 212A," the ARGE being made up of the companies Howaldtswerke-Deutsche Werft and Nordseewerke, which belong to the ThyssenKrupp Marine Systems shipyard alliance. Both submarines will be equipped with an air-independent propulsion system based on the hydrogen fuel cell. The second batch for the German Navy will be constructed according to the already tried and tested general design for the first four submarines and will likewise be built in non-magnetic steel. In addition to expanded and improved surface and underwater sensor technolo- gy, the new submarines of class U212A have major innovations in the field of communication. This means that the submarines can be optimally deployed in Network Centric Warfare. They are also equipped for deployment of special forces. The delivery date for the two submarines is fixed for 2012 and 2013. options that are optimized for possible system integration into later flights of DDG-1000 and CG(X) surface combatant ships. This initial stage of the contract is expected to be completed in the next six months. AMSC Wins Navy Contract American Superconductor Corporation (AMSC) signed a contract valued at $5.3m with the U.S. Navy's Naval Sea Systems Command (NAVSEA) for the design and optimization of high temperature superconductor (HTS) ship propulsion motors and power electronic drives. The first $1.9 million increment of funding that has been allotted for this contract will focus on motor, drive and electrical system Bradford Marine Bahamas Expands Shipyard Bradford Grand Bahama (Bradford Marine Bahamas) are expanding its Freeport shipyard facilities. Bradford Marine has excavated a large portion of the west side of its property, reducing its elevation, and moved the excavated lime rock to the east side, raising its elevation to a more usable level. When the excavation is complete, Bradford Marine will build new docks on the west side providing 1,200 lineal ft. of new dockage space for up to the largest-sized yachts. At an elevation of Uncompromised Control Low Submergence Requirement Small Hull Penetrations Auxiliary Propulsion/ "Take Home" Capability Effective Thrust In Currents Proudly Made In The USA! JT575AM HT600 WaterJet Bow/Stern Thrusters 75-2200 HP November 2006 57