Signal International Finalizes Bender Acquisition

Mobile, AL–02 FEB 2010–Signal International Inc., an innovative leader in the marine and fabrication segment announced today it finalized the purchase of select assets of Bender Shipbuilding. Signal’s auction bid of $31.25 million was accepted by court order by the United States Bankruptcy Court for the Southern District of Alabama. With the deal now closed, the Bender yard will be branded as Signal Ship Repair.

“This is a new beginning for a company with a rich maritime heritage and shipbuilding overhaul and repair expertise to complement the strong position of the Signal brand, commented Dick Marler, Signal’s president and chief executive officer. Moreover, it fits squarely with our strategy to seek attractively priced acquisitions that continue to add market diversity. With our Texas facilities we have invested heavily in addressing heavy fabrication using continuous flow techniques and processes.  In Mississippi we are emphasizing overhaul and repair of offshore rigs and complimenting the Texas operation in new construction.”

“We are moving forward with plans to improve the facility with a capital investment in the dock, personnel, training, and operations, Marler added, incorporating the Signal values with regard to safety, quality and workmanship.” The Signal Ship Repair division will continue to focus on the overhaul and repair of ships and maritime vessels while re-establishing contacts with past customers and vendors, as well as new clients.

About Signal International:
Signal International, Inc., is an integrated company providing global services to the offshore, marine and naval industries.  As a leading supplier of marine and fabrication companies in the Gulf of Mexico, they provide overhaul, repair, and upgrade of offshore drilling rigs, ships and vessels; new construction of heavy duty ocean deck barges; and heavy fabrication services to the marine and offshore industry. Headquartered in Mobile, Alabama, Signal currently employs over 700 workers in its five production facilities in Alabama, Mississippi and Texas.