Vessel

Name:	R/V Minibex
Flag:	French registered vessel
Classification:	Bureau Veritas I 3/3(-)
Length overall:	30 meters
Breadth moulded:	7 meters
Draught fully loaded:	2.5 meters
Loaded displacement:	125 tons
Gross Tons:	165.95 gross tons
Hull material:	AG4 MC High tensile aluminium alloy
Maximum speed:	10 knots
Engines:	2 MAN diesel engines, continuous service 400 BHP at 1800 rpm
Fuel capacity:	23000 litres - 2000 nautical miles at 10 knots, 3500 at 7 knots
Winches:	Multi-purpose hydraulic winch and 2 hydraulic mooring winches
Work boat:	6 meter RIB with a 50 HP outboard engine
Moon pool:	1200 mm x 850 mm in the center of the vessel
A' Frame:	Hydraulically operated multifunctional (sub, sonar, sidescan and ROV). Rated 5.5 tons tilting, 8 tons extended
Tilting ramp:	3 meters wide aft tilting frame for launching of boats, divers and other equipment

Equipment

ROV:	Comex 'Super Achilles' with Mesotech scanning sonar and trackpoint USBL system. A light ROV connected and piloted through 900 meters long umbilical coax. A mooring cage is lowered under the vessel and at the vertical setpoint the ROV can leave its cage using a 100 meters floating umbilical coax fed by a Tether Management System. Fitted with a transponder, the ROV can be used as a DP reference for the vessel. The ROV flight can be recorded and its position with respect to the vessel or its cage can be constantly checked.
Acoustic Survey and Inspection:	Sidescan Sonar: Edgetech 100Khz/500 Khz Digital DF-1000. 3000 meter Deep Tow SeaSPY magnetometer.Bathymetric Sonar: DESO 15 DX Echosounder.CODA-DA200 data acquisition and processing workstation.HYPACK Hydrographic Survey Software.
Dynamic Positioning System:	Thompson CSF DP System. This system uses the gyro-compass and the Trackpoint II acoustic processor to drive the two pump-jets (direction and thrust). The vessel can be set on a constant heading (bow to the sea or wind) or can be headed 'to' or 'from' the mobile target that is being tracked. The DP will keep the vessel above a fixed seabed reference through one of the navigational systems.
Navigation and Communication:	Fully integrated navigational system (GPS, radar, auto-pilot, echo sounders). SATCOM INMARSAT communications system and GMDSS radio station.
Diving spread:	Complete surface diving gas panel. Umbilicals and equipment for two divers. Decompression chamber: Two-compartment chamber (5 bars) for surface decompression and diving accident therapy.
Archaeological equipment:	Photographic and drawing equipment, various photographic scales for the ROV and conservation and first aid for finds equipment.
Video, still photos:	Various recorders and cameras in different formats.

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The Company believes the information set forth in this Press Release may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended and is subject to the safe harbor created by that section. Certain factors that could cause results to differ materially from those projected in the forward-looking statements are set forth in "Risk Factors," and "Business" in the Company's annual report on Form 10KSB for the year ended February 28, 2001, which has been filed with the Securities and Exchange Commission.

PR02-33/151