2. Middle East Navigation Aids Service Presentation of Business Developments to INTERTANKO, Dubai, March 2004

3. Introduction MENAS was established in 1925 to provide navigation aids for the Arabian Gulf. Incorporated in the U.K as a non-profit company - a company limited by guarantee. Its governance is under the control and scrutiny of the U.K’s Charities Commission.

4. Challenge for Menas 90% of revenue is dependent on collection of light dues. Maintaining support of ship owners is essential to viability of the service. Menas must demonstrate that it: (a) Operates in a thoroughly commercial manner and (b) provides the service that ship owners actually need.

5. MENAS Strategy Broaden the revenue base by increasing (navigation aid) contract work with ports. Broaden the scope of activities to (a) increase revenue generating potential and (b) provide a wider range of services to ship owner clients. Reduce costs.

6. Strategy Implementation - Progress to Date Solarisation of nav. aids and reform of operational practices. Reduction of manning levels at sea and on shore. Reform of business controls, billing processes and accounting practices.

7. Direct Costs

8. Cost Base Reduction - Staff

9. Reduction in Staff Costs - MOD

10. Management Cost Reduction

11. Strategy Implementation - The Future A new ship with greatly enhanced capabilities. Oil Spill Response. Training Hydrographic Survey Off shore and diving support Geophysical Survey

12. The New “Relume” Computer generated picture of new ship

13. Principal Specifications of the new “Relume” Core Manning 10. Accommodation for up to 40 persons - e.g. trainees and contractor’s personnel. Twin Azimuth units and twin tunnel thrusters. Kongsberg Simrad DP system (DP2) Service Speed 13kts. 25 Tonnes main crane, 13 tonnes general purpose crane.

14. Delivery of the new Ship Picture of the launch

15. Preparations for Introducing the new “Relume” Experienced GM appointed in Bahrain. Experienced DP officers being recruited. Training and accreditation for oil spill response is in hand. ISO Accreditation.

16. The New Menas The changes made over recent years, when taken together with the introduction of the new “Relume” will represent the biggest transformation in the history of the Service. The new Menas will be better aligned with the interests of ship owners and of the Gulf region’s authorities. It will deliver a wider and more relevant range of services at a lower cost than ever before.

17. Thanks MENAS is grateful to INTERTANKO for this opportunity to address its members.