PRESS RELEASE

Heddle Marine Service Inc.
208 Hillyard St. Hamilton, ON
L8L 6B6
Hamilton
24 February 2017
Heddle expands its service to the Upper Great Lakes with the
acquisition of the Thunder Bay Shipyard
On the 29th of June, 2016, Heddle Marine Service Inc. (Heddle) reached an agreement to
acquire the Thunder Bay Shipyard from Hagoth Inc. After purchasing the Thunder Bay
Shipyard, Rick Heddle, President of Heddle Marine, set into motion the formation of a local
Thunder Bay start-up company that will be known as Current River Holdings Inc. It will be
Current River Holdings Inc., in collaboration with local partner Fabmar Metals Inc.
(Fabmar), that will operate the Thunder Bay Shipyard once it becomes operational
sometime in the spring of 2017.

The Thunder Bay Shipyard was at one time a leading provider of ship repair and ship
building services. The facility, which has been active since the early 20th century, is
situated on approximately 42 acres of land which includes approximately 850 meters of
waterfront. The dry dock is 228 meters (748 feet) long by 30m (98 feet) wide and can
accommodate vessels with a beam of up to 25.9 meters (85 feet). The facility also includes
a large fabrication shop of 2323 m2 (25,000 ft2), and a 3252m2 (35,000 ft2) machine shop

The acquisition of the Thunder Bay Shipyard will allow Heddle to expand its market
position in the Upper Great Lakes. Heddle intends to utilize the yard by servicing the
vessels of its existing clientele as well as offering to a new base of clients whose vessels
operate exclusively in the Upper Great Lakes. As a result of Thunder Bay's proximity to the
U.S., Heddle will make an effort to include U.S. ship operators to its new clientele.

A major factor in Heddles final investment decision was the proactive support of the
Thunder Bay Community Economic Development Commission as well as the Thunder Bay
Port Authority. Moreover, Heddles decision was contingent upon forming a partnership
with Fabmar. Fabmar is a Thunder Bay-based company that has been successfully
operating for more than 30 years and offers complimentary services to Heddle such as
ship repair, fabrication, and machining. Led by Dale Ryynanen, the experienced team at
Fabmar will form the cornerstone of Heddle's operations at the Thunder Bay Shipyard.

Heddle Marines core belief is to retain the best people to offer a quality service. In doing
so, we create an environment of success that will allow us to contribute to the communities
from which we operate.

Heddle Marine Service Inc. is a leading Canadian ship repair and marine service provider. Heddle
offers a wide range of service including , dry docking, alongside ship repair, shipbreaking, fabrication,
mechanical, machining, electrical and hydraulic support service to a diverse range of clients such as
maritime vessel operators, offshore/onshore oil and gas operators, infrastructure developers, industrial
operators and the Military/Coast Guard. The company's founding facility is located in Hamilton, Ontario
(est. 1987) and additional facilities have been established in Thunder Bay, Ontario, St. John's and
Broad Cove Newfoundland as well as in Sydney and Halifax, Nova Scotia. Heddle consistently
delivers quality service in a competitive environment. This combined with operations driven by our ISO
9001:2008 certified Quality Management System, ensures that our standard of quality workmanship
and safe business practices go above beyond the industry standard.

FOR ADDITIONAL INFORMATION, PLEASE CONTACT

Manager Sales and Marketing

Shaun Padulo
Spadulo@heddlemarine.com
+1-905-528-2635

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