Odessos Shiprepair Yard S A : Financial and other reports (Quarterly financial report)

Koraboremonten Zavod Odesos AD Varna (KRZ Odesos AD) is a Bulgaria-based company, engaged in the maintenance and repair of large ships and vessels. The Company is equipped to repair and dry-dock vessels with deadweight tonnage capacity up to 35,000, as well as to provide afloat repairs of vessels up to 150,000 deadweight tonnage. The Company's facilities include one dry and two floating docks, as well as piers of 1,200 meters, painting shop, steel shop, mechanical shop, carpentry shop, electrical shop, foundry and forgery, a licensed service station for the repair of turbochargers, and several warehouses for the storage of materials and spare parts. The Company is active domestically and abroad, including Germany, the Netherlands, Latvia, Portugal and Spain among others. It operates through three affiliated companies, Arsenal Odesos AD, Odesos PBM AD and Morski svyat OOD. As of December 31, 2011, the Company’s major shareholder was KRZ-Invest AD with a stake of 49.86%.