We have pleasure in informing industry colleagues and associates that on 28 June 2007, Babcock International Group PLC completed the purchase of DML (Devonport Management Limited), the parent company of Devonport, the specialist superyacht builder.

A new division, Babcock Marine, is being created which will cover DML Group activities, including Devonport. In the immediate future this development is not expected to generate any significant changes in the operating structure of the business.

This news announcement comes at an extremely busy and exciting period for Devonport, which has included a move into new and much larger office accommodation and front of house facilities, within our shipyard, earlier this year. Furthermore, Project 54, our 82m new build is progressing very well and in addition we are working on a number of new large yacht enquiries between 70 metres to 120 metres, with leading designers.