COMPANY PROFILE

Palumbo Group with its headquarter in

Naples, has been involved in the shipbuilding

and ship-repair industry since 1967.

It was founded by Salvatore Palumbo, father

of Antonio Palumbo, current Owner and

CEO of the Company. Salvatore Palumbo

started, with a very small firm, to perform

carpentry and welding works and then, in the

80's, changed his main activity in the repair

and maintenance of the ship’s hulls.

The Company has gained throughout the

years the technical and organizational skills

necessary to satisfy the most demanding

customers, both regarding the time

management skills and the high quality of

service provided, investing in professionalism

in order to create a specialized staff at the

highest standard in its field. Over the last

decade the Company has lived a rapid and

continuing expansion with the acquisition of

the yards of Palumbo Messina in 2006,

Palumbo Malta in 2010, Palumbo Marseille

ITM in 2014 and Palumbo Tenerife in 2016;

and moreover in the 2009 the Company

entered in the Super Yacht industry with the

brand “Columbus Yachts”, that is now one of

the most dynamic brands in the global market

and in 2015 has arrived to open a new

representation office of the Group in Monte

Carlo.

Palumbo Group is a dynamic group, always

looking for innovative solutions in order to

keep abreast of the times and at the same

time guarantee a successful synergy between

tradition, experience and innovation.

OUR

HISTORY

| The founder Salvatore Palumbo in a photo of 1967

Palumbo Group is one of the most important

shipbuilding and ship-repair groups in the

Europe.

More than 2000 ships repaired since 2006,

more than 1300 employees in 6 yards,

investments in constant growth- with a 64

million of turn-over in 2015 - we are

established as one of the yards leader of the

Mediterranean and beyond.

Our strength resides in our roots, we like to

be considered ambassadors of the “made in

Italy” as the majority of the manpower we

employ and the full management of the

company is Italian. Our 49 years allowed us

to become a point of reference in our market

and constantly expand our portfolio.

The 2016 has been a significant year, in fact

the acquisition of Palumbo Tenerife

represents the first yard outside

Mediterranean waters, our aim is to continue

to invest in capacity, capability and

infrastructures by catching growing

opportunities and face the market

complexities in the best way.

THE GROUP

&

OUR VISION

| Parlatorio Wharf in Palumbo Malta Shipyard at sunset

Nowadays, the Company, supported by its

network of 6 shipyards with 14 Docks up to

VLCC size located in Naples (IT), Messina

(IT), Malta (MT), Marseille (FR) and

Tenerife (ES) operates mainly in repair,

construction, modification, conversion and

maintenance of every type of ship in order to

offer a wider service to its clients in the heart

of Mediterranean and beyond.

Our achievements are driven by our winning

mentality, our commitment and dedication to

every project that the Group is engaged in,

irrelevant of the extent, with specific attention

to the quality, safety, and respect of deadlines.

The latest official turn-over registered by

Palumbo Group was in 2014 and has reached

the following economic results.

Financial Statements 2014 (value in € million)

We expect that the turn-over of 2015, which

will be prepared over the next month is

expected to be stable at around 64 millions,

while, for 2016, due to the opening of another

shipyard in Tenerife , we foresee the turn-

over to grow.

THE GROUP

&

OUR VISION

2006 2007 2008 2009 2010 2011 2012 2013 2014

Naples 93 80 67 66 77 62 89 85 44

Messina 30 22 32 35 66 58 70 82 37

Malta PMS 89 181 202 175 170

Malta Yacht 60 37 31 45

Marseille 8

8

60 37 31

45 89

181 202

175 170

30 22 32 35

66

58 70

82 37

93 80 67 66

77

62 89

85

44

0

50

100

150

200

250

300

350

400

450

PALUMBO GROUP More than 2000 vessels repaired from 2006

Marseille Malta Yacht Malta PMS Messina Naples

| Our Yards in Mediterranean region

For a relevant group like Palumbo Group,

sustainable development is at the same time a

strategic necessity and an ethical imperative.

Today – and more and more in the future –

sustainability means competitiveness on the

market and reliability in the local community.

The supply of full energy in an

environmentally sustainable way and at

accessible prices is one of the hardest global

challenges, made even more complex by the

supply guarantee requirements.

Palumbo Group has invested €2 million in its

shipyards. The investment is in the form of

solar panels to reduce the amount of CO2

emissions by at least 750tons per year.

Panels are spread over a 14000 sqm area and

are connected to the national grid. The

system is estimate to generate around

1.350.000 kWh per year.

Another environmental friendly solution

which has been adopted by the Yards is the

progressive utilization of hydrojetting machine

for hull sandblasting jobs.

PALUMBO

FOR A

GREEN

FUTURE

| Pictures showing the solar panles installed on top of Machine Shop in Malta Yard

|Hammelmann dockboy machine. One of our hydrojetting equipment

Today the company’s services have grown to

also include: new building, refit, conversion

repair and maintenance of every type of

vessel.

Over the 49 years of operation, Palumbo

group has repaired thousands of ships of

various kind from Italy, Germany, Greece,

UK, Singapore, Cyprus, Holland, Norway,

Hong Kong, Libya, Algeria, Turkey,

Switzerland and many other countries.

General ship’s repair & conversion continues

as a core activity; however the diversification

into other sectors such as ship building,

harbor & voyage maintenance and ancillary

services to the maritime industry, such as

crane rental, has created a stronger and more

focused company, able to react commercially

and technically to the market trends.

Our achievements are driven by our winning

mentality, our commitment and dedication to

every project that the Group is engaged in,

irrelevant of the extent, with specific attention

to the quality, safety, and respect of deadlines.

Besides handling major refit works and

conversions of commercial vessels, Palumbo

entered in the Super Yacht industry in the

2009 with the brand “Columbus Yachts”, that

is now one of the most dynamic brands in the

global market. With its brands, Palumbo puts

itself, on the international scenario as an

unicum for competence and competitiveness,

not only in the ship repair field, but also in

the super yachts building with its own projects

line.

BUSINESS

ACTIVITIES

SHIP REPAIRS | CARGO

& CONVERSION | FERRIES

| CRUISE

| LNG / LPG

| OFFSHORE

| MILITARY

NEW BUILDINGS

SUPERYACHTS

Over the last years Palumbo managed to

acquire and extensive experience and

knowhow on different type of cargo ship,

including:

- Crude oil tankers

- Chemical tankers

- Bulk carriers

- Container ships

- Reefer vessels

- Car carriers

Works range from standard dry-dock projects

to specialized jobs, which include repair /

maintenance on cargo systems, cargo tanks,

hatch covers, cargo holds, cell guides and

container sockets, refrigerating systems, stern

ramps, cargo handling equipments.

SHIP REPAIRS

&

CONVERSION

CARGO SHIPS

| M/T Augusta afloat in Dock n.5 in Malta yard

| M/T Rio Genoa leaving Malta Yard after repairs

| MSC container ship MSC Socotra leaving our Yards after repairs

| Ferry Moby Wonder waiting to dry-dock in our Messina Yard

The Group has specialized in repair, refit and

conversion of ferries.

In this sector the Company offers a wide

range of services to cruise ferries, Ro-Pax and

High Speed Ferries. Thanks to its wide

production network, the Group can provide

high quality and cost saving solutions, with

short delivery times.

The customer portfolio includes: Grimaldi,

Moby, Tirrenia,, Minoan, Superfast Ferries,

Anek Lines, CTN.

One of the most complex and challenging

project awarded to our group in 2016 was the

refit project of three ferries from Moby Lines.

Projects included the manufacturing and

fitting of new passengers and car decks,

involving hundreds of cabins per ship,

overhaul / renewal of main and auxiliary

engines, the extensive refit of passenger areas

as lobbies, bars, caffetterias, galleys, shops.

SHIP REPAIRS

&

CONVERSION

FERRIES

| Grimaldi’s ferry Cruise Roma at night during

dry-dock in our Messina Yard

| Refit project carried on onboard M/V Moby Kiss (ex Galaxy)

| Ferry Athara at berth and Ostfold & Vestfold ferries

in double docking

Palumbo’s success in the cruise ship business

sector is deeply rooted, its yard are located at

close distance from the main tourn-aroud and

touristic ports in the Mediterranean Sea.

The Group’s leadership in this sector has

been gained thanks to a service which

resembles at its best the concept of “Made in

Italy” and is the result of high quality

standards and of a preferential relationship

with top international ship owners Customers

such as MSC Cruise Lines, Holland America

Line, La Compagnie du Ponant, TUI Cruises

etc.

Know they can rely on an integrated system

which is supported by a network of suppliers

who provide furnishings, services and

interiors in the tradition of our best national

craftsmanship combined with the class of

Italian design.

Our VLCC dock in Palumbo Malta, with its

362 m in length and 62 m beam is able to

accommodate the biggest cruise ships crossing

our seas.

SHIP REPAIRS

&

CONVERSION

CRUISE

| Celestyal Crystal undergoing repairs in Dock 4 in October

| Mein Schiff 2 in Dock n.6 during repair works in night shift

| Costa NeoRiviera in Dock n.6 at

Palumbo Malta Shipyard

Palumbo’s workforce and engineering staff

have extensive experience in the repairs of

LNG containment systems including the

renewal of membranes.

Very large repair/renewal projects were

carried out on ships belonging to primary

clients such as Hyproc, Naftomar, Bernard

Schulte, Golar, BW, Saipem etc.

Our relationship with leading experts on

repairs and suppliers of materials for LNG /

LPG containment systems is excellent.

To confirm that GTT (world’s leader in its

sector) entered in a Technical Service

Agreement (TSA) with Palumbo Group for

repair and maintenance in membrane type

cargo tanks and cargo handling system on

LNG carriers.

SHIP REPAIRS

&

CONVERSION

LNG / LPG

| LNG tanker Berge Arzew entering Valletta port for immediat dry-dock at out facilities

| Chemical Tanker Gennaro Ievoli alongside in Messina Yard at sunset

| Algerian 80000 DWT LNG tanker Bachir Chihani

Our Offshore repair and maintenance service

is built on years of experience, high levels of

technical skill and a practical understanding of

our clients' needs.

Palumbo applies tightly controlled project

management disciplines to its offshore

repairs, large or small. We apply offshore

modifications, upgrades, damage repairs,

conversions as well as refurbishments. Our

method of working is based on a quick and

safety-focused response to customer demand.

Over the years we have managed to develop a

large experience on Semisubmersible Rigs,

Jack Up Rigs, Pipe-laying Vessels, Crane

Vessels and of course support vessels such as

Anchor Handling Tug Supply (AHTS)

vessels, Platform Supply Vessels (PSV) and

Offshore Subsea Construction Vessels

(OSCV)

All staff in our teams are expert in rig and

shipyard work. With safety and quality as our

starting point, our multi-disciplinary teams

complete projects for numerous global

customers.

SHIP REPAIRS

&

CONVERSION

OFFSHORE

| Panoramic view of Dock n.6 and Parlatorio Wharf at Palumbo Malta Shipyard

| FRSU Toscana in Dock n.6

| Offshore unit alongside our latest

acquired Palumbo Tenerife Shipyard

| Congratulation letter received by the Commander of HMS Enterprise for the good

performance of the yard in November 2016

Palumbo Group is among the largest, full

service Group of shipyard in the

Mediterranean region capable of maintaining

or repairing any ocean-going vessel belonging

to the military fleets including frigates,

corvettes, patrol vessels and auxiliary vessels.

Because of our location, expertise and

shipyard capabilities, Palumbo serves as a

principal repair facility for many military fleets

which includes Italy, UK, USA, Germany,

Russia etc.

SHIP REPAIRS

&

CONVERSION

MILITARY

| Navy vessels alongiside Palumbo Malta Shipyard

| Congratulation letter received by the Commander of USS

Mount Whitney for the good performanceof the yard

Palumbo Group, despite the fierce

competition, has the full capabilities to assist

clients in different kind of shipbuilding

activities.

Palumbo Group over the years has developed

different concepts from fast crew boats to

aluminum catamarans.

Among the most prestigious assignments, we

can mention the Bella Desgagnés project.

Bella Desgagnés is a Canadian passenger

vessel completed in 2013 by Palumbo

shipyard in Naples. Palumbo Group was

proud of hosting this vessel and donating her

the best security, technical and comfort

standards.

The vessel was built at 60% by a Croatian

Shipyard that went bankruptcy, so in a record

time, Palumbo Shipyard succeeded in

completing every system on board, under the

supervision of Lloyd Register and Transport

Canada surveyors.

The vessel now represents a technical

excellence as far as international standards are

concerned for a passenger ship. Bella

Desgagnés is an Ice and DP class vessel in

compliance with Lloyd Classification

standards and Canada flag.

The vessel is 97,10mt in length (LOA) with a

GRT of 6.588 tons and it is powered with 4

diesel electric generators Wartsila which

power two KONCAR electric motors, giving

propulsion to two azimuthal propellers.

NEW

BUILDINGS

| Canadian passenger vessel Bella Desgagnés

| Bella Desgagnés final departure from Yard

Palumbo Group has successfully been

involved in shipping for nearly half a century.

Columbus, his yacht dedicated brand, have

brought our shipping knowledge to yacht-

building and created three stunning

collections – the Classic, the Explorer and the

innovative Sport Hybrid.

Columbus Yachts is one of the most dynamic

brands in the global market, having a unique

approach to the yacht building process.

All our yacht are hand-made in Naples by the

best skilled craftsmans.

Columbus Yachts have been repeately

nominated during the World Superyacht

Awards; we proudly announce that this year

(2016) our creature M/Y Divine has been

awarded with the first place in its category.

With the recent acquisition of the brand ISA

Yachts in Ancona, the group keeps growing

even in the superyacht sector. The new

shipyard will represent the new start for the

ISA brand and will boost the projects already

under the Columbus brand. Moreover, an

additional shipyard on the Adriatic Sea will

provide to Owners another spot for after sales

& repair services.

SUPERYACHTS

| M/Y Prima

| Award winner Super Yacht – M/Y Divine

The Shipyards are certified ISO 9001: 2008,

ISO 14001: 20014 and ISPS Code and have

been appointed with another prominent

certification. In particular the Maltese

company has successfully demonstrated its

ability to meet the highest standards of safety

and quality required by GTT (Gaztransport &

Technigaz) signing TSA (Technical Service

Agreement).

Palumbo Shipyards are committed to

providing the highest quality of services by

applying Occupational Risk Prevention and

maintaining respect for the Environment in all

of our activities. We work under the following

basic principals in order to continually

achieve the afore mentioned objectives:

- Constant improvement: guaranteeing control

of all company’s elements that could affect

the environment, negatively affect the health

of our workers, and improvement in

performance quality in order to promote the

efficiency and effectiveness of our services.

Keeping our competitiveness is a main

objective of the organization and can be

reached only by continuous improvement.

- Team up: we are committed to foster

competition, accountability and commitment

of all Palumbo shipyards’ workforce to ensure

quality in our service, preventing work related

accidents, personal injury, onset of

professional illnesses, preparedness for

emergencies, property damage or

environmental and social impact that may

affect the community or visitors, derived from

the activities of the company.

CERTIFICATIONS

&

QHSE

| A typical LNG cargo tank membrane

PARTNER

COMPANIES

WHERE WE ARE

7 SHIPYARDS

14 DOCKS

1 SLIPWAY

Palumbo Group Spa Via Calata Marinella (Interno Porto) 80133, Naples (Italy) Palumbo Spa Via S. Raineri snc 98122, Messina (Italy) Palumbo Malta Shipyard Ltd The Docks Ghajn Dwieli Road in Paola 9056, Malta Palumbo Malta Superyachts Ltd 31st of March Street Senglea, ISL 1041, Malta Palumbo Marseille Superyachts ITM Boulevard des bassins de Radoub, Formes 5 & 6 13002, Marseille (France) Palumbo Shipyard Tenerife S.L. Calle Jose de Zẚrate y Penichẻ, 5 oficina 5 38001, Santa Cruz de Tenerife Palumbo Ancona Shipyard ISA Srl Via Mattei 14 60125, Ancona (Italy) Palumbo Group SAM, Sales Office 33, Boulevard Princesse Charlotte 98000, Monaco

www.palumbogroup.mc