RAISING THE KURSK: ADDITIONAL EXPENSES TO BE COVERED BY MAMMOET

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Izvestia, October 4, 2001, p. 2

Question: Why another postponement?

Franz van Seimeren, head of Mammoet: The weather forecast was favorable for this week and we hoped to begin lifting the submarine on October 3 or 4. Now, if the weather improves, we hope to lift the submarine this weekend or early next week.

Question: The Russians are paying your company in installments after each phase of the operation. And how are these phases financed?

Franz van Seimeren: Mammoet is paying. We finance the work and when the customer is satisfied with how it has been done, we get the money.

Question: Does this mean the operation may go beyond the initially planned expenditure, as specified by the contract?

Franz van Seimeren: Well, each day in the Barents Sea costs a great deal and we try to do everything as fast as the weather permits. I’m fairly confident that we will not exceed the sum specified in the contract. Otherwise, Mammoet will cover any additional costs.

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