Doen Pacific Enters into Joint License Agreement

Doen Pacific as one of only 5 marine waterjet manufacturers in the world matching engines to 4,000kW, and CSIC, one of the two largest shipbuilding conglomerates in China, together with its Member WMMP, have jointly signed a license agreement for the manufacture and sale of WMMP‐DOEN Waterjets in China.

The signing ceremony took place on October 29, in Wuhan, China, and was attended by representatives of each company, headed by Mr. He Jiwu, Board Chairman and President ‐ Wuhan Marine Machinery Plant; Mr. Wu Jing, Vice‐Executive General Manager ‐ China Shipbuilding & Offshore International Co. Ltd, as the Technology Import channel for CSIC; Mr. Mark Peters, Director ‐ Doen Pacific Pty. Ltd; and Mr. Timothy Udvary, Director and Chief Engineer ‐ Doen Pacific Pty. Ltd.

"China's burgeoning growth in shipbuilding capacity during recent years has stimulated the rapid development of the marine diesel engine market, and in turn the requirement for waterjet propulsion. Doen Pacific are delighted to have formed this strategic partnership with CSIC and WMMP, and have every confidence this agreement will enhance Doen's presence in this region," said Mr. Peters.

The local manufacturing of the Doen Waterjet range is a key element in this joint strategy, and with WMMP having state of the art manufacturing, testing, and workshop facilities in Wuhan makes them an ideal partner for Doen Pacific in targeting the Chinese waterjet market, and complements their existing propulsion products.

"I am very confident this partnership is the right choice for both parties, and the CSIC Group looks forward to adding the Waterjet to the range of propulsion products currently manufactured by WMMP," said Mr. He Jiwu. Doen's latest range of 13 waterjet models, covering 100kW to 4,000kW will be manufactured and branded WMMP‐DOEN in China, and the Director's decision to license its waterjet technology is a landmark decision. The roll out of this Indigenous waterjet program in China will help negate the total reliance upon imported products. One thing is certain, as prices are reduced for waterjets the market will greatly expand.

Doen expects the first waterjets to be produced in the coming months.