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Durfee Joins Senesco Marine

Maritime Activity Reports, Inc.

January 20, 2004

Senesco Marine hired William K. Durfee as its new Senior Vice President of Procurement and Planning. Durfee brings to Senesco a wealth of experience in the manufacturing industry, both on the technical and managerial levels. Among Durfee’s responsibilities will be to oversee and streamline several of the company’s procedures, including the front end of contracts and the scheduling of construction personnel and projects.

Gary C. Schuler, Senesco Marine’s CEO, said “We’ve made a commitment at Senesco Marine to design and build the best ships in the business, and to deliver them to our customers on time, every time. That commitment is evident in our most recent contracts, two of which are on schedule and two of which are ahead of schedule. But this is just a start. We are by no means ready to rest on our laurels. That’s why Will Durfee is here.”

Prior to joining Senesco Marine, Durfee spent eight years at Eastern Acoustic Works (EAW) of Whitinsville, Mass., where, as Vice President of Manufacturing, he increased average gross margins from 35 percent in 1996 to 49 percent in 2003. In addition, Durfee was able to increase EAW’s production output by over 40 percent while reducing its indirect spending by 15 percent. Through rigorous cross-training, reduced rework, and the introduction of flow line technology and continuous improvement teams, Durfee also increased direct labor efficiency by 20 percent in 2001, and by 27 percent the following year.

From 1989-1995, Durfee served as a Plant Manger, Business Unit Manager, and Senior Manufacturing Engineer at Stanley Bostitch (a $500 million producer of pneumatic tools and fasteners). He began his career as a Manufacturing Engineer at Central Tools, Inc. of Cranston, Rhode Island after earning an Industrial & Manufacturing Engineering degree from the University of Rhode Island. Durfee is now pursuing a Master’s degree in Industrial Technology at Rhode Island College.

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