Somerville Elected CEO of ABS

Robert D. Somerville, currently President and Chief Operating Officer of ABS has been elected to the position of Chief Executive Officer by the ABS Board of Directors. These duties will be in addition to Mr. Somerville’s current responsibilities. The transfer of CEO responsibilities from ABS Chairman Frank J. Iarossi marks the first phase in a carefully planned leadership transition strategy. Mr Iarossi will continue as Chairman of the classification society until 1 May 2004 and remains Chairman and CEO of the ABS Group of Companies, an affiliate of ABS. The Board of Directors has also elected Robert E. Kramek, currently Senior Vice President and President, ABS Americas division to the position of Executive Vice President.