MYKOLAIV, MARCH 28th, 2011, CONTEXT-PRICHERNOMORIE — Public Joint Stock Company Wadan Yards Ocean has been renamed to Public Joint Stock Company Mykolaiv Shipyard Ocean, Context-Prichernomorie correspondent reports.

The agency has been informed about it today, 28 March, at the press service of the company.

According to their information, this decision was taken March 18, 2011 at the XII General Meeting PAO Wadan Yards Okean. The meeting also approved the financial statements for 2009 and 2010 and the conclusion of the Audit Committee of the Company regarding the report and balance sheet of the company for 2009 and 2010. Society president Leonid Shumilo requested to ensure that all necessary actions for the state registration of new charter company.

During the meeting, pre-approved major transactions to be carried out by society, namely: shipbuilding contracts, credit agreements, security agreements, etc.

To ensure a high level of financial stability and sustainability of the enterprise in today's market conditions, the leadership of PAO Mykolaiv Shipyard Ocean developed a strategic programme, which provides a maximum load of production space and production cost-competitive products.

Currently, Mykolaiv Shipyard Ocean is a self-sustaining enterprise with a strong material base, knowledgeable staff, reliable business reputation in the world, opportunities for cooperation. The owner of the plant, primarily interested in maintaining the profile appointment of the company, its profitability, strengthening our positions in the field of shipbuilding and repair, creating new jobs and social programmes.