WHEREAS, Massachusetts Heavy Industries, Inc. is revitalizing the historic Quincy Fall River Shipyard with a mind to making it the most modern builder of ocean-going vessels in the world. The 100 acre facility will be renovated and modernized by the addition of the world's most efficient automated ship steel and piping production operation that will have the capacity to deliver up to ten ships annually from its five dry-docks. This remarkable enterprise will create over 1,000 direct employee positions, and as many as 5,000 vendor, supplier and subcontractors jobs; and

WHEREAS, Financed by public-private funds, ground breaking for the shipyard is March 10, 1997, with renovations beginning in the Spring leading to shipbuilding activation in the Fall of 1997; and

WHEREAS, The global shipbuilding market is estimated to be in excess of $680 billion over the next ten years but, in 1997, the United States enjoys a less than 0.5% share of this lucrative market, down from its historic high of 50% after World War II. The overall national goal, spurred by federal legislative action, is to capture 3% of the global market in the near term with an eye to ultimately taking a 10% share of the worldwide market; and

WHEREAS, The shipyard will be oriented to globally desirable product vessels including tankers, bulk carriers and container cargo ships; and

WHEREAS, Some current Rhode Islanders serve on the MHI Board of Directors and Management Team, and Ocean State firms which meet price, quality and delivery time requirements will be invited to bid for work at the shipyard. Rhode Islanders with shipbuilding skills will be invited to seek employment at the revitalization facility; and

WHEREAS, The President and CEO of MHI, Sotiris G. Emmanuel, was the former Chairman, CEO and General Manager of Elefsis Shipyard, S.A. in Greece. A former member of the Greek Navy, he studied Naval Architecture and Marine Engineering, and holds an advanced degree in Shipping and Shipbuilding Management from MIT. A graduate of the Athens University Law School, Mr. Emmanuel is proficient in three languages. Married, with three children, he resides in Swampscott, Massachusetts; now, therefore, be it

RESOLVED, That this General Assembly of the State of Rhode Island and Providence Plantations hereby commemorates the ground breaking ceremony for the revitalization of the historic Quincy Fall River Shipyard on March 10, 1997. Certain to be a positive boost to the Massachusetts, Rhode Island and regional economy, the modernized Quincy Fall River Shipyard will also go a long way in restoring America's long-held position of leadership in this internationally vital industry; and be it further

RESOLVED, That the Secretary of State be and he hereby is authorized and directed to transmit a duly certified copy of this resolution to the President and CEO of Massachusetts Heavy Industries, Inc., Mr. Sotiris G. Emmanuel.