Good morning Netizens,

I would like to many thanks to all of you at time of 15th anniversary celebration of our
company found on 12 Feb 2010.

I believe that our company's being here honorable place today is sure to be attributable to our successful achievement of a numerous salvages through our condensed
experiences and know-how in spite of poor contract condition of "NO CURE NO PAY"
since establishment of our Salvage company on 12 Feb 1995.

It is nowadays fact that activities of commercial sea salvages have been remarkably
reduced as from the previous Typhoon Maemi in 2003 due to magnification of vessels
size with sophisticated navigational equipment and globalized meteorological
information management system & diverse communication network and Maritime Police
who has shown astute operations of save of life at sea and prevention of sea pollution
at early stages of sea accidents.

Therefore there have been no contracts of salvage by the civil salvage corporate elated with the P & I insurance Association Ltd. for last 3 ~ 4 years. Under such a situation,
it is regret that our intangible valuable experiences and know-how are being varied into
underground.

Under this circumstance, there have been two major sea pollution accidents of the
"Sea Prince" grounded at Sori island by Typhoon PEI on 23 Jul 1995 and "Hurbay Spirit"
spilt a great mount of crude oil into the sea by collision with a barge at west coast of
Korea on 7 Dec 2007, and another severe sea pollution by toxic chemical happened on
25 Dec 2007 by a chemical tanker "EASTERN BRIGHT" carrying Nitric Acid 2,100 ton that
sunk 70M depth underwater for the first time in the territorial sea of Korea.  

Yosu city authority, who was running the slogan of living sea, breathing coast line for
the preparation of Sea Expo due on May 2012, was very apprehensive of this accident
that might turn the clean sea into dead sea contaminated with toxic chemical. So that
Yosu city has chaired several meetings with the Nippon Salvage Co. of Japan P & I club
 on behalf of the concerned organizations and the owner of the vessel.

As a result of the several meetings, the Nippon Salvage Co and our company-Kumho
Salvage were selected for the mission of removing Nitric acid from the wrecked vessel
under the sea depth 70M, and we succeed in the mission of transferring the toxic
material from the wreck to shore facility by use of our sophisticated equipment for the
first time in the world through the years 2008 and 2009.

I'd like to express deep appreciation to my all fellow staff who endured all furnace
under such difficult adversities for last several years, meantime would like to render
my he artful thanks to our concerned parties and authorities. Thank you.
 

                                                              KUMHO SALVAGE CO., LTD.
                                                   PRESIDENT YONG HEE LEE

Copyright(C) 2000 KUMHO SALVAGE Co.,Ltd. All rights reserved