ABS Consulting TEams with Samsung Everland Inc. for Risk Management Services in Korea

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ABS Consulting TEams with Samsung Everland Inc. for Risk Management Services in Korea

March 25, 2004

Houston, March 25, 2004 — ABS Consulting and Samsung Everland Inc. formed a joint business alliance to provide enterprise risk management and consulting services for various market sectors in Korea. Frank J. Iarossi, Chairman and CEO of ABS Group, signed the agreement with Robin Park, President and CEO of Samsung Everland starting March 25 in Seoul.

Over the past years, Korea and East Asia encountered a multitude of natural hazard events, including typhoons, earthquakes, floods and windstorms. In September 2003, Typhoon Maemi hit Korea leaving the region with 121 casualties and $3.9 billion in property damage. In August 2002, slow moving Typhoon Rusa resulted in about 246 casualties and $4.4 billion in property damage.

In response to these and other natural and manmade disasters, ABS Consulting and Samsung Everland's alliance offers technology-based solutions to mitigate natural hazard risks in Korea. This alliance with Samsung Everland allows ABS Consulting to market and promote natural and manmade hazard risk management services to various divisions and affiliated companies within the Samsung Group, the Korean government and other potential clients in Korea.

"Samsung is to be congratulated for its embrace of the concepts of risk management to address these natural hazard threats to life and property in Korea. ABS Consulting is pleased to be Samsung's partner in this pioneering endeavor. Together we plan to establish systematic, technology-based solutions to mitigate natural hazard risks and to lead the development of a risk management culture within South Korea." Frank Iarossi continued, "In 2003, ABS Consulting initiated a joint venture in China to provide risk management consulting services to both government agencies and commercial enterprises. In that same year, ABS Consulting also developed a business alliance with a major Japanese corporation to provide similar services in Japan."

About ABS Consulting

ABS Consulting is a global safety, risk and integrity management company with nearly a half century of experience completing challenging projects in all parts of the world in the oil and gas, chemical process, nuclear, government, maritime and insurance industries. An affiliated company of ABS, ABS Consulting has offices in over 39 countries and over 1,300 employees worldwide. ABS Consulting headquarters are located in Houston.

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For more information, Contact:

Kristy Evenson
ABS Consulting
1-281-673-2945 | kevenson@absconsulting.com