February 15, 2003

VT Halter Marine positioned to build cutters
VT Halter Marine last week issued a press release that gave some further information on its likely role in the Coast Guard's Project Deepwater modernization.

As reported here, VT Halter Marine is already participating in the refurbishment of the Islander Class cutters through the Halter-Bollinger Joint Venture. VT Halter Marine will construct the superstructure shells of these cutters. Its share of this contract is worth approximately $6 million over its anticipated contract life of 7 years

According to last week’s press release, VT Halter Marine Inc., a subsidiary of Vision Technology Systems Inc. agreed to acquire the interest of Halter Marine Inc. in Halter-Bollinger Joint Venture, L.L.C. (HBJV). It will become a partner in the joint venture with Bollinger Shipyards Lockport, L.L.C. (Bollinger Shipyards) to support the United States Coast Guard (USCG) Deepwater Program. The transfer is pending approval of the Bankruptcy Court, which is anticipated to be made known within a month.

VT Halter Marine is an indirect subsidiary of Singapore Technologies Engineering, which says that VT Halter Marine agreed to acquire the 50% interest of Halter Marine Inc. in the Halter-Bollinger Joint Venture LLC (HBJV) for a consideration of US$150,000 agreed between VT Halter Marine and Bollinger Shipyards

The press release notes that as well as being involved with the modification and lengthening of the 110-feet Island Class Cutters,HBJV will be a sub-contractor to Northrop Grumman for the construction of new cutters, under 200 feet

When the USCG decides to proceed with its newbuilding plans under the Deepwater Program, HBJV is expected to build up to 58 units of the Fast Response Cutters valued at approximately $600 million. This phase of the program is anticipated to be over seven years and the number of vessels to be built by VT Halter Marine and Bollinger Shipyards equally split. Commencement of this phase is subject to the customer's finalization of the schedule and funding requirements.


Though no official announcement has been made, VT Halter Marime's Pascagoula yard has reportedly resumed work on the 579 ft Pure Car Truck Transporter it is building for Pasha Hawaii Transport Lines LLC


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