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February 23, 2004

Crane barge order for VT Halter Marine

VT Halter Marine Inc. (VT Halter Marine) has secured a US$5.2 million contract to build a stevedoring crane barge for Tide Leasing Company, L.L.C., of Birmingham, Alabama.

The 200 ft x 75 ft x 14.5 ft foreign flagged vessel, which will be classed by Lloyd's Register of Shipping, is expected to be delivered during the second quarter of 2005.

Tide Leasing will supply the stevedoring crane barge to Drummond Ltd for loading coal mined from their South American operations for international delivery to 13 countries. The crane barge is a complete self-contained diesel electric unit powered by 4,000-kilowatt generators supplying power to the barge and crane.

A VT Halter Marine facility delivered a similar crane barge to Tide Leasing/Drummond Ltd in 2000 and the new vessel is an indication of the continuing relationship between the companies.

VT Halter Marine CEO Boyd King said the barge project "contains all the elements that are necessary to produce a solid, high quality products: a proven design, experienced craftsmen and a history of delivering vessels that are tailored to meet the requirements of each customer."

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