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December 1, 2005

VT Halter wins $28.8 missile craft contract

VT Halter Marine Inc. has secured a $28.8 million U.S. Navy contract under the Foreign Military Sales Program. It covers development of a functional design of a Fast Missile Craft (FMC) for the Government of Egypt.

This design phase is the first phase of the contract and is expected to last a year .

The second phase of this contract will include production design work and construction of up to three vessels. The program could total more than US$450 million in contract value after Phase II is added.

Completion of Phase I and the start of Phase II are planned as seamless consecutive events.

The Fast Missile Craft will be designed to accomplish the roles of coastal patrol, surveillance, interdiction, surface strike and naval battle group support for the 21st century. The vessels will allow Egypt to maintain the security of its coastal regions as well as those of friendly countries.

The vessels will be approximately 62 m in length and will incorporate ship signature control technology.

High speed and maneuverability are two of their primary assets to fulfill these roles.

The vessels will also incorporate numerous combat system assets and electronic sensors that give them capabilities in anti-aircraft, anti-surface and electronic warfare.

"VT Halter Marine is very pleased with the award of this significant contract.," said VT Halter Marine CEO Boyd E. King. "We are very proud to support the U.S. Government once again with this FMS project to design and ultimately build FMC for the Government of Egypt."

"We have faced and conquered some very extreme challenges, including the recent hard-hit from Hurricane Katrina," noted King. "The contract award is especially welcome after a time of hard recovery work. This contract sends a message putting VT Halter Marine squarely back in business with the U.S. Navy as a prime contractor. We are looking forward to solid and continued working relationships with defense sector agencies. It is an exciting time in the history of VT Halter Marine and I am very proud to be a part of it."