Marine Log

November 22, 2006

VT Halter wins $165 million missile craft award

VT Halter Marine Inc. has won a contract modification worth US$165 million from the U.S. Navy for the Egyptian Navy's Fast Missile Craft (FMC) project.

This modification enables VT Halter Marine, as the prime contractor, to procure long lead time materials which include items, equipment and/or components that need to be developed in advance of the required delivery dates due to their complex nature.

VT Halter Marine secured the Phase I functional design contract for$28.8 million on December 1, 2005. This contract modification was issued as a letter contract with a not-to-exceed price of $165 million, which brings the total amount awarded on this program to approximately $194 million. The program value could grow to more than $450 million after Phase II is added to the contract.

The Fast Missile Craft is designed to perform coastal patrol, surveillance, interdiction, surface strike, and naval battle group support for the 21st century. High speed and maneuverability are two of the ship's primary assets to fulfill these roles.

The vessels will be approximately 62 m in length and will incorporate ship signature control technology. The vessels will also incorporate numerous combat system assets and electronic sensors that give them capabilities in anti-aircraft, anti-surface, and electronic warfare.