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AUGUST 2008 ISSUE

BEATING THE PIRATES
What's the best way for a shipowner to avoid having a ship hijacked by pirates?

Reroute the ship even if it means a huge diversion
Stay within recommended safe limits and patrolled areas
Hire an on-board security team
Just hope for the best

September 26, 2008

VT Halter wins $393.7 millian Egyptian missile craft contract

VT Halter Marine, Inc., Pascagoula, Miss., is being awarded a $393,722,502 firm fixed price not-to-exceed modification to previously awarded contract (N00024-06-C-2212) for the detail, design and construction of three Fast Missile Crafts for the Egyptian Navy. The mission of the Fast Missile Craft is to conduct independent and joint operations primarily against surface shipping and armed surface adversaries in the littoral by fulfilling the role of coastal patrol, surveillance, interdiction, surface strike, and naval battle group support for the Egyptian Navy for the 21st century. Work will be performed at Pascagoula, Miss., (23 percent); Manassas, Va., (12 percent); Detroit, Mich., (11 percent); Baltimore, Md., (8 percent); Pittsburgh, Pa., (1 percent); Philadelphia, Pa., (2 percent); Camden, N.J., (1 percent); New Orleans, La., (3 percent); Thibodaux, La., (3 percent); Boca Raton, Fla., (2 percent); and other sites (34 percent), and work is expected to be completed Apr. 2013. Contract funds will not expire at the end of the current fiscal year. The Naval Sea Systems Command, Washington Navy Yard, D.C., is the contracting activity.

In a Singapore stock exchange announcement, VT Halter Marine's parent, Singapore Technologies Engineering Ltd., said that in addition to the $393 million Phase II award announced by the Navy a further $13.5 million had been added to Phase I as a result of changes to work scope. The total contract value for the project is now approximately $642 million.

Work on Phase II commences immediately and delivery of the first FMC is expected by mid 2012.


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