Port Security Conference

April 3, 2003

VT Halter Marine to complete PCTC
Singapore Technologies Engineering has announced that its indirect subsidiary VT Halter Marine Inc. has signed a contract with Pasha Hawaii Transport Lines, valued at approximately S$83million (US$47 million) to complete the construction of the car carrier, 'JEAN ANNE.' Pasha Hawaii says it also planning to go ahead with construction of a second ship.

Construction of the ship was interrupted for more than 18 months when Friede Goldman filed for Chapter 11 bankruptcy relief in April of 2001. Its Pascagoula shipyard has since been acquired by VT Halter Marine, with whom Pasha Hawaii has negotiated an agreement to complete construction of the vessel.

A statement from Pasha Hawaii notes: "PHTL, with the strong support of MARAD, reached agreement last December with its surety company on financial terms that allowed PHTL to re-engage VTHM in a contract to complete construction of the Jean Anne. Restarted on February 17, the construction will be completed in the autumn of 2004. PHTL and VT Halter Marine also are planning for the construction of a second, identical sister ship scheduled for delivery in 2005."

The vessel is the first pure car truck carrier (PCTC) to be built in the United States. Constructed for the Jones Act trade, it will operate between U.S. Coast ports and Hawaii. Measuring 579 feet overall, with a beam of 102 feet and a design draft of 25 feet, the 13,000 deadweight ton PCTC has the capacity to transport more than 4000 automobile. Propulsion will be provided by a single propeller driven by a slow-speed diesel engine.

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