ST Engg to Acquire FGH Shipbuilding Facilities

Singapore Technologies Engineering Ltd (ST Engg), through its U.S. arm, Vision Technologies Kinetics Inc (VT Kinetics), has made a successful bid for the assets of Halter Marine, the shipbuilding arm of US-based Friede Goldman Halter Inc (FGH). The acquisition will include seven of FGH's shipbuilding facilities located in Louisiana and the Mississippi Gulf Coast. The proposed purchase consideration for FGH's shipbuilding facilities amounts to $66 million. The final award of the bid will be subjected to the approval of the Bankruptcy Court in Mississippi and other regulatory approvals. Final approvals by these authorities are expected to be made known by end August 2002.