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Bollinger Team Awarded Design Contract for JHSV

Maritime Activity Reports, Inc.

February 6, 2008

Bollinger Shipyards, Inc. has won a multi-million dollar Phase I design contract for the Joint High Speed Vessel (JHSV) program. The JHSV program is a cooperative effort of Navy, Army, Marines and Special Operations Command forces. The vessel will be a high-speed, shallow draft platform intended for rapid intra-theater transport of medium sized cargo payloads. The Bollinger contract is one of three awarded by the Navy for a six month design effort in support of a potential Phase II Detail Design and Construction contract. If a Phase II contract to build the vessel is awarded, it will be awarded to one of the three shipyards that received a Phase I contract.

Bollinger has partnered with Australian based shipyard INCAT Tasmania and Tasmania based design group Revolution Design for the principle design and construction guidance. The INCAT built High Speed Vessels HSV-X1 Joint Venture, TSV-1X Spearhead and HSV 2 Swift have already been employed by the DoD for experimentation and demonstration of high speed vessel technologies as well as for logistics support, under a Bollinger/INCAT Joint Venture. The JHSV is a new generation, multi-use platform capable of transporting troops, tanks, armored vehicles, weapons and other equipment over seas with the ability to operate in shallow waters and can reach speeds in excess of 35 knots fully loaded. INCAT's existing 112 meter wave piercing catamaran is the largest catamaran ever built in Australia and serves as the baseline for the Bollinger JHSV submission.

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