VT Halter Marine Secures Contracts worth $121M

Monday, December 23, 2002
VT Halter Marine, Inc., a subsidiary of Vision Technologies Systems, Inc. (VT Systems), has finalized an agreement with the U.S. Government to complete two contracts, including the construction of a Fisheries Research Vessel for the National Oceanographic Atmospheric Administration (NOAA) and the construction of a Logistic Support Vessel for the U.S. Army. The agreement provides an arrangement for VT Halter Marine to complete the multi-million dollar construction projects started by its predecessor. It was approved after the U.S. Government conducted an in-depth review to assure it was in their best interest to transfer the contracts to VT Halter Marine.

NOAA's contract for the construction of a state-of-the-art Fisheries Research Vessel, valued at approximately $41 million of which $14 million was recognized before the acquisition, with a remaining $27 million to be recognized by VT Halter Marine. The contract also has options for three additional vessels amounting to about $113 million.

A contract with the U.S. Army's Tank-automotive and Armaments Command in Warren, Michigan for a Logistic Support Vessel is also included in the novation. The contract for one vessel is approximately $27 million. Of this, $13 million was recognized before the acquisition with a remaining $14 million to be recognized by VT Halter Marine. Contract options for an additional two vessels would be worth approximately $54 million.

Both projects are expected to be completed in the first half of 2004.

"These contracts are very instrumental in ensuring our ability to provide continuing work at VT Halter Marine yards. We value the trust and confidence that the U.S. Government has placed in VT Halter Marine's team to complete these projects," stated John Coburn, Chairman & CEO-VT Systems, based in Alexandria, Virginia. Anil Raj, President and Chief Operating Officer for VT Halter Marine said, "We made and kept our commitment to our employees and are confident that their experience and dedication will be key factors in the successful completion of the U.S. Government Contracts."

Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Lithuania Looks to U.S. for Gas

Lithuanian liquefied natural gas (LNG) importer Litgas has signed a preliminary agreement with a U.S. supplier, looking to lessen the Baltic nation's dependence on Russia.

Petrobras Denies Hiring JPMorgan for License Sales

PetrĂ³leo Brasileiro SA denied on Friday that it has hired JPMorgan Chase & Co to handle the sale of oil exploration licenses in deep-sea areas off the coast this year.

Asia-Europe Container Freight Rates Fell 6.5 pct

Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell by 6.5 percent to $938 per 20-foot container (TEU) in the week ended Friday,

 
 
Naval Architecture Navigation Offshore Oil Pipelines Port Authority Salvage Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1830 sec (5 req/sec)