VT Halter Marine Secures Contracts Worth $121M

Thursday, December 12, 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, known as a “novation” 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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Environmental

MISC Publishes its 2015 Sustainability Report

MISC Berhad (MISC) today announces the publication of its 2015 Sustainability Report, covering the Company’s commitment, strategy and performance for the year ended

Admiral of the Ocean Sea Award Recipients Named

The United Seamen's Service (USS) 2016 Admiral of the Ocean Sea Awards (AOTOS) will be presented to Arthur E. Imperatore, Founder and President of New York Waterways; Donald Marcus,

Orca Energy ESS to Power Fish Farm Support Vessel

Grovfjord Mek. Verksted AS (GMV) has selected Corvus Energy as the supplier of the lithium ion based energy storage system (ESS) for a fish farm support vessel called GMV ZERO.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Offshore Oil Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | 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: 0.0706 sec (14 req/sec)