VT Halter Marine Secures OSV Contract

Tuesday, November 12, 2002
Vision Technologies Systems, Inc.'s (VTS) subsidiary, VT Halter Marine, Inc. has secured a contract to build an Offshore Supply Vessel (OSV) for an undisclosed interest. The contract includes options for six additional vessels. This announcement comes within days of VTS concluding the purchase of Halter Marine’s assets. John Coburn, Chairman and CEO, VTS stated, “Commercial contracts such as this one are an important part of VT Halter Marine’s business plan. A contract of this type is indicative of the continued confidence in and a bright future for VT Halter Marine and its employees. We are very pleased with the timing of this opportunity - building offshore vessels for a prominent U.S. owner and operator of OSVs. It is certainly a positive beginning for VT Halter Marine, the local community and the State of Mississippi.” Offshore Supply Vessels (OSV) carry goods, supplies, individuals (in addition to the crew) or equipment used to support exploration and offshore production of mineral or energy sources. This state of the art OSV will be ABS classed and U.S. flagged for international service. Pricing and vessel specifications are considered to be competition-sensitive information and, are therefore not being disclosed. The contract became effective on Nov 8, 2002, and the first vessel is expected to be delivered in approximately 13 months' time. “As the Company grows, we anticipate expanding operations, which in turn will result in additional job opportunities,” said Anil Raj, President & COO, VT Halter Marine.
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