Halter and Bazan Form Joint Venture

September 7, 1999

Halter Marine, Inc., a subsidiary of Halter Marine Group, Inc., and Empresa Nacional Bazan de C.N.M., S.A., of Madrid, Spain, have formed Halter-Bazan, a joint venture to build Bazan-designed aluminum passenger/vehicle fast ferries at a Halter facility in the U.S. of an "Alhambra" Class fast ferry. Construction for an undisclosed customer is expected to begin in February 1999 on a 410 ft., 1,250 passenger/240 vehicle, diesel/waterjet, 40-knot monohull ferry. Completion is planned by year-end 2000. Halter-Bazan is negotiating an option for a second similar ferry for the same European operator. Bazan-built "Mestral" and "Alhambra" Class ferries are now operating on routes in Europe and South America. Halter-Bazan was formed to provide aluminum monohull and catamaran passenger/vehicle ferries for growing U.S. and international markets. The new joint venture will be led by Halter, with management personnel supplied by both companies. Bazan will provide designs, production planning and experience and Halter will supply management, production labor and a dedicated facility adjacent to Halter's Gulfport engineering building. Halter's nearby shipyards in Mississippi and Louisiana could supply pre-fabricated components, a standard Halter practice which accelerates construction time. Halter has built more than 30 ferries for 20 different customers, including the famous Staten Island ferries for New York City, and the newest all-steel, passenger/vehicle ferry for the state of Alaska. Bazan's most recent aluminum catamaran passenger/vehicle ferry broke the 60-knot mark, and is reputedly the fastest ferry in the world.

Halter and Bazan Form Joint Venture

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