FastShip Signs with NASSCO for Construction of Fleet

FastShip has signed a Memorandum of Understanding with National Steel and Shipbuilding Company (NASSCO), a subsidiary of General Dynamics, for the building of the first generation high-speed vessels comprised of the FastShip trans-Atlantic transportation fleet. Under the proposed agreement, NASSCO, designer and builder of new ships headquartered in San Diego, will construct four revolutionary vessels in the FastShip fleet. The agreement establishes a timeline to finalize a construction contract to include definitive pricing, delivery schedule and performance guarantees. NASSCO has also agreed to consider a financing commitment to FastShip, Inc. FastShip will employ a time-definitive seven-day, door-to-door North Atlantic transportation network - linking the middle of Europe to the middle of the U.S. Trial operations will begin during the second half of 2002, with the initiation of commercial operations in early 2003. Powered by five marinized aero-derivative gas turbines, each turbine will drive one Kamewa water jet, delivering a total of 250 megawatts or 335,000 hp. This package will therefore enable the 860 ft. vessels, carrying a 10,000-ton payload to complete the passage for Philadelphia to Cherbourg in fewer than four days at speeds up to 40 knots.