VT Halter Marine In Joint Venture With Bollinger Shipyards
To Support The U.S. Coast Guard Deepwater Program

GULFPORT, MS, February 11, 2003 – VT Halter Marine Inc., a subsidiary of Vision Technology Systems Inc. is pleased to announce that it has agreed to acquire the interest of Halter Marine Inc. in Halter-Bollinger Joint Venture, L.L.C. (HBJV).  It will become a partner in the joint venture with Bollinger Shipyards Lockport, L.L.C. (Bollinger Shipyards) to support the United States Coast Guard (USCG) Deepwater Program. The transfer is pending approval of the Bankruptcy Court, which is anticipated to be made known within a month.

“We are very excited to be able to contribute VT Halter Marine’s expertise and capabilities to the Deepwater Program together with Bollinger Shipyards,” said Butch King, CEO of VT Halter Marine.  “We are committed to ensure that together, we will deliver the sophisticated, leading edge products, which are so crucial to support the mission of the United States Coast Guard.”

The $17 billion USCG Deepwater Program, the largest in USCG history, may extend up to 30 years. The contract has been awarded to Integrated Coast Guard Systems (ICGS), a joint venture established by Lockheed Martin and Northrop Grumman.  It will include the acquisition of up to 91 ships, 35 fixed-wing aircraft, 34 helicopters, 76 unmanned surveillance aircraft and upgrade of the 49 Island Class Cutters.  Also included in the plan is the acquisition of three new surface craft:  425-feet National Security Cutters, 314-feet Offshore Patrol Cutters and 130-feet Fast Response Cutters.

HBJV will be a sub-contractor to Northrop Grumman for the construction of new cutters, under 200 feet as well as the modification and lengthening of the 110-feet Island Class Cutters under the Deepwater Program.

HBJV will be engaged in the retrofit and upgrade of 49 Island Class Cutters.  The cutters will be lengthened to 123-feet and its Command, Control, Communications, Computers, Intelligence and Reconnaissance (C4ISR) capabilities enhanced. VT Halter Marine will construct the superstructure shells of these cutters. VT Halter Marine’s portion of this contract is approximately $6 million over its anticipated contract life of 7 years and expects to commence work at its shipyard in the first half of 2003.

When the USCG decides to proceed with their newbuilding plans under the Deepwater Program, HBJV is expected to build up to 58 units of the Fast Response Cutters valued at approximately $600 million. This phase of the program is anticipated to be over seven years and the number of vessels to be built by VT Halter Marine and Bollinger Shipyards equally split.  Commencement of this phase is subject to the customer’s finalization of the schedule and funding requirements.

“Bollinger Shipyards is pleased to be teamed with VT Halter Marine to support the USCG Deepwater Program,” said Donald T. Bollinger, Chairman and CEO, Bollinger Shipyards Lockport L.L.C.  “With the combined capabilities of both shipyards, I have every confidence that we will be able to deliver sophisticated vessels of the finest quality standards which will distinctively enhance the capabilities of the USCG.”

VT Halter Marine Inc., based out of Gulfport, Mississippi, is a leader in the design and construction of small- to medium-sized ships in the United States.  Acquired by VT Systems in October 2002, VT Halter Marine designs, builds and repairs a wide variety of ocean going vessels such as patrol vessels, oil recovery vessels, oil cargo vessels, ferries, ocean barges and research ships.

Vision Technology Systems Inc., is a premier provider of integrated engineering solutions, specializing in the fields of marine, aerospace, electronics and land systems.  Headquartered in Alexandria, Virginia, VT Systems is located throughout North America.  VT Systems offers a broad range of proven innovative services to both the commercial and government sectors.

For additional information, please contact:

Cynthia Borries
Corporate Communications Manager
VT Halter Marine, Inc.
Phone:  228-897-4985
Fax:  228-604-5869
Email:  c.borries@vthaltermarine.com

Amy McCaskill
Corporate Communications Coordinator
VT Systems, Inc.
Phone:  703-739-2610
Fax:  703-739-2611
Email:  amccaskill@vt-systems.com