VT Halter Marine Wins Contract for Articulated Tug Barges

PASCAGOULA, MS, June 17, 2004 – VT Halter Marine Inc., a subsidiary of Vision Technologies Systems Inc., announced that it has signed a contract to build two articulated tug barge (ATB) units for Vessel Management Services, a subsidiary of Crowley Maritime Corporation.  The total cost of the two vessels is expected to approximate an aggregate of $85 million at delivery, which includes the cost of owner furnished equipment.  The contract includes an option to purchase two additional units, which if exercised must occur within one and one and one-half years respectively.

An ATB is built with an articulated pin connection system between the tug and barge that allows movement in the critical areas of fore and aft pitch.  Each unit consists of a 9,280 BHP ocean-going tug and a 180,000-barrel barge.  The US flagged vessels are 127’ x 42’ x 23.5’ ABS Classed +A1, +AMS, SOLAS, Full Ocean Towing Service, USCG Un-inspected Subchapter C and will measure under 300 Gross Tons US. These ATB units will be built to fully comply with the double hull requirements of the Oil Pollution Act of 1990 and will have sophisticated cargo, ballast and cargo inerting systems.

Delivery of the first unit of ATB is expected to take place in 1Q 2006 and the 2^nd unit in 3Q 2006.

 “VT Halter Marine looks forward to building these state-of-the-art, high quality ATB Units for the Jones Act Coastal Transportation of refined products.  We are proud to continue to lead the market in innovative and cost effective solutions for our customers.”

Boyd E. King             

CEO, VT Halter Marine

VT Halter Marine Inc., based in Pascagoula, MS, is a leader in the design and construction of medium-sized ships in the United States.  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, logistic support vessels and research ships.  It is a subsidiary of Vision Technologies Systems Inc. (VTS), a provider of integrated engineering solutions, specializing in the fields of aerospace, electronics, land systems, and marine.  Headquartered in Alexandria, VA., VTS has locations throughout North America.  VTS offers a broad range of proven innovative services to both the commercial and government sectors.  VTS is a wholly owned subsidiary of Singapore Technologies Engineering.

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