November 15, 2002

VT Haltermarine wins $10.2 million 220 ft OSV order
VT Halter Marine, Inc. has disclosed its first newbuilding order since acquisition of the former Halter Marine by Singapore Technologies.

The contract is for an OSV for an undisclosed owner and is worth in excess of S$18 million (US$ 10.22 million). The contract also includes options for six additional vessels which, if exercised, could bring the total contract value to exceed S$ 120 million (US $68 million) The exact price is not being disclosed because it is competition-sensitive to the owner.)

The 220 ft x 46 ft x 17 ft OSV has a liquid-mud capacity of 4,700 barrels and a dry bulk mud capacity of 8,420 cubic feet. The main-propulsion system consists of two, 2,000 hp Z-drives. The vessel will be equipped with an automated cargo-control system and a dynamic-position system. It will be classed by ABS and U.S. flagged for international service.

The vessel is expected to be delivered in approximately 13 months' time.

"VT Halter Marine's ability to secure this contract from a prominent U.S. owner and operator of OSVs is very significant for our newly-established marine business in the U.S.," said ST Engg President & CEO Tan Pheng Hock. "It reflects a solid confidence within the industry, of VT Halter Marine's capabilities to design and deliver sophisticated, top quality vessels. This is a very promising start not only for VT Halter Marine but also ST Engg's moves, through ST Marine, to globalizee our marine operations."

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