October 23, 2002

ST Engg completes Halter acquisition
Singapore Technologies Engineering Ltd (ST Engg) has issued a statement saying it is pleased to announce the successful completion of the acquisition of Friede Goldman Halter's shipbuilding facilities through its U.S. subsidiary, VT Halter Marine, Inc., (VTHM) today.

VTHM will have facilities located at the Mississippi Gulf Coast and Louisiana and will commence operations immediately, led by a core team of management staff which has been established.

The shipbuilding facilities had operated under the name of Halter Marine before the acquisition and had been a key builder of small to medium-sized vessels in the U.S., notes the statement Over the last 50 years, Halter Marine had established a track record in the design and construction of an array of world-class naval and commercial vessels from patrol craft and logistics vessels to ferries and offshore supply vessels. VTHM will leverage and build on the strength of Halter Marine's impressive track record to establish its position as a premier yard for the construction of small to medium sized vessels. VTHM will also be geared to provide shiprepair services for naval and commercial vessels.

"VTHM will serve as a strategic gateway for ST Engg's marine sector to penetrate the newbuilding and shiprepair markets in the Americas and beyond. With the acquisition now completed, ST Engg is now poised to play a prominent role in the global naval and commercial newbuilding and shiprepair markets. I am very confident that with its commitment to excellence, VTHM will distinguish itself by adding value to the products and services it offers to its customers and make its mark in the global newbuilding and shiprepair markets," said Tan Pheng Hock, President & CEO, ST Engg

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