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August 26, 2005

VT Halter Marine wins more Crowley ATB orders

VT Halter Marine Inc., Pascagoula, Miss., has secured a contract to build four more articulated tug barge (ATB) units for Crowley Maritime Corporation's subsidiary, Vessel Management Services Inc.

The vessels, which include the cost of owner furnished equipment, are valued at approximately US$190 million and are expected to be completed in about 36 months.

Each unit consists of a 9,620 BHP ocean-going tug and a 185,000-barrel barge. The 135 ft x 42 ft x 23 ft vessels will be US-flagged and will be built to fully comply with the double hull requirements of the Oil Pollution Act of 1990. They will have sophisticated product, heated cargo and chemical capabilities as well as ballast exchange and cargo inerting systems.

VT Halter Marine is now building a total of six ATBs for use by Crowley's newly formed petroleum services segment.

The first two units ordered under a June 2004 contract are currently under construction and are expected to be delivered in the first and second halves of 2006

Work under the just announced contract will begin later this year and deliveries are expected at regular intervals between first half 2007 and second half 2008.

Tugs and barges built under the new contract will be interchangeable with all vessels in Crowley's ATB fleet.

"This is yet another example of our commitment to invest in new equipment and technology to meet the current and future needs of our customers. We are pleased to be working with VT Halter Marine, and appreciate all of the hard work, commitment and shipbuilding skills that the men and women of VT Halter Marine invest in each project," said Tom Crowley Jr Chairman of the Board, President and Chief Executive Officer, Crowley Maritime Corporation.

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