Server: Microsoft-IIS/2.0 Date: Thu, 20 Nov 1997 18:59:13 GMT Content-Type: text/html Accept-Ranges: bytes Last-Modified: Tue, 02 Sep 1997 13:16:48 GMT Content-Length: 6806
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PRESS RELEASE
Halter Marine, Inc. a subsidiary of Halter Marine Group, Inc. (AMEX:HLX) Gulfport, Miss. and Bollinger Shipyards, Inc. Lockport, La. have agreed in principle to form a joint venture to be named Halter-Bollinger, to respond to the anticipated request for proposal for the U. S. Coast Guard's Deepwater Capability Replacement Project. The Coast Guard program, expected to run into several billions of dollars over the next two decades, is being designed to replace or upgrade the Guard's aging fleet of ships, cutters, aircraft and other assets. The preliminary agreement was announced in a joint statement by John Dane III, and Boysie Bollinger, CEO's of Halter and Bollinger respectively. They said, "Our two companies have built a significant number of the U. S. Coast Guard's and the U. S. Navy's small to medium size ships in the last 12 years. Our shipyards, with built-in production flexibilities, specialize in the design and construction of vessels in the 100 foot to 400 foot range which meet Coast Guard requirements. This will be a significant shipbuilding program. Although we expect competition from other shipbuilders, we are optimistic because our companies are thoroughly experienced in dealing with stringent budgetary parameters of the Coast Guard. Our companies have proven records in designing and building high quality, mission capable vessels on a very cost effective basis that meet the Coast Guard's criteria." The Coast Guard is a multi-mission service that carries out economic, environmental, and humanitarian missions and is an integral part of national security. It saves lives and property, keeps shipping lanes open, preserves living marine resources, protects ports and waterways, and intercepts the flow of illegal drugs. On an "average" day, the Coast Guard: Conducts 142 search and rescue missions; saves 12 lives; seizes illegal drugs with a street value of more than $8.4 million; interdicts 22 illegal aliens, and responds to 334 oil or hazardous chemical spills. Coast Guard vessels also participate in defense operations and exercises in many of the world's oceans including the Atlantic, Pacific, Gulf of Mexico, Baltic, Mediterranean, and Black Seas and the Arabian Gulf. Both Halter and Bollinger are highly regarded for designing and building military, government and commercial vessels using sophisticated systems and technologies. The Coast Guard's improvement program is not yet fully defined. The organizational, design and production arrangements of the Halter-Bollinger joint venture will be geared to fit the Coast Guard's program as it develops, and will be subject to the execution of definitive agreements between the companies. If awarded the contract, the Halter-Bollinger joint venture will be able to utilize the resources of Halter's 19 shipyards in Texas, Louisiana, Mississippi and Florida and Bollinger's eight facilities in south Louisiana. Interested parties should contact Anil Raj, Halter senior vice-president, 601-896-0029, or Marc Stanley, Bollinger vice-president, 504-532-2554.
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