The following is the text of a news release from Singapore Technologies Engineering Ltd. (ST Engineering), parent company of VT Halter Marine:
(PASCAGOULA, Miss.) — The Commonwealth of Virginia, Department of Transportation (VDOT) has awarded a contract to VT Halter Marine to design and construct a 499-passenger, 70-vehicle Jamestown ferry to replace the current ferry, The Virginian. The ferry will be operated by the Jamestown-Scotland Ferry Operations Service, which provides a critical transportation link between Virginia and North Carolina, operating at the James City County at Glasshouse Point and Surry County at Scotland Wharf.
Construction of the ferry is expected to be completed in April 2018. The Jamestown-Scotland Ferry System currently operates four ferry boats, including the Pocahontas ferry, which was also designed and constructed by VT Halter Marine in 1995. VT Halter Marine’s shipyards have designed and constructed more car and passenger ferries than almost any other U.S. shipyard for the states of Virginia, New York, Texas, Louisiana, North Carolina, Alaska, California, Washington, and the territory of Puerto Rico. VT Halter Marine has also won several multimillion-dollar ship repair contracts involving fisheries survey vessels, a towboat and a crane barge.
“VT Halter Marine is honored to be selected by the Virginia Department of Transportation to design, construct and deliver our second quality-built vessel,” said Paul Albert, CEO of VT Halter Marine. “We value the trust that the VDOT has invested in our shipbuilding capabilities, and this new contract is an indication of our continuing strong relationship.”
These contracts are not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of ST Engineering for the current financial year.