Vision Technologies to buy Halter Marine for $66 million

Alexandria, Va.-based Vision Technologies Kinetics Inc. (VTK) has reported that it will acquire Halter Marine Inc. from Friede Goldman Halter Inc. of Gulfport, Miss., for $66 million.

Aug 13th, 2002

By OGJ editors

HOUSTON, Aug. 13 -- Alexandria, Va.-based Vision Technologies Kinetics Inc. (VTK), a wholly owned unit of Singapore Technologies Engineering Ltd., has reported that it will acquire Halter Marine Inc. from Friede Goldman Halter Inc. of Gulfport, Miss., for $66 million. Halter Marine, a leading builder of small to medium-sized offshore drilling rigs and other vessels, had effectively become the subject of a bidding war after Friede Goldman Halter agreed to sell the operating unit to Bollinger Shipyards Inc. earlier this year for $48 million (OGJ Online, May 24, 2002). VTK's winning bid was announced late last month.

The sale includes all of Halter Marine's operating assets and properties, including the Halter Pascagoula, Halter Moss Point, Halter Lockport, and Halter Gulfport East facilities.

The deal is expected to close Aug. 25.

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