|View printer-friendly version|
|Manitowoc Awarded Coast Guard Contract|
MANITOWOC, Wis., June 23 /PRNewswire-FirstCall/ -- The Manitowoc Company (NYSE: MTW) today announced that, as prime contractor and program manager, it has been awarded a multi-year contract by the U.S. Coast Guard for the construction and delivery of up to 250 Response Boat-Medium (RB-M) vessels for a total contract value of up to $600 million.
Manitowoc will share the contract equally with its RB-M team partner, Kvichak Marine Industries of Seattle. Deliveries are scheduled to begin in the first half of 2008. The final design incorporates a 45-foot, self- righting aluminum hull propelled by twin water jets. The RB-M's diesel engines total 1,650 horsepower and provide a top speed in excess of 42 knots. The winning prototype utilized a design from Camarc, Ltd. and was constructed by Kvichak. Both Kvichak and Camarc have long experience in jet-driven, high- speed aluminum boats.
"Manitowoc Marine Group is gratified to continue its long and successful relationship with the U.S. Coast Guard," said Robert P. Herre, group president. "Federal government projects are among the most demanding for any shipbuilder, and the addition of the RB-M to our existing backlog of work for the U.S. Navy is an excellent endorsement of our capabilities. The RB-M will be built at Kvichak's Seattle facility and at Marinette Marine, where it will complement our Littoral Combat Ship (LCS). Both the RB-M and LCS are first- in-class vessels, and we can leverage the project management systems and tools that both projects require."
The Manitowoc/Kvichak team won a three-year competition to develop the replacement for the Coast Guard's original fleet of 208 41-foot Utility Boats (UTBs), which entered service in 1973. While the UTBs were primarily designed for search-and-rescue missions, the Coast Guard's current mission mandate now includes recreational boating safety, marine environmental protection, law enforcement/Homeland Security, and port and coastal security. The RB-M will also be operationally compatible with Department of Defense missions.
"This new class of vessel is perfectly suited for the Coast Guard's role in the 21st century," said Richard McCreary, vice president and general manager of Marinette Marine. "Its design provides flexibility for a broader range of missions that can now be accomplished with greater speed and safety. In addition, a state-of-the-art electronics suite and integrated lifecycle management system provide enhanced operational efficiencies. We fully expect the RB-M to help the Coast Guard be Semper Paratus (Always Ready) for the nation's needs."
About The Manitowoc Company
The Manitowoc Company, Inc. is one of the world's largest providers of lifting equipment for the global construction industry, including lattice-boom cranes, tower cranes, mobile telescopic cranes, and boom trucks. As a leading manufacturer of ice-cube machines, ice/beverage dispensers, and commercial refrigeration equipment, the company offers the broadest line of cold-focused equipment in the foodservice industry. In addition, the company is a leading provider of shipbuilding, ship repair, and conversion services for government, military, and commercial customers throughout the US maritime industry.
About Kvichak Marine Industries, Inc.
Kvichak Marine, located in Seattle, Wash., is a world-renowned builder of high-quality, high-speed aluminum boats for a wide range of markets. Kvichak is a full-service yard, encompassing new vessel design and construction, vessel conversion and refit, and life cycle support. Since initiating new vessel construction in 1988, Kvichak Marine has successfully delivered more than 300 vessels for a number of demanding markets and applications.
Any statements contained herein that are not historical facts are forward- looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and involve risks and uncertainties. Potential factors could cause actual results to differ materially from those expressed or implied by such statements. These statements and potential factors include, but are not limited to, those relating to:
- anticipated changes in revenue, margins, and costs, - the risks associated with growth, - geographic factors and political and economic risks, - changes in economic or industry conditions generally or in the markets served by our Marine segment, - work stoppages and labor negotiations, - reaction of competitors and other bidders, and - government approval and funding of projects.
Information on the potential factors that could affect the company's actual results of operations is included in its filings with the Securities and Exchange Commission, including but not limited to its Annual Report on Form 10-K for the fiscal year ended December 31, 2005 and its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2006.
SOURCE The Manitowoc Company, Inc. -0- 06/23/2006 /CONTACT: Carl J. Laurino, Senior Vice President & Chief Financial Officer of The Manitowoc Company, Inc., +1-920-652-1720/ CO: Manitowoc Company, Inc.; U.S. Coast Guard; Kvichak Marine Industries, Inc. ST: Wisconsin, Washington IN: CST MAC MAR SU: CON JVN AB-CM -- CGF015 -- 5835 06/23/2006 16:20 EDT http://www.prnewswire.com