Manitowoc Awarded Additional Coast Guard Response Boat-Medium Vessels

MANITOWOC, Wis., Feb. 29 /PRNewswire-FirstCall/ — The Manitowoc Company (NYSE:MTW) today announced that it has been awarded an additional 18 RB-M vessels by the U.S. Coast Guard. With an approximate value of $35,000,000, the new vessels are part of a Coast Guard contract requiring the construction and delivery of up to 250 Response Boat-Medium (RB-M) vessels at a total contract value of up to $600 million. Manitowoc is the prime contractor and program manager for this multi-year project.

Delivery of the 18 boats will begin in the third quarter of 2009. This brings the total number of boats under contract to 30 at the present time. Manitowoc will share the construction of the boats equally with its RB-M team partner, Kvichak Marine Industries of Seattle, Washington.

“We are gratified to continue our long and successful relationship with the U.S. Coast Guard,” said Robert P. Herre, president of Manitowoc Marine Group. “Federal government projects are among the most demanding for any shipbuilder, and the addition of the RB-M boats to our existing backlog of work is an excellent endorsement of our capabilities. The RB-M program is a partnering arrangement between the USCG and industry, and successfully demonstrates the ability of the government and industry to partner together to build boats on schedule and on budget.”

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Source: The Manitowoc Company