Tacoma Boat Completes $143-Million Financing To Build Two Thai Corvettes

Tacoma Boatbuilding Co., Tacoma, Wash., reported today that all outstanding conditions have been met to finalize the award of a $143-million contract for the design and construction of two 252- foot corvettes for Thailand. The contract had previously been signed subject to obtaining a weapons export license and letters of credit equal to progress payments, noted B. James Lowe, company president.

The weapons export license was granted on July 8, and on August 24 the requisite letters of credit were issued. The Thai ships include design similarities to four 245-foot patrol-chaser (PCG) ships completed this year under a U.S.

Navy contract for an allied nation.

This contract establishes the company's backlog, as of June 30, 1983, at $219 million compared to $174 million as of June 30, 1982 Mr. Lowe said.

In addition to naval combat and patrol vessels and incineration ships, Tacoma Boat designs and constructs cyclodial-propulsion tugs, tuna purse seiners, barges, off-shore drill rigs, ice-class ships, and other vessels.

Maritime Reporter Magazine, page 5,  Oct 1983

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