EGYPTIAN PROJECT PROJECT RESCUED BY TAKEOVER

WASHINGTON [MENL] -- An Egyptian project to procure four fast attack crafthas been rescued from major delays by Singapore's takeover of afinancially-ailing U.S. naval manufacturer. Egypt signed a contract with Halter Marine last year for the procurementof the fast attack craft in a $500 million deal. Since then, Halter Marine'sparent company, Friede Goldman Halter, declared bankruptcy, which affectedthe project.