By August 2000, the list was shortened to the final three shipyards (Halter Marine, Marinette Marine, and Bollinger Shipyards).[15]
On 03 January 2001, Halter Marine announced that it had been selected by the Egyptian Navy[16][17] to provide three Ambassador Mk III class fast attack craft. The program was valued at USD 406M (US$ 200M from FMA and USD 206M financed over five years), including construction, all weapons, integration, spare parts and technical services. Industry sources suggest that the program was under-bidded by as much as 33%, to assure a Halter Marine contract. Privately, the Egyptian Navy also expressed concern over the cheapness of the price quoted, and initially demanded a high-priced performance bond to guarantee the delivery, and assurances that there would be no cost overruns.[18]
On 01 July 2001, the Egyptian Armament Authority approved the contract, and forwarded it to the Ministry of Defense for final approval before the end of 2001, with construction commencing in 2002. The first unit is scheduled to be delivered by 2005 followed by one unit per year valued at USD 101.5M each.[19]
On 18 December 2009 according to the US Defense Security Co-operation Agency (DSCA) that the Egyptian Navy expanded the Ambassador III-class Fast Missile Craft (FMC) requirement from three vessels to four and increased the procurement budget to almost USD 1.3 billion