The company signed documents with investors and the federal government in Washington, D.C., that will enable it to move forward on the project, said Susan Clark, a spokesman for the federal Maritime Administration.

Included in the documents was a loan guarantee by the federal agency for construction and mortgage financing of two 105-meter, high-speed passenger and vehicle ferries. The loan guarantee of $139.7 million by the federal government was considered a crucial part of the Superferry plans, company officials said.

The first vessel is under construction in Mobile, Ala.