VERSATILE TO BUILD POLAR ICE BREAKER Versatile Corp's shipbuilding subsidiary has a letter of intent to build a 320 mln dlr polar icebreaker for the Canadian coast guard, Transport Minister John Crosbie said. In a Vancouver address, Crosbie said Versatile Pacific Shipyards Inc was the low bidder to build the Arctic Class 8 icebreaker, but the company must meet certain financial and engineering conditions before the contract is awarded. The government also announced it will provide up to 13 mln dlrs in loan insurance to help Versatile prepare for the construction of the vessel. said before the contract can be awarded Versatile "will be required to offer assurances that the shipyard is technically and financially capable of performing the work." Crosibie said Versatile's bid was 100 mln dlrs lower than competing bidders and will generate 1,000 person years of direct employment. Work on the vessel, which Crosbie said would be the most powerful icebreaker in the world, would begin next year and completed in 1992. The government announced plans to build the icebreaker last year following the controversial passage of the U.S. Coast Guard's vessel, the Polar Sea, through the disputed Northwest Passage. The U.S. government did not seek permission for the journey, claiming the area was an international water way. The government said the icebreaker was needed to back up the country's claim of sovereignty in the Arctic.