STEng – BT

ST Marine bags 534.8m euro Oman navy deal

It will build patrol vessels, provide logistic support

SINGAPORE Technologies Engineering’s (ST Engineering’s) marine arm has secured a contract worth 534.8 million euros (S$880 million) from the Royal Navy of Oman (RNO).

The contract – to design and build four patrol vessels (PVs) and the provision of associated logistic support to the RNO – was awarded to Singapore Technologies Marine (ST Marine) by the Ministry of Defence of the Sultanate of Oman, through a competitive international tender.

In a filing to the Singapore Exchange (SGX) yesterday, ST Engineering said that ST Marine will build four 75-metre PVs, with the project commencing immediately.

The first vessel is expected to be delivered in Q2 2015, and the final vessel in Q3 2016.

Said ST Marine president Ng Sing Chan: ‘We are honoured to be entrusted by the RNO with this project. This is a significant contract to ST Marine and we are confident that we will live up to our reputation as a total naval solutions provider – from design to construction to logistics support and hopefully through life support for our customer’s vessels.’

The contract is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of ST Engineering for the current financial year.

Just last week, ST Engineering announced that a 51:49 joint venture company (JVC) between ST Marine and Swedish Kockums AB respectively had been formed.

The two companies have had a long-standing partnership managing several contracts for the Republic of Singapore Navy’s (RSN’s) submarines.

Now a subsidiary of ST Marine, the JVC, known as Fortis Marine Solutions Pte Ltd, was formed with the primary objective of providing a ‘higher level in-country capability, in the refitting and life cycle support services for the submarine fleet of RSN’.

In addition, ST Engineering said last week that its electronics sector had secured new contracts worth about $100 million in the first quarter of this year.

These wins included contracts for rail electronics solutions and satellite communications systems.

ST Engineering shares fell five cents yesterday to close trading at $3.09 per share amid a market retreat in Asian bourses.

STEng – BT

ST Marine bags 534.8m euro Oman navy deal

It will build patrol vessels, provide logistic support

SINGAPORE Technologies Engineering’s (ST Engineering’s) marine arm has secured a contract worth 534.8 million euros (S$880 million) from the Royal Navy of Oman (RNO).

The contract – to design and build four patrol vessels (PVs) and the provision of associated logistic support to the RNO – was awarded to Singapore Technologies Marine (ST Marine) by the Ministry of Defence of the Sultanate of Oman, through a competitive international tender.

In a filing to the Singapore Exchange (SGX) yesterday, ST Engineering said that ST Marine will build four 75-metre PVs, with the project commencing immediately.

The first vessel is expected to be delivered in Q2 2015, and the final vessel in Q3 2016.

Said ST Marine president Ng Sing Chan: ‘We are honoured to be entrusted by the RNO with this project. This is a significant contract to ST Marine and we are confident that we will live up to our reputation as a total naval solutions provider – from design to construction to logistics support and hopefully through life support for our customer’s vessels.’

The contract is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of ST Engineering for the current financial year.

Just last week, ST Engineering announced that a 51:49 joint venture company (JVC) between ST Marine and Swedish Kockums AB respectively had been formed.

The two companies have had a long-standing partnership managing several contracts for the Republic of Singapore Navy’s (RSN’s) submarines.

Now a subsidiary of ST Marine, the JVC, known as Fortis Marine Solutions Pte Ltd, was formed with the primary objective of providing a ‘higher level in-country capability, in the refitting and life cycle support services for the submarine fleet of RSN’.

In addition, ST Engineering said last week that its electronics sector had secured new contracts worth about $100 million in the first quarter of this year.

These wins included contracts for rail electronics solutions and satellite communications systems.

ST Engineering shares fell five cents yesterday to close trading at $3.09 per share amid a market retreat in Asian bourses.

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