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2002 was a significant
year for ST Marine as it concretely geared to play a more prominent
role in the global market with the acquisition of Friede Goldman
Halter Inc.'s shipbuilding facilities in the US. The company
achieved yet another milestone with the completion of its yard upgrading
programme which supports its quest to deliver outstanding value
to its customers.
In the shipbuilding and shiprepair industry, ST Marine stands head
above the rest as it consistently delivers high quality marine engineering
services year after year.
With its impeccable track record established over 35 years, and
its strong reputation as a premier yard for delivering high quality
products and services, it is small wonder that ST Marine's
naval and commercial customers have come to count on it as the partner
of choice for technically complex, yet fast-turnaround projects.
SETTING THE STAGE FOR GROWTH
In 2002, ST Marine achieved strategic headway with the acquisition
of Friede Goldman Halter Inc.'s newbuilding facilities located
at the Mississippi Gulf Coast and Louisiana. The US$66 million (approximately
S$115.3 million) acquisition was made through VT Halter Marine,
a subsidiary of ST Engg's US arm, VT Systems.
The asset purchase of Friede Goldman Halter Inc.'s Vessel Division,
Halter Marine Inc., included its brand name, facilities, equipment,
and intellectual property. The complementary product lines of ST
Marine and VT Halter Marine will prove to be an important platform
for ST Marine to penetrate the shipbuilding and shiprepair markets
in the Americas and beyond. This will be spurred no less by the
synergies of the excellent track records that both operations have
built over the decades.
VT Halter Marine made a promising start when it secured a contract
in November to build an Offshore Supply Vessel (OSV) for a prominent
US owner and operator of OSVs at a value exceeding S$18 million.
The contract also includes options for six additional vessels which,
if exercised, could bring the total contract value to over S$120
million.
In December, VT Halter Marine secured a novation agreement with
the US government to complete two contracts which were started before
the acquisition. One of these include a project to construct a state-of-the-art
Fisheries Research Vessel for the National Oceanic and Atmospheric
Administration (NOAA) valued at approximately S$73 million. The
second contract involves the construction of a Logistic Support
Vessel (LSV) for the US Army valued at approximately S$48 million.
Both these contracts have options for additional vessels which,
if exercised, could total S$295 million.
As a further endorsement of VT Halter Marine's capabilities, the
US Army exercised its option for a second LSV, valued at approximately
S$43 million, shortly after the novation agreement was effected.
The resounding endorsement of VT Halter Marine's capabilities by
the US Army is highly positive for the newly-acquired facility.
ACHIEVING EXCELLENCE IN SHIPBUILDING
In Singapore, the upgrading of the 12.4-hectare Benoi Yard was completed
during the year.
ST Marine's capabilities in its home port have been vastly improved
with enhancements to its syncrolift, the introduction of new covered
workshops and mobile shelters to avoid delays caused by inclement
weather as well as a brand new hull blasting chamber with portable
blast-cleaning equipment using recyclable steel shots.
The launch of brand new workshops with high capacity overhead cranes
and longitudinal rails to facilitate transfers to the syncrolift
will enable ST Marine to construct three vessels simultaneously
in the workshops. The upgraded facilities will further strengthen
ST Marine's standing as a modern, premier yard in Asia with
the enhanced capabilities to deliver sophisticated products and
services of the finest quality standards that many of its international
clients have come to expect of ST Marine.
The shipyard achieved yet another significant milestone during the
year with the plate-cutting ceremony for the second and third frigates
at Benoi Yard which officially kicked off the frigate newbuilding
programme at ST Marine. It is expected to be a very challenging
project for
ST Marine as it will have to deliver five highly sophisticated vessels
to meet the stringent requirements of the Republic of Singapore
Navy (RSN), within a very tight time schedule.
In the area of Commercial Newbuilding, ST Marine launched three
Platform Supply Vessels (PSVs) – William C Hightower, Robert
H Boh and Art Carlson – for Tidewater Inc., the world's
largest operator of support vessels for the offshore oil and gas
industry. These vessels were constructed under the S$98 million
contract awarded in January 2001.
The first vessel was delivered in November while the second vessel
was delivered the following month. The third vessel is scheduled
for delivery in the first quarter of 2003.
FINE PERFORMANCE IN THE SHIPREPAIR MARKET
In a highly competitive environment, ST Marine continued to achieve
solid results during the year. A total of 365 vessels were repaired
in 2002 compared to 367 vessels in 2001. ST Marine also maintained
its leading position in the dredger and chemical tanker repair markets.
The world's top companies in these segments count on ST Marine
to put their ships back into ship-shape conditions.
The company also made inroads into the offshore repair markets and
achieved commendable results, having successfully repaired a total
of 24 vessels in this market segment which included two drillship
repairs, two supply vessel conversions, a diving support vessel
upgrade and the life extension of a pipe-laying barge.
One of the mainstays of ST Marine's shiprepair business, the
dredger repair segment continued to grow. ST Marine continued to
serve the top five dredging companies in the world and added reputable
companies like Hyundai and SembCorp Engineers & Constructors
to its clientele list in 2002.
Among the major projects carried out during the year was the conversion
of a bulk carrier "Pasir 1" to a sand carrier for SembCorp
Engineers & Constructors.
While there was a slight cyclical slowdown in the chemical tanker
repair sector, ST Marine remained the preferred repairer of chemical
tankers in this part of the world. A notable project was the repairs
carried out for "Weeklek No. 7", a dedicated chemical
tanker belonging to Trinity Shipping, Taiwan. In contrast to its
competitor's turnaround time requirement, ST Marine's
ability to complete the repairs for "Weeklek No. 7" in
a significantly shorter turnaround time, to the full satisfaction
of its customer in terms of the quality and standard of work completed,
is a solid indication of ST Marine's leading expertise in the
repairs of chemical tankers.
ST Marine continued to service a significant portion of vessel repairs
for the world's top two biggest chemical transporters –
Stolt-Nielsen, US and Odjfell-Seachem Tankers, Norway – as
well as other reputable companies including Hanseatic Shipmanagement,
Cyprus, MTM Shipmanagement, Singapore and Ceres Hellenic Shipping,
Greece.
ST Marine also won new customers in the chemical tanker repair market,
including Dannesbrog, Denmark and Mossberg, Norway, which are both
managed by Thome Ship Management.
Another noteworthy project of the year was a vessel life extension
programme which ST Marine carried out for a pipe-laying barge "Java
Constructor", for Australia-based Clough Offshore. More than
100 tonnes of steel were renewed and 27,500 square metres in the
ballast tank were also coated. This was another fine accomplishment
combining precise project management with a high level of technical
finesse.
OFFERING MORE INNOVATIVE PRODUCTS
In October, ST Marine unveiled a self-propelled Floating Bridge
System (FBS) at Euronaval, an exhibition which brought together
the best products and designs from the world's leading suppliers
in the industry.
Designed and developed by ST Marine's team of in-house designers,
the FBS adds to the impressive list of leading-edge, ingenuous products
that ST Marine has developed to meet the most up-to-date, sophisticated
requirements of the market.
The FBS is a system of inter-connectable pontoons or platforms which
is able to serve as a bridging system for the transfer of logistic
vehicles and equipment. The orderly system of rigid and flexible
connectors allows platforms to be interchangeable and provides a
high level of flexibility in configuring platform connections.
Each self-propelled platform provides excellent manoeuvrability
to facilitate quick positioning for bridge formation. The lightweight,
two-step connector system of the FBS also makes handling easy and
allows platform connections in higher sea state conditions.
SCALING NEW HEIGHTS
2002 was a very significant year for ST Marine on several counts.
It was a year which saw the company achieving notable results as
it made major strides to extend its presence in the global market
through a strategic acquisition.
On the home front, the completion of a yard upgrading programme
will enhance the shipyard's reputation as a modern, premier
shipyard in the region. The frigate newbuilding programme which
kicked off in 2001 will further sharpen ST Marine's capabilities
to deliver highly sophisticated products of fine quality standards.
This will definitely move ST Marine significantly up the scale of
competency in project management and technical expertise.
2003 will see ST Marine scaling greater heights of excellence in
the markets it operates in and reaffirming its standing as a leading
yard in the region with world-class operations and capabilities.
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Setting
The Stage For Growth
Achieveing Excellence In Shipbuilding
Fine Performance In The Shiprepair Market
Offering More Innovative Products
Scalling New Heights
1
Plate-cutting ceremony for the RSN's second and third frigates.
2
The launch of Art Carlson, third PSV for Tidewater Inc.
Ong Huey Hong
Chief Designer (Signature Management)
MARINE
"After
almost 15 years of cultural dance lessons and performances, one thing
I have taken away from the experience is the importance of teamwork.
Cultural dances are usually performed in groups, and everyone in the
team has to work well together to put up a good performance. In addition,
the willingness to put in long hours of rehearsal and the commitment
to do one's best every time is a must, as an eight to nine-minute
performance may sometimes require up to 200 practices over a period
of eight to nine months. This involves self-discipline, self-motivation,
and perseverance which I feel is very applicable to all aspects of
my personal and working life."
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