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ST Engineering’s US Shipyard Secures US$199m Contract To Build T-AGM(R) For The US Navy
Singapore, 27 September 2006 - Singapore Technologies Engineering Ltd (ST Engineering) today announced that its US shipyard, VT Halter Marine Inc (VT Halter Marine), has secured a US$199m (about $315m) contract for the design and construction of a missile range instrumentation ship (T-AGM(R)) for the US Navy. VT Halter Marine is the US operations of ST Engineering's marine arm, Singapore Technologies Marine Ltd (ST Marine).
This 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 year.
T-AGM(R) is the support platform for the US Navy's Cobra Judy Replacement programme which provides worldwide, high-quality, high-resolution, multi-wavelength radar data. The T-AGM(R) ship will monitor missile launches and collect data which can be used to improve missile efficiency and accuracy. The ship will also monitor strategic arms treaties and support US military weapons test programmes.
The T-AGM(R) mono-hull vessel is being designed in partnership with AMSEC, a US naval design specialist. Construction of 163m x 27m x 16m T-AGM(R) is scheduled to begin in 2008, with delivery planned in the first half of 2010.
"It is an honour for VT Halter Marine to win another project from the US Navy and be its shipyard of choice to design and build the T-AGM(R). This award brings VT Halter Marine's contract wins in September to about US$450m ($715m)." ~ SEE Leong Teck, President, ST Marine
VT Halter Marine is the marine operations of VT Systems. Based in Pascagoula, Miss., it is a leader in the design and construction of medium-sized ships in the United States. VT Halter Marine designs, builds and repairs a wide variety of ocean-going vessels such as patrol vessels, oil recovery vessels, oil cargo vessels, ferries, logistic support vessels and survey vessels. Please visit www.vthaltermarine.com.
ST Marine, the marine arm of ST Engineering, provides turnkey building, repair and conversion services for a wide spectrum of naval and commercial vessels. In shipbuilding, it has the proven capabilities to provide turnkey solutions from concept definition to detailed design, construction, on-board system installation and integration, testing, commissioning to through-life support. It has also established a track record in providing high engineering content shiprepair and ship conversion services for a worldwide clientele. Please visit www.stengg.com.
ST Engineering is an integrated engineering group providing solutions and services in the aerospace, electronics, land systems and marine sectors. Headquartered in Singapore, the Group reported revenues of $3.34b in FY2005. Its market capitalisation of about $8b ranks it among the largest companies listed on the Singapore Exchange. ST Engineering has about 16,000 employees worldwide, and over 100 subsidiaries in 17 countries and 29 cities. Please visit www.stengg.com.
Media Contact:
Lim Beng See
Vice President / Head, Corporate Communications
Singapore Technologies Engineering Ltd
Tel: (65) 6722 1883
Mobile: (65) 9617 1996
Fax: (65) 6720 2293
Email: limbs@stengg.com
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