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ST Engineering’s US Shipyard Wins Another NOAA Contract To Build SWATH Vessel For US$15m
Singapore, 27 September 2006 - Singapore Technologies Engineering Ltd (ST Engineering) today announced that its US shipyard, VT Halter Marine Inc (VT Halter Marine), has won another contract of US$15m (about $23.7m) from the National Oceanic and Atmospheric Administration (NOAA) for the design and construction of a new Small Waterplane Area Twin Hull Coastal Mapping Vessel (SWATH CMV). 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.
The SWATH CMV will be designed with a special hull to make it more wave-resistant, and facilitate its primary mission of mapping the full seafloor in coastal areas for US nautical charts. It will operate around the clock in waterways along the Atlantic and Gulf coasts, Caribbean Sea and Great Lakes, conducting basic hydrographic surveys of the seafloor using side-scan and multibeam sonar technology. The 38m long vessel is able to monitor and detect changes to the seafloor-including obstructions, shoaling, and other dangers to navigation.
Construction of the SWATH will begin early 2007 and be completed in the second half of 2008. VT Halter Marine is building four fisheries research vessels for NOAA. The SWATH contract brings the total value of projects awarded by NOAA to VT Halter Marine to US$167m (about $270m).
"The SWATH design is particularly suited to NOAA's mission to map the ocean floor, as it is less responsive to wave action than a mono-hull ship. Its reduced motion will result in more reliable acquisition of survey data, and its enhanced seakeeping ability will make it a more efficient survey platform." ~ Rear Admiral Samuel P. DE BOW Jr., Director, NOAA's Office of Marine and Aviation Operations
"This will be the fifth vessel that VT Halter Marine will build for NOAA as part of its active fleet replacement programme, in addition to the four Fisheries Survey Vessels. This contract serves as affirmation from our distinguished customer, reflecting positively on VT Halter Marine's tried and tested capabilities to design and build vessels that deliver value to customers. SWATH is a first-in-class vessel for NOAA and we are privileged to take the project from blueprint to blue water." ~ 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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