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ST Engineering's US Shipyard Awarded US$165m Contract Modification For Egyptian Fast Missile Craft Project
Singapore, 22 November 2006 - Singapore Technologies Engineering Ltd (ST Engineering) today announced that its US shipyard, VT Halter Marine Inc (VT Halter Marine), has won a contract modification worth US$165m (about $262.7m) from the US Navy for the Egyptian Navy's Fast Missile Craft (FMC) project. This modification enables VT Halter Marine, as the prime contractor, to procure long lead time materials which include items, equipment and/or components that need to be developed in advance of the required delivery dates due to their complex nature.
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 financial year.
VT Halter Marine secured the Phase I functional design contract for US$28.8m on 1 December 2005. This contract modification was issued as a letter contract with a not-to-exceed price of US$165m, which brings the total amount awarded on this programme to approximately US$194m. The programme value could grow to more than US$450m after Phase II is added to the contract.
The Fast Missile Craft is designed to perform coastal patrol, surveillance, interdiction, surface strike, and naval battle group support for the 21st century. These vessels will allow the Republic of Egypt to maintain the security of its coastal regions for both itself and friendly countries, while denying access to the areas by any future adversaries. The vessels will be approximately 62m in length and will incorporate ship signature control technology. High speed and manoeuvrability are two of the ship's primary assets to fulfill these roles. The vessels will also incorporate numerous combat system assets and electronic sensors that give them capabilities in anti-aircraft, anti-surface, and electronic warfare.
"This contract modification is a significant milestone in the progression of the Fast Missile Craft programme and speaks of the Navy's confidence in VT Halter Marine's engineering excellence." ~ SEE Leong Teck, President, ST Marine
VT Halter Marine is the marine operations of Vision Technologies 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 over $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 20 countries and 35 cities. Please visit www.stengg.com.
Media Contact:
Lim Beng See
VP / Head, Corporate Communications
Singapore Technologies Engineering Ltd
Tel: (65) 6722 1883
Fax: (65) 6720 2293
Email: limbs@stengg.com
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