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ST Engineering's US Shipyard Secures US$23.5m Contract To Build Platform Supply Vessel
Singapore, 27 March 2007 - ST Engineering Ltd (ST Engineering) today announced that its US shipyard, VT Halter Marine Inc (VT Halter Marine), has secured a contract to build a Platform Supply Vessel (PSV) for an undisclosed interest. The vessel, which includes owner furnished equipment, is valued at US$23.5m ($35.6m). Construction is scheduled to begin 2Q2007, with delivery planned for 4Q2008.
This contract award 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.
Modern PSVs are highly automated and designed with sophisticated control and monitoring systems, which allow precise manoeuvring of the vessel. PSVs carry water, fuel, drilling mud and deck cargo in support of oil and gas drilling operations around the world. This PSV, measuring out at 285ft x 64ft x 24ft is designed for a deepwater working environment. The completed vessel can accommodate 3,500LT of deck cargo as well as large amounts of drilling fluids, diesel fuel and fresh water.
"This contract award is a great example of VT Halter Marine's ability to produce a diverse product line that includes commercial and defence-related vessels. The current market requirements for bigger PSVs with precise manoeuvring abilities fit well with VT Halter Marine's strategy of building larger and more technically advanced vessels. " ~ 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 $4.49b in FY2006. With a market capitalisation in the region of $10b, it ranks among the largest companies listed on the Singapore Exchange. ST Engineering has more than 17,000 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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