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ST Engineering's Marine Arm Signs JV Agreement to form Hovertrans Solutions
Singapore, 13 January 2010 - Singapore Technologies Engineering Ltd (ST Engineering) today announced that Singapore Technologies Marine Ltd (ST Marine) has signed a joint venture agreement with Hovertransport Consultants Ltd (Hovertransport) and Clearstone Investments LLC (Clearstone) to form Hovertrans Solutions Pte. Ltd. (Hovertrans Solutions). ST Marine will hold 51% stake in Hovertrans Solutions; while the remaining 49% shareholding will be held equally between Hovertransport and Clearstone. Upon its incorporation, Hovertrans Solutions will become a subsidiary of ST Marine. ST Marine paid US$600,000 (about $843,000) to acquire the intellectual property rights and other business considerations with another US$600,000 as working capital into the new Hovertrans Solutions.
The set up of Hovertrans Solutions 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.
Hovertrans Solutions seeks to exploit the use of hoverbarges for heavy lift in difficult terrain in the global oil and gas, and specialist transportation industries.
"This strategic partnership to form Hovertrans Solutions leverages our mutual design and engineering capabilities, through which we intend to jointly develop new innovative product offerings and solutions and actively pursue opportunities to grow the business." ~ CHANG Cheow Teck, President, ST Marine
ST Marine (Singapore Technologies Marine Ltd) is 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 (Singapore Technologies Engineering Ltd) 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 $5.34b in FY2008 and ranks among the largest companies listed on the Singapore Exchange. ST Engineering has more than 20,000 employees worldwide, and over 100 subsidiaries and associated companies in 24 countries and 42 cities. Please visit www.stengg.com.
Media Contacts:
Sharolyn Choy
SVP, Corporate Communications
ST Engineering
Tel: (65) 6722 1883
Fax: (65) 6720 2293
Email: sharolynchoy@stengg.com
Adeline Wong
AVP/Head, Corporate Communications
ST Marine
Tel: (65) 6860 9285
Fax: (65) 6861 3028
Email: adelinewong@stengg.com
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