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ST Marine’s US Operations Secures US$30M Contract To Build Fourth Fisheries Survey Vessel For NOAA
Singapore, 16 January 2006 - Singapore Technologies Marine Ltd (ST Marine) today announced that the National Oceanic and Atmospheric Administration (NOAA) has exercised its option to build a fourth Fisheries Survey Vessel (FSV) with its US operations, VT Halter Marine, Inc. The FSV is valued at approximately US$30m (S$50m). ST Marine is the marine arm of Singapore Technologies Engineering Ltd (ST Engineering).
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.
This fourth FSV, the third and last vessel exercised under the options, is based on a novated contract for one FSV and options for three additional vessels announced in December 2002. It is expected to be delivered to NOAA in 2H2008.
The first ship, Oscar Dyson, delivered in January 2005, now operates out of Kodiak, Alaska. The second and third FSVs are now under construction at VT Halter Marine and are expected to be delivered to NOAA in mid 2006 and late 2007 respectively. With their low acoustic signatures, these FSVs have the ability to perform hydro-acoustic surveys of fish and conduct bottom and mid-water trawls while running physical and biological-oceanographic sampling during a single deployment.
"This fourth FSV will fulfill our vision to provide state-of-the-art fishery research capabilities along all the US coasts. It will also be one of NOAA's critical links in GEOSS, the emerging
Global Earth Observing System of Systems, through which we are working with our federal and international partners to develop an earth observation network for complete coverage of the planet." ~ Vice Admiral Conrad C. LAUTENBACHER Jr., Under Secretary of Commerce for Oceans and Atmosphere and NOAA Administrator, NOAA
"NOAA's decision to exercise its third option to build a fourth FSV reflects positively on VT Halter Marine's capabilities as a designer and builder of state-of-the-art vessels. We value NOAA's confidence in VT Halter Marine and will definitely look forward to adding another quality FSV to NOAA's modern fleet in 2008." ~ SEE Leong Teck, President, ST Marine
About VT Halter Marine
VT Halter Marine is the marine operations of Vision Technologies Systems (VTS). 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 14,000 employees worldwide, and over 100 subsidiaries in 17 countries and 29 cities. Please visit www.stengg.com.
Media Contacts:
Lim Beng See
Vice President / Head, Corporate Communications
Singapore Technologies Engineering Ltd
Tel: (65) 6722 1883
Fax: (65) 6720 2293
Email: limbs@stengg.com
Laura Chua
Assistant Vice President/Head, Corporate Communications
Singapore Technologies Marine Ltd
Tel : (65) 6860 9285
Fax : (65) 6861 3028
Email : chualaura@stengg.com
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