Singapore, 31 October 2017 – Singapore Technologies Engineering Ltd (ST Engineering) announced that further to its announcement dated 27 September 2017, its marine arm Singapore Technologies Marine Ltd (ST Marine) has formed a concession company with its consortium partner, Tuas Power Ltd (Tuas Power), to jointly undertake the Jurong Island Desalination Plant project.
ST Marine holds a 40% stake in the concession company, TP-STM Water Resources Pte. Ltd. (TP-STM Water Resources), while Tuas Power holds the remaining 60% stake. ST Marine has injected its proportional share of equity amounting to $1.8m into the capital of TP-STM Water Resources.
Subsequent to this development and subject to definitive agreements, ST Marine will join Tuas Power to form an Engineering, Procurement and Construction consortium and an Operation & Maintenance company in 2018.
The setting up of this concession company and corresponding capital injection are not expected to have a material impact on the consolidated net tangible assets per share and earnings per share of ST Engineering for the current financial year.
ST Marine (Singapore Technologies Marine Ltd), the marine arm of ST Engineering, provides turnkey and sustainable solutions in the marine, offshore and environmental engineering industries. In shipbuilding, it has the proven capabilities in concept definition to detailed design, construction, on-board system installation and integration, commissioning to through-life support. It has also established a track record in providing high engineering content repair and conversion services for a worldwide clientele.
ST Marine also provides sustainable environmental engineering solutions to meet the increasing global demand for innovative green solutions in water, wastewater, solid waste and renewable energy. Please visit www.stengg.com for more information.
ST Engineering (Singapore Technologies Engineering Ltd) is an integrated defence and engineering group specialising in the aerospace, electronics, land systems and marine sectors. It has global presence with offices in Asia, the Americas, Europe and the Middle East and employs about 22,000 employees. Across the globe, its employees bring innovation and technology together to create smart engineering solutions for its customers in the defence, government and commercial segments. Headquartered in Singapore, ST Engineering reported revenue of S$6.68b in FY2016 and ranks among the largest companies listed on the Singapore Exchange. It is a component stock of the FTSE Straits Times Index, MSCI Singapore and the SGX Sustainability Leaders Index. Please visit www.stengg.com for more information.
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