Singapore, 31 May 2018 – Singapore Technologies Engineering Ltd (ST Engineering) today updated that further to its announcement dated 31 October 2017 and 27 September 2017, its marine arm, Singapore Technologies Marine Ltd (ST Marine) has formed a 40:60 joint venture company, TP-STM Water Services Pte Ltd with Tuas Power Ltd (Tuas Power).
ST Marine’s initial capital injection for its 40% equity in the paid-up capital of the TP-STM Water Services Pte Ltd is S$8,400. This JV company is set up to undertake operations and maintenance of Singapore’s fifth desalination plant on Jurong Island for a concession period of 25 years from 2020.
Separately, ST Marine and Tuas Power had also formed a 40:60 Engineering, Procurement and Construction consortium that has since commenced preliminary design work for the desalination plant.
The setting up of this joint venture 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.
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$6.62b in FY2017 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.
Head, Corporate Communications & Investor Relations
Tel: (65) 6722 1883
Chao Jang Ting
AVP, Corporate Communications
Tel: (65) 6722 1690