Singapore, 31 May 2019 - Singapore Technologies Engineering Ltd (ST Engineering) today announced that its U.S. company, Vision Technologies Systems, Inc., (VT Systems) has set up a subsidiary ST Engineering Halter Marine and Offshore, Inc., based in Pascagoula, Mississippi, U.S., with share capital of US$10 (approximately S$13.62). This new entity is responsible for the upgrade and repair of drilling rigs, military, para-military and commercial ships; and marine and industrial engineering work in the U.S. (formerly undertaken by VT Marine).
The setting up of the company 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 Engineering is a global technology, defence and engineering group specialising in the aerospace, electronics, land systems and marine sectors. The Group employs about 22,000 people across offices in Asia, the Americas, Europe and the Middle East, serving customers in the defence, government and commercial segments in more than 100 countries. With more than 500 smart city projects across 70 cities in its track record, the Group continues to help transform cities through its suite of Smart Mobility, Smart Security and Smart Environment solutions. Headquartered in Singapore, ST Engineering reported revenue of $6.7b in FY2018 and it ranks among the largest companies listed on the Singapore Exchange. It is a component stock of the FTSE Straits Times Index, MSCI Singapore, SGX ESG Transparency Index and SGX ESG Leaders Index.
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