Singapore, 30 August 2016 – Singapore Technologies Engineering Ltd (ST Engineering) announced today that its US subsidiary, VT Halter Marine, Inc. (VT Halter Marine), has formed ZHR Marine, LLC (ZHR Marine), a joint venture with Raytheon Company and Zamil Group, in the Kingdom of Saudi Arabia.
The issued and paid up capital of ZHR Marine is Saudi Riyal SR3m (approximately US$0.8m or S$1.1m), with each holding one-third of the shareholding.
ZHR Marine’s three founding companies offer capabilities in shipbuilding and systems integration as well as extensive experience across sea and shore-based sensors and weapons. The partnership will leverage the experience of VT Halter Marine in the construction of naval vessels, the in-Kingdom shipbuilding capability of the Al Zamil Group, and Raytheon’s broad portfolio of naval systems and weapons, and ship systems integration expertise. The JV is set up for the purpose of bidding for projects under the Royal Saudi Naval Force (RSNF) Eastern Fleet Modernisation Programme, which requires local content.
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 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 ship repair and ship conversion services for a worldwide clientele. ST Marine also provides a suite of sustainable environmental engineering solutions via its environmental engineering subsidiaries led by STSE Engineering Services Pte. Ltd. (STSE Engineering). 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 revenue of $6.34b in FY2015 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. ST Engineering has about 23,000 employees worldwide, and over 100 subsidiaries and associated companies in 46 cities across 24 countries. Please visit www.stengg.com for more information.
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