Singapore, 17 March 2016 – Following the US Government Accountability Office (GAO)'s decision to deny the protest of the Amphibious Combat Vehicle Phase 1, Increment 1 (ACV 1.1) programme, ST Kinetics, together with its teammate, Science Applications International Corp. (SAIC), now moves into the Engineering, Manufacturing and Development (EMD) phase of the ACV 1.1. During the EMD phase, SAIC and ST Kinetics will provide the US Marine Corps with 13 TERREX 2 prototypes that will be tested next year.
The prime contract, awarded by the US Marine Corps to SAIC is worth US$121.5 million. This decision to award came after SAIC received the 100-day ""stop work"" order from the US Marine Corps as the GAO looked into the protest made by one of the competitors, as allowed for in the US tender process.
“The selection of the TERREX 2 is a testament to the proven strengths of the TERREX family as a lethal and highly survivable 8x8 wheeled armoured vehicle platform,” said Ravinder Singh, President of ST Kinetics. “What we have now achieved in TERREX 2 is a testimony to the maturity of our defence engineering expertise, allowing us to compete against established global defence companies.”
TERREX 2 is an 8x8 wheeled armoured ACV with improved mobility that can transport a combat load of up to 11 embarked Marines, and three crew members, through hostile territory. On land, TERREX 2’s independent suspension system improves ground mobility and ride quality for the US Marines. In water, TERREX 2’s hydraulically driven propulsion systems with full independent thrust control authority allows safe operation at Sea-State 3 and through six-foot plunging surf.
ST Kinetics is the land systems arm of ST Engineering. This development 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 Kinetics (Singapore Technologies Kinetics Ltd) is the land systems and specialty vehicles arm of Singapore Technologies Engineering Ltd. It is one of Asia’s leading land systems and specialty vehicles companies, delivering smart engineering solutions since 1967 for the commercial, defence and homeland security markets. With 6,500 employees worldwide and revenue of over $1.4b in FY2015, ST Kinetics delivers products and solutions to end users in more than 40 countries around the world; helping to maintain the peace of nations and increasing the productivity of businesses involved in earthmoving, road construction and goods distribution. Please visit www.stengg.com for more information.
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 and MSCI Singapore. 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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