Wednesday, January 30, 2013
ST Engineering wins contract for eight new naval vessels
Singapore 30 January 2013 – Singapore Technologies Engineering Ltd (ST Engineering) today announced that the Group has been awarded a contract by the Ministry of Defense (MINDEF) for the design and build of eight new vessels. This new development attests to the Group’s core strength of providing integrated capabilities and solutions to support its customers.
The Group’s marine arm, Singapore Technologies Marine Ltd (ST Marine) will build the eight vessels at its Singapore Benoi Yard. Singapore Technologies Electronics Limited (ST Electronics), the Group’s electronics arm, will supply the core combat systems and combat system integration solutions. ST Marine will carry out the platform system integration as the lead system integrator.
Design of the vessels will commence immediately and the delivery of these vessels is expected to be from 2016 onwards. These new vessels will replace the Republic of Singapore Navy’s existing Fearless-class Patrol Vessels, indigenously designed and built by ST Marine in the 1990s.
“We are honored to be awarded this contract by MINDEF, which reflects the excellent partnership between MINDEF and ST Engineering. It also demonstrates our continuing efforts and commitment to develop indigenous capability to better support MINDEF in the area of design, construction, operations and support.” ~ NG Sing Chan, President, ST Marine
As we are under contractual obligation to observe confidentiality in respect of the contract, we are unable to disclose any further details.
This contract 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.