ST Engineering's Marine arm wins S$75m Contracts to Build Two Additional Offshore Supply Vessels for Swire Pacific Offshore
Singapore, 13 February 2012
Singapore Technologies Engineering Ltd (ST Engineering) announced today that its marine arm, ST Marine, has won two shipbuilding contracts worth about S$75m from Swire Pacific Offshore Operations (Pte) Ltd (SPO), a wholly owned subsidiary of Swire Pacific Limited.
These two AHTS will adopt the latest Dynamic Positioning technology and will be Special Purpose Ship 2008 compliant. They will also have adequate tank capacities and clear deck space of about 650m2 for other offshore applications. When delivered in 2Q2014 and 3Q2014 respectively, the vessels will join SPO's modern fleet supporting the latest generation of semi-submersible rigs operating in deep water and harsh environment.
"Swire Pacific Offshore is committed to owning and operating high quality, reliable, environmentally friendly and fuel efficient tonnage, focused on meeting the future needs of the industry. We are delighted to be working again with ST Marine on this project." ~ Neil GLENN, Managing Director, Swire Pacific Offshore
"Our relationship with Swire continues to strengthen with the award of these two contracts. Our continued focus and attention on supporting the oil and gas industry is paying dividends. We are seeking to diversify our product range further in order to keep pace with the development of the industry and to support Swire's growth as well. These contracts add feathers to our cap, testifying to ST Marine's capability and track record as a shipbuilder for offshore support vessels in this region." ~ NG Sing Chan, President, ST Marine
These contracts are 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.
Swire Pacific Offshore owns and operates over 75 offshore support vessels, with a further 22 new vessels on order for delivery between 2012 and 2015. The SPO fleet has an average age profile of 9 years, and is fully equipped to support a wide range of offshore activities including drilling, production, exploration, subsea construction, salvage, oil spill response solutions and seismic survey operations. Headquartered in Singapore, SPO has regional offices located around the globe operating vessels in every major oil exploration region outside of North America. Please visit www.swire.com.sg.
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 shiprepair 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). 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 revenues of $5.98b in FY2010 and ranks among the largest companies listed on the Singapore Exchange. It is a component stock of the FTSE Straits Times Index, FTSE ASEAN 40 Index, MSCI Singapore and other indices. ST Engineering has more than 22,000 employees worldwide, and over 100 subsidiaries and associated companies in 23 countries and 41 cities. Please visit www.stengg.com.
Singapore Technologies Engineering Ltd. press release