ST Engineering today announced that the Group has secured new contracts for the Electronics and Marine sectors worth about $350m in 4Q2011. These wins include a LRT communications contract in Taiwan, and several naval contracts and commercial shiprepair and conversion contracts.
ST Electronics and ST Marine were awarded a contract to carry out upgrading works on the Republic of Singapore Navy (RSN)’s Landing Ship Tanks (LSTs). The LSTs were designed and built by ST Marine, and were delivered to the RSN in 1999. The upgrading works will cover modifications to the platform, as well as upgrades to the combat systems and helicopter support facilities.
In shiprepair and conversion, ST Marine won a contract from Saipem (Portugal) Comercio Maritimo (Saipem) to upgrade the heating, ventilation, and air conditioning (HVAC) system and accommodation piping system for pipe-laying vessel, Castoro 8. It will undertake the design development, engineering and supply of a new chilled water HVAC system. These upgrading will ensure that the vessel meets Saudi Arabia’s requirements and complies with Australian Maritime Safety Authority (AMSA) regulations for Noise, Vibration, Air Exchange, Flow Rate and Temperature. Delivery of the vessel is expected to be in the second quarter of 2012.
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.
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