Singapore: ST Marine Wins Shipbuilding Contract Worth USD 171 Million

ST Engineering, its marine arm ST Marine, has won a shipbuilding contract worth about S$171m from Swire Pacific Offshore Operations (Pte) Ltd (SPO), a wholly owned subsidiary of Swire Pacific Limited. 

The contract entails the building and outfitting of four Anchor Handling Tug Supply (AHTS) vessels. SPO will furnish the major equipment for ST Marine’s installation and this includes main engines, thrusters, switchboard and automation, cranes, A-frame, stern rollers and deck machinery. Work commences immediately with the first AHTS, measuring 92m by 22m, expected to be delivered by 1H2013 and the fourth by 1H2014. The four vessels will be able to support the latest generation of semi-submersible rigs operating in deep water and harsh environment. They will also have adequate tank capacities and clear deck space of about 650m2 for other offshore applications. The vessels will adopt the latest Dynamic Positioning technology and will be Special Purpose Ship 2008 compliant.
In March this year, ST Marine successfully delivered Pacific Finder, a 68-metre Seismic Survey Vessel to SPO. The vessel is successfully deployed for marine seismic survey in shallow waters for oil and gas clients in the Asia Pacific region. 

“Swire Pacific Offshore is committed to owning and operating a modern fleet of offshore support vessels. The recent order with ST Marine is testament to our commitment for quality, reliability and environmentally friendly fuel efficiently designed vessels. ST Marine is our shipyard of choice for these new building orders based upon their previous performance, commitment and dependability to deliver on time. We are very pleased to be working with the ST Marine team.” ~ Brian TOWNSLEY, Managing Director, Swire Pacific Offshore. 

“We are delighted and honoured to be entrusted with this opportunity to work with Swire Pacific Offshore again. Swire, one of the world’s largest owners and operators of Offshore Support Vessels, is a forward-looking and very professional company and we are thankful for the role to enhance and grow their fleet to support their customers in the burgeoning offshore oil and gas industry. This contract is not only a testament to ST Marine’s capability as a shipbuilder of choice but an affirmation that our partnership with Swire Pacific Offshore is growing from strength to strength.” ~ NG Sing Chan, President, ST Marine.
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.
Swire Pacific Offshore owns and operates 77 offshore support vessels, with a further 17 new vessels on order for delivery throughout 2011 and 2014. The SPO fleet has an average age profile of less than 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.
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).
ST Engineering (Singapore Technologies Engineering Ltd) is an integrated engineering groupproviding 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 24 countries and 45 cities.
Source: ST Engineering