Singapore Technologies Secures New Repair Contracts

Singapore Technologies Engineering Ltd (ST Engineering) announced today that its marine sector has won shipbuilding and repair contracts worth about S$179m. These wins include a contract to build two additional Offshore Support Vessels (OSVs) as well as a series of repair and upgrading projects.

On ship repairs and upgrading, ST Marine has secured a series of contracts not involving Hornbeck in the last two months worth about S$68m, on track with its focus to support the burgeoning oil and gas exploration activities. These include repairs and upgrades to various types of OSVs such as drillship, dredgers as well as a rig. The last of these projects are expected to be completed by the first quarter of 2013.

“We shall continue to ride on the demand for offshore support vessels and pursue this segment with our track record as a shipbuilder and repairer of choice for such vessels,” said 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.

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Press Release, September 6, 2012