Singapore: ST Marine Wins Two Shipbuilding Contracts Worth USD 59.6 Mln

Singapore Technologies Engineering Ltd, its marine arm ST Marine, has won two shipbuilding contracts worth about S$75 million (approx USD 59.6 million) from Swire Pacific Offshore Operations (Pte) Ltd (SPO), a wholly owned subsidiary of Swire Pacific Limited.

These contracts to build and outfit two Anchor Handling Tug Supply (AHTS) vessels, measuring 92m by 22m, are in addition to the existing shipbuilding contract with SPO, announced in June 2011 for four AHTS vessels. For these contracts, SPO will supply a larger proportion of the major equipment for ST Marine’s integration and installation. Construction will commence in 2013.

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.” said 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.” 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.

(1 Singapore dollar = 0.795039 U.S. dollars)

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Shipbuilding Tribune Staff, February 13, 2012; Image: swire