ST Engineering forms rig upgrade & repair subsidiary in U.S.

Singapore’s ST Engineering has set up a subsidiary in the U.S. focused on, among other things, upgrade and repair of drilling rigs.

Illustration: An offshore drilling rig / Image source: Pixabay
Illustration: An offshore drilling rig / Image source: Pixabay

ST Engineering said on Friday its U.S. company, Vision Technologies Systems, Inc., had set up a subsidiary ST Engineering Halter Marine and Offshore, Inc., based in Pascagoula, Mississippi.

“This new entity is responsible for the upgrade and repair of drilling rigs, military, para-military and commercial ships; and marine and industrial engineering work in the U.S. (formerly undertaken by VT Marine),” ST Engineering said.

The setting up of the company 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, ST Engineering added.

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