ST Marine Incorporates Wholly Owned Engineering Design Subsidiary in China
Singapore Technologies Engineering Ltd (ST Engineering) announced that its marine arm, ST Marine, has incorporated a wholly owned subsidiary, ST Marine (Wuhan) Engineering Design Consultancy Co. Ltd. (ST Marine Wuhan EDC), in China.
Strategically based in Wuhan, ST Marine Wuhan EDC will strengthen ST Marine’s engineering team in Singapore and leverage the latter’s well established naval design capability and engineering expertise. The company will offer engineering design and consultancy services to both local Chinese as well as international companies operating in China.
“This new engineering design consultancy is set up as an extension of our in-house engineering design capability and we are optimistic about the potential China has to offer as a marine power country and the world’s largest shipbuilding country.” ~ NG Sing Chan, President, ST Marine.
ST Marine’s in-house Engineering Design Centre has a successful track record in the design of many proven platforms including offshore support vessels such as Diving Support Vessel, Seismic Survey Vessel and Anchor Handling Tug Supply vessels for both defence and commercial customers.
The set up of ST Marine Wuhan EDC 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 Marine (Singapore Technologies Marine Ltd) is 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 Engineering (Singapore Technologies Engineering Ltd) is an integrated engineering group providing 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, October 20 , 2011