ST Engineering Wins $68M Contract for Light Strike Vehicles from Singapore MoD
12:00 AM, September 13, 2011
ST Engineering today announced that its land systems arm, ST Kinetics, has won a contract worth S$68m from the Singapore Ministry of Defence (MINDEF) through an international tender, to supply its new generation Spider Light Strike Vehicles (Spider LSV) and spares. Delivery is expected to take place over 2013-14. Designed with a unique center drive configuration allowing for weapon systems to be mounted on both sides of the driver, the Spider LSV incorporates a state-of-the-art electronic controlled engine, a 4-speed automatic transmission and an enhanced suspension system capable of high cross-country manoeuverability. The Spider LSV has an increased seating capacity for a crew of six and is heli-portable. "We are extremely pleased that MINDEF has selected the Spider LSV. This is an excellent testimony to ST Kinetics' continued focus to innovate through smart engineering, effective solutions to meet our customers' evolving operational needs," says SEW Chee Jhuen, President, ST Kinetics. 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.
Singapore is acquiring two new submarines from German defence contractor ThyssenKrupp Marine Systems with delivery to take place in 2020, Defense ministry said in a statement.
It said the deal included a logistics package and a...