ST Engineering's Awarded S$880M Contract for Vessels from Oman
12:00 AM, April 10, 2012
Singapore Technologies Engineering Ltd (ST Engineering) today announced that its marine arm, Singapore Technologies Marine Ltd (ST Marine) has secured a contract worth €534.8m (about S$880m) to design and build four patrol vessels (PVs) and the provision of associated logistic support for the Royal Navy of Oman (RNO). This contract was awarded by the Ministry of Defence of the Sultanate of Oman through a competitive international tender. ST Marine will build four 75-metre PVs based on its proprietary Fearless Class of PVs. The project will commence immediately with the first vessel expected to be delivered in 2Q 2015 and the final vessel in 3Q 2016. “We are honoured to be entrusted by the Royal Navy of Oman with this project. This is a significant contract to ST Marine and we are confident that we will live up to our reputation as a total naval solutions provider – from design to construction to logistics support and hopefully through life support for our customer’s vessels.” 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.