Singapore Technologies to buy Halter
Singapore Technologies Engineering Ltd (ST Engg), today issued a statement saying that, through its U.S. arm, Vision Technologies Kinetics Inc (VT Kinetics), it has made a successful bid for the assets of Halter Marine, the shipbuilding arm of US-based Friede Goldman Halter Inc (FGH). The acquisition will include seven of FGH's shipbuilding facilities located in Louisiana and the Mississippi Gulf Coast.
The proposed purchase consideration for FGH's shipbuilding facilities amounts to US$66.0 million (approximately S$115.3 million). The final award of the bid will be subjected to the approval of the Bankruptcy Court in Mississippi and other regulatory approvals.
Final approvals by these authorities are expected to be made known by end August 2002.
The planned acquisition is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of ST Engg for the current financial year.
"The planned acquisition of Halter Marine, with its comprehensive facilities, its proven capabilities in the design and construction of highly sophisticated vessels, as well as its strategic location in the Gulf of Mexico, provides a very good entry point for ST Marine into the Americas. The synergies of capabilities between Halter Marine and ST Marine will allow us to effectively tap on a range of newbuilding opportunities in the U.S. The acquisition will extend ST Marine's market reach and further enhance ST Marine's reputation as a world-class shipyard in the global newbuilding market," said See Leong Teck, President, ST Marine
About ST Marine
ST Marine, the marine arm of ST Engg, provides turnkey shipbuilding, shipconverison and shiprepair 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 detail design, construction, on-board system installation and integration, testing, commissioning to through-life support. It has also established an impeccable track record in providing high engineering content shiprepair and shipconversion services for a worldwide clientele.
About ST Engg
ST Engg is an integrated engineering group specialising in the fields of aerospace, electronics, land systems and marine. A leader in each of its core businesses, ST Engg provides one-stop services for air, land and sea platforms as well as systems-based solutions. Headquartered in Singapore, the Group employs about 11,000 employees worldwide with a revenue of approximately S$2.5 billion in FY 2001. ST Engg is one of the ten largest companies listed on the Singapore Exchange with a market capitalisation of approximately S$5.5 billion.