ST Engineering books $144 million in marine orders

st engineering logoSEPTEMBER 6, 2012 — VT Halter Marine's parent, Singapore Technologies Engineering Ltd (ST Engineering), announced today that its marine sector has won shipbuilding and repair contracts worth about S$179 million (US$144 million). These wins include a contract to build two additional Offshore Support Vessels (OSVs) as well as a series of repair and upgrading projects.

On shipbuilding, notes ST Engineering, Hornbeck Offshore Services, LLC (Hornbeck) has exercised options for two additional OSVs valued at about S$111 million (US$89 million), to be built by VT Halter Marine (see earlier story). On November 18, 2011, VT Halter Marine announced the contract to construct eight 97.2m long OSVs worth about S$441 million (US$353 million) for Hornbeck, with options for up to 24 additional identical vessels. These two new vessels are expected to be delivered in the fourth quarter of 2014 and first quarter of 2015.

Based on VT Halter Marine's Super 320 design developed for Hornbeck, the DP2 OSVs are designed to have approximately 20,800 bbl of liquid mud carrying capability, 1,136 sq.m of deck area and a fire-fighting class notation. All the OSVs will be constructed in VT Halter Marine's shipyards at Moss Point Marine and Halter Moss Point in Mississippi.

In additon to the newbuilding orders won by its U.S. subsidiary, ST Marine has secured a series of ship repair and upgrade contracts in the last two months worth about S$68 million (US$55 million), on track with its focus to support the burgeoning oil and gas exploration activities. These include repairs and upgrades to various types of vessels such as drillship, dredges as well as a rig. The last of these projects are expected to be completed by the first quarter of 2013.

"We shall continue to ride on the demand for offshore support vessels and pursue this segment with our track record as a shipbuilder and repairer of choice for such vessels." said N.G. Sing Chan, President of ST Marine.

Want more? Subscribe now!

News from NASDAQ