ST Engineering's US Shipyard Awarded US$165m Contract Modification For Egyptian Fast Missile Craft Project
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(Singapore, 22 November 2006) -- Singapore Technologies Engineering Ltd (ST Engineering) today announced that its US shipyard, VT Halter Marine Inc (VT Halter Marine), has won a contract modification worth US$165m (about $262.7m) from the US Navy for the Egyptian Navy's Fast Missile Craft (FMC) project. This modification enables VT Halter Marine, as the prime contractor, to procure long lead time materials which include items, equipment and/or components that need to be developed in advance of the required delivery dates due to their complex nature.
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.
VT Halter Marine secured the Phase I functional design contract for US$28.8m on 1 December 2005. This contract modification was issued as a letter contract with a not-to-exceed price of US$165m, which brings the total amount awarded on this programme to approximately US$194m. The programme value could grow to more than US$450m after Phase II is added to the contract.
The Fast Missile Craft is designed to perform coastal patrol, surveillance, interdiction, surface strike, and naval battle group support for the 21st century. These vessels will allow the Republic of Egypt to maintain the security of its coastal regions for both itself and friendly countries, while denying access to the areas by any future adversaries. The vessels will be approximately 62m in length and will incorporate ship signature control technology. High speed and manoeuvrability are two of the ship's primary assets to fulfill these roles. The vessels will also incorporate numerous combat system assets and electronic sensors that give them capabilities in anti-aircraft, anti-surface, and electronic warfare.
"This contract modification is a significant milestone in the progression of the Fast Missile Craft programme and speaks of the Navy's confidence in VT Halter Marine's engineering excellence." ~ SEE Leong Teck, President, ST Marine.
Source : Singapore Technologies Engineering Ltd
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