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ST Engineering Signs JV For Contract Awarded By Singapore Navy
(Singapore, June 5, 2008) -- Singapore Technologies Engineering Ltd (ST Engineering) today announced that its marine arm, Singapore Technologies Marine Ltd (ST Marine), has signed a joint venture (JV) agreement with James Fisher Defence Limited (JFD), a wholly-owned subsidiary of James Fisher and Sons Plc, to form First Response Marine Pte Ltd (FRM). Upon its incorporation, FRM will become an associated company of ST Marine.
This JV agreement 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.
FRM will be a 50:50 joint venture company set up for the sole purpose of undertaking the approximately $400m contract awarded to ST Marine by the Republic of Singapore Navy (RSN) for the provision of a ship and submarine rescue system and maintenance services, announced in March last year.
The ship and submarine rescue system comprises a Submarine Support and Rescue Vessel (SSRV) which can transport a Submarine Rescue Vehicle (SRV) and its handling systems out to sea. The SSRV can lower the SRV into the water to reach a submarine in distress. The 20-year services contract is expected to commence in 1H 2009, when the SSRV and SRV have been completed and integrated into a submarine rescue system.
"We are very pleased to be working with ST Marine on this unique project and to have reached this milestone. Our teams have worked closely together for the past three years and we are looking forward to a long and successful relationship." ~ Simon HARRIS, Managing Director, James Fisher Defence Limited.
"We are delighted to have JFD as our partner in this first Public Private Partnership (PPP) project from the RSN. This is a strategic 20-year partnership and we are committed to nurturing this relationship to better serve RSN." ~ CHANG Cheow Teck, President, ST Marine.
Source : ST Engineering Ltd.
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