St Engineering's US Shipyard Secures US$ 23.5 M Contract to Build Platform Supply Vessel

(Singapore, March 27, 2007) -- ST Engineering Ltd (ST Engineering) today announced that its US shipyard, VT Halter Marine Inc (VT Halter Marine), has secured a contract to build a Platform Supply Vessel (PSV) for an undisclosed interest. The vessel, which includes owner furnished equipment, is valued at US$23.5m ($35.6m). Construction is scheduled to begin 2Q2007, with delivery planned for 4Q2008.

This contract award 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.


Modern PSVs are highly automated and designed with sophisticated control and monitoring systems, which allow precise manoeuvring of the vessel. PSVs carry water, fuel, drilling mud and deck cargo in support of oil and gas drilling operations around the world. This PSV, measuring out at 285ft x 64ft x 24ft is designed for a deepwater working environment. The completed vessel can accommodate 3,500LT of deck cargo as well as large amounts of drilling fluids, diesel fuel and fresh water.

"This contract award is a great example of VT Halter Marine's ability to produce a diverse product line that includes commercial and defence-related vessels. The current market requirements for bigger PSVs with precise manoeuvring abilities fit well with VT Halter Marine's strategy of building larger and more technically advanced vessels. " ~ SEE Leong Teck, President, ST Marine

Source : ST Engineering Ltd.