ST Marine Increases Shareholding in Joint Shipyard Management Services Pte Ltd

(Singapore, 25 November 2005) -- Singapore Technologies Marine Ltd (ST Marine), the marine arm of Singapore Technologies Engineering Ltd (ST Engineering), today announced that it has increased its shareholding in its associated company, Joint Shipyard Management Services Pte Ltd (JSMS), from 1 ordinary share of $1.00, representing 25% in the issued and paid-up capital of JSMS, to 30 ordinary shares of $1.00 each, representing 30% in the issued and paid-up capital of JSMS, for a cash consideration of $29.00. The new shareholding structure will reflect the actual number of dormitory units owned by the respective shareholders.

The increase in shareholding by ST Marine 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.


JSMS is a joint venture company set up by ST Marine together with Sembcorp Marine Ltd, Keppel Shipyard Limited and Pan-United Marine Limited to provide dormitory accommodation for foreign workers of each of the four shipyards.

Each of the four companies previously held 1 ordinary share of $1.00, representing 25% in the capital of JSMS. Their respective shareholding in JSMS after the additional subscription is as follows:

ST Marine : 30%
Sembcorp Marine : 32%
Keppel Shipyard : 24%
Pan-United Marine : 14%

ST Marine, ST Engineering's marine arm, provides turnkey building, repair and conversion 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 detailed design, construction, on-board system installation and integration, testing, commissioning to through-life support. It has also established a track record in providing high engineering content shiprepair and ship conversion services for a worldwide clientele. Please visit www.stengg.com.

ST Engineering is an integrated engineering group providing solutions and services in the aerospace, electronics, land systems and marine sectors. Headquartered in Singapore, the Group reported revenues of S$2.95 billion in FY2004. Its market capitalisation of more than S$7billion ranks it among the largest companies listed on the Singapore Exchange. ST Engineering has 12,000 employees worldwide, and over 100 subsidiaries and associated companies in 15 countries and 22 cities. Please visit www.stengg.com.


Contacts:
LIM Beng See
Vice President / Head, Corporate Communications
Singapore Technologies Engineering Ltd
Tel: (65) 6722 1883
Fax: (65) 6720 2293
Email: limbs@stengg.com

Laura CHUA
Assistant Vice President/Head, Corporate Communications
Singapore Technologies Marine Ltd
Tel : (65) 6860 9285
Fax : (65) 6861 3028
Email : chualaura@stengg.com

Source : ST Engineering