Singapore's ST Electronics clinched contracts worth $490 million in second quarter

A file picture of Singapore Technologies Electronics production operators. PHOTO: SPH
A file picture of Singapore Technologies Electronics production operators. PHOTO: SPH

SINGAPORE - Singapore Technologies Engineering (ST Engineering) said on Wednesday (July 19) that its electronics arm, Singapore Technologies Electronics (ST Electronics), secured about $490 million worth of contracts in the second quarter of this year.

The contracts were for rail electronics and intelligent transportation, satellite and broadband communications, as well as advanced electronics and information communications technologies (ICT) solutions, it told the Singapore Exchange in a filing on Wednesday.

Of the $490 million, $131 million were in the rail electronics and intelligent transportation category, where the projects will be completed progressively until 2024.

Contracts amounting to $57 million were for satellite and broadband communications, awarded by government, telecom and enterprise users worldwide for the supply of broadband network, satellite network equipment and earth stations. These projects will be completed progressively over the next three years.

The company also secured about $302 million in advanced electronics and ICT solutions contracts, including the delivery of a public safety system, contracts for network infrastructure and communications, as well as cyber security solutions - all to be completed progressively until 2022.

To build deep capabilities and foster collaboration with industry partners, ST Electronics has teamed up with the Maritime Port Authority to enhance Singapore's port and shipping operations, with a focus on developing Next Generation Vessel Traffic Management Systems, Intelligent Systems for Shipping Operations, autonomous port operations and robotics for harbour-craft operations within Singapore's port.

Shares of ST Engineering closed 0.8 per cent or three cents higher at $3.76 on Wednesday, before the announcement was made.