ST Engg's marine arm bags new orders worth $446m

The marine unit of Singapore Technologies Engineering (ST Engg) secured new contracts worth $446 million in the fourth quarter of last year, the company said on Monday.

ST Marine was awarded contracts for logistics management, maintenance, major upgrade and conversion projects, which will be carried out in the Singapore yards.

These orders come on top of a recent US$350 million (S$443 million) contract won by ST Engg's United States shipyard, VT Halter Marine, to design and build two vessels, as well as a bareboat charter contract for ST Marine to provide a passenger vessel to Nova Star Cruises.

In addition, ST Engg's Shanghai-based environmental business unit clinched a deal to design a pneumatic waste collection system for a high-rise commercial and residential development in Zhongshan in China's Guangzhou province.

These contracts are not expected to have a material impact on ST Engg's net tangible assets per share or earnings per share for the current financial year.

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