ST Engineering's Marine sector clinched contracts worth $431m in Q3

One contract in the US was worth $331m.

ST Engineering revealed that its marine sector bagged contracts worth $431m in Q3, an announcement revealed. Said contracts include options for its shipbuilding business, as well as the ship and rig repair segments for progressive deliveries at its yards in Singapore and the US.

The Naval Sea Systems Command (NAVSEA) has awarded its US shipyard a contract, including options worth $331m (US$244m) for the detailed design and construction (DD&C) of two firms and up to four optional Auxiliary Personnel Lighter Small APL Class Berthing Barges.

According to ST Engineering, the delivery periods for the two firm vessels is pegged in Q2 and Q3 2020, respectively. Meanwhile, the options for the four vessels could be exercised for delivery during fiscal years 2019 to 2022.

Moreover, Bouchard Transportation Co. which has been a long-standing customer awarded its US shipyard a $40m (US$30m) new build contract for one firm Articulated Tug Barge (ATB) Tug and an option for a second vessel to be exercised within Q1 2019.

The marine sector of the firm saw its ship and rig repair business sustaining momentum of winning new projects with about $35m worth of contracts bagged for both commercial and naval projects. These contracts include repair of dredgers, offshore vessels, and oil & chemical tankers, and high engineering content conversion of an anchor handling tug supply vessel to carry methanol instead of cement.

ST Engineering also revealed that the sector also secured its first refit on a naval platform for a foreign navy with operations in the Indo-Pacific region.