ST Engineering-Contract for Survey Vessel

Wednesday, December 03, 2008

Singapore Technologies Engineering Ltd (ST Engineering) announced that its marine arm, Singapore Technologies Marine Ltd (ST Marine), has secured a S$30m contract to provide detailed design, construction and outfitting of a 228 ft seismic survey vessel for Swire Pacific Offshore Operations (Pte) Ltd (SPO), a wholly-owned subsidiary of Swire Pacific Limited.

Construction is expected to commence in May 2009 and delivery is planned for the second half of 2010. This contract 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.

This 223 ft by 49 ft seismic survey vessel, with medium speed diesel propulsion of 2 x 2880 kw, will be designed, constructed, completed and delivered in compliance with the rules, regulations and with all requirements of and under the survey of American Bureau of Shipping, and shall be distinguished in the registry by the symbol and annotation of ABS Class +A1, +AMS, ACCU, SPS, E, Ice Class Notation C. Seismic survey vessels are capable of driving at a selected surveying speed through the water and the hull form of the marine seismic survey vessel is arranged to produce low wake field turbulence as it is widely used in the offshore oil and gas exploration field.

(www.stengg.com)

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