Singapore Technologies Engineering Ltd (ST Engineering) announced that Hovertrans Solutions Pte. Ltd. (Hovertrans Solutions), a subsidiary of Singapore Technologies Marine Ltd (ST Marine) has been placed under members’ voluntary winding up pursuant to Section 290(1)(b) of the Companies Act, Chapter 50.
Hovertrans Solutions was set up as a joint venture company between ST Marine and its partners, Hovertransport Consultants Ltd, Clearstone Investments LLC and Oasis Marine Consultants Pte. Ltd. to exploit the use of hoverbarges for heavy lift in difficult terrain in the global oil and gas
, and specialist transportation industries
The decision to liquidate Hoverstrans Solutions was mutually agreed by all shareholders.
This exercise 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, the company said.