ST Engineering’s Marine Arm Forms Joint Venture Company
With Swedish Company Kockums AB
Singapore, 3 April 2012
Singapore Technologies Engineering Ltd (ST Engineering) today announced that its marine arm, Singapore Technologies Marine Ltd (ST Marine), has partnered with Swedish Kockums AB (Kockums) to form a joint venture company (JVC) called Fortis Marine Solutions Pte. Ltd. (Fortis Marine Solutions).
ST Marine and Kockums have a long standing partnership managing several contracts for the Republic of Singapore Navy’s (RSN) submarines. The RSN’s Challenger and Archer classes of submarines were designed, constructed, tropicalised and delivered by Kockums; while ST Marine has been providing up to Depot level maintenance of the submarines. The JVC is formed with the primary objective of providing a higher level in-country capability in the refitting and life cycle support services for the submarine fleet of RSN.
“Kockums is proud to have been supplying the RSN with advanced naval solutions, since 1995. Fortis Marine Solutions is an important widening of our activities in Singapore and a strong sign of our long-term commitment to provide the RSN with the best support throughout the life time of our products. We look forward to establish this in-country capability together with our qualified partner ST Marine.” ~ Ola ALFREDSSON, Chief Executive Officer, Kockums AB
“We are confident that the design and systems engineering capability of Kockums, combined with ST Marine’s skilled workforce capability will result in maintenance regimes that ensure high availability, safety and readiness for RSN.” ~ NG Sing Chan, President, ST Marine
The set up of Fortis Marine Solutions 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.
Kockums stands for leading-edge, world-class naval technology - on and below the surface. The company designs and builds submarines and naval surface vessels that incorporate the most advanced stealth technology. Other successful products include the Stirling Air Independent Propulsion (AIP) system, the Kockums Submarine Rescue System (URF) and mine clearance systems. Operations are based in Sweden in Malmö, in Muskö and in Karlskrona. Kockums is part of ThyssenKrupp Marine Systems. Please visit www.kockums.se.
ST Marine (Singapore Technologies Marine Ltd), the marine arm of ST Engineering, provides turnkey building, repair and conversion services for a wide spectrum of naval and commercial vessels. In shipbuilding, it has the proven capabilities to provide turnkey solutions from concept definition to detailed design, construction, on-board system installation and integration, testing, commissioning to through-life support. It has also established a track record in providing high engineering content shiprepair and ship conversion services for a worldwide clientele. ST Marine also provides a suite of sustainable environmental engineering solutions via its environmental engineering subsidiaries led by STSE Engineering Services Pte Ltd (STSE). Please visit www.stengg.com.
ST Engineering (Singapore Technologies Engineering Ltd) is an integrated engineering group providing solutions and services in the aerospace, electronics, land systems and marine sectors. Headquartered in Singapore, the Group reported revenues of $5.99b in FY2011 and ranks among the largest companies listed on the Singapore Exchange. It is a component stock of the FTSE Straits Times Index, FTSE ASEAN 40 Index, MSCI Singapore and other indices. ST Engineering has more than 22,000 employees worldwide, and over 100 subsidiaries and associated companies in 23 countries and 41 cities. Please visit www.stengg.com.
Singapore Technologies Engineering Ltd. press release