Singapore, 24 October 2016 Singapore Technologies Engineering Ltd (ST Engineering) today announced that Fortis Marine Solutions Pte. Ltd. (FMS), a joint venture between its marine arm, Singapore Technologies Marine Ltd (ST Marine), and SAAB Kockums Aktiebolag (SK) has been placed under members voluntary winding up pursuant to Section 290(1)(b) of the Companies Act, Chapter 50.
FMS was formed with the primary objective of building in-country capability in the refitting and life cycle support services for the submarine fleet of the Republic of Singapore Navy (RSN). The decision to liquidate FMS was mutually agreed upon between the shareholders as the objective has largely been achieved; however, the two shareholders will continue to work closely with each other to ensure continual support to the RSN.
The liquidation 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.
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 revenue of $6.34b in FY2015 and ranks among the largest companies listed on the Singapore Exchange. It is a component stock of the FTSE Straits Times Index, MSCI Singapore and the SGX Sustainability Leaders Index. ST Engineering has about 23,000 employees worldwide, and over 100 subsidiaries and associated companies in 46 cities across 24 countries. Please visit www.stengg.com for more information.
SVP, Corporate Communications
Tel: (65) 6722 1883 / 9696 5453
Head, Corporate Communications
Tel: (65) 6860 9285 / (65) 9155 5600
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