ST Marine has been awarded $77 million logistics management contract by Singapore Navy

ST Engineering announced today that its marine arm, ST Marine, has been awarded a S$108m contract by The Republic of Singapore Navy (RSN) for the logistics management of the RSN's warehouses at its Changi and Tuas Naval Bases. The six-year contract commenced on 1 October 2009, with an option for another six years. With this contract, ST Marine has grown its scope of support services to include supporting the RSN with a host of logistics management services, purchasing, materials inspection/quality control, as well as warehouse and fuel farms management. In the area of warehouse and fuel farms management, ST Marine is supported by ST Synthesis, the integrated services arm of ST Engineering. Since its inception, ST Marine has been a strategic partner to the RSN for its newbuilding, repair, refit and maintenance requirements. Progressively, over the years, ST Marine has also worked alongside the RSN's combat technicians in the naval bases under an integrated maintenance work team concept. This allows ST Marine to proactively develop solutions for the RSN's evolving needs. Earlier this year, ST Marine started to provide submarine support and rescue services to the RSN. "ST Marine is very honoured to be awarded this contract by the RSN. The contract reflects a solid partnership that is growing in tandem with changing needs. We will strive to give our fullest support to RSN's evolving needs in its 3rd Generation transformation, building upon the trust and strategic partnership we have developed over the years," said CHANG Cheow Teck, President, ST Marine. 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.