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ST Engineering's Marine Arm Liquidates Hovertrans Solutions

Singapore, 28 February 2017 – Singapore Technologies Engineering Ltd (ST Engineering) today 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.

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 Engineering). Please visit www.stengg.com.

ST Engineering (Singapore Technologies Engineering Ltd) is an integrated defence and engineering group specialising in the aerospace, electronics, land systems and marine sectors. It has global presence with offices in Asia, the Americas, Europe and the Middle East and employs about 22,000 employees. Across the globe, its employees bring innovation and technology together to create smart engineering solutions for its customers in the defence, government and commercial segments. Headquartered in Singapore, ST Engineering reported revenue of S$6.68b in FY2016 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. Please visit www.stengg.com for more information.

Media contact:          

Lina Poa
Head, Corporate Communications
ST Engineering
Tel:      (65) 6722 1818           
Email: linapoa@stengg.com

Zann Chua
Head, Corporate Communications
ST Marine
Tel:      (65) 6860 9285 / (65) 9155 5600
Fax:     (65) 6861 3028
Email:  chuawuiwui@stengg.com

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