SINGAPORE (Oct 21): Singapore Technologies Engineering (ST Engineering) says that its Aerospace and Electronics sectors have secured new contracts worth a total of $1.8 billion for 3Q19.
The Aerospace sector secured various contracts amounting to $1.0 billion across its spectrum of aviation manufacturing and services businesses. These include contracts that range from nacelle component and floor panel manufacturing to aircraft airframe and helicopter MRO support services.
Among the new multi-year MRO contracts is a 10-year agreement to work with Airbus Helicopters starting in early 2021 to support the scheduled maintenance, inspection and on-demand repairs of a substantial part of the German Armed Forces’ NH90 fleet.
Meanwhile, the group’s Engineering sector clinched about $0.8 billion worth of new orders for satellite communications (satcom), mobility, public safety and security, Internet of Things (IoT), training and simulation, cybersecurity and defence.
In satcom, key contracts include the enhancement of communications for first response teams, and to ensure business continuity for healthcare and banking in rural US, while smart mobility contracts won include Passenger Information Systems for China’s Wuhan Metro Line 5, Nanjing Line 7, Nanchang Line 3; a communications system for the Philippines’s Manila Light Rail Transit System Line 2 Extension; Platform Screen Doors for Saudi Arabia’s Riyadh Metro Line 4; and Automatic Fare Collection systems in Singapore.
Furthermore, the group has other contract wins by its other business sectors, but not disclosed due to customer confidentiality.
These contract wins are not expected to have any material impact on ST Engineering’s consolidated net tangible assets and earnings for the current financial year.
Shares in ST Engineering closed at $3.92 on Monday.
