ST Engineering has been undertaking regular portfolio review and rationalisation to ensure that it focuses on businesses that are strategic and which yield higher returns.
Singapore Technologies Engineering (ST Engineering) announced that its subsidiaries have entered into an agreement to divest the entire issued and outstanding equity interests in its US Marine subsidiaries, VT Halter Marine and ST Engineering Halter Marine and Offshore (STEHMO) to Bollinger Shipyards Lockport for a cash consideration of US$15 million ($21 million).
In addition, ST Engineering may receive earnout payments post-closing of up to an aggregate amount of about US$10.3 million, subject to the award of certain future shipbuilding contracts to Halter Marine and such contracts meeting the requisite operating profit margins.
