Marco Polo Marine expands into new market with contracts for 'smart' fish farms

MAINBOARD-LISTED Marco Polo Marine's (MPM) wholly-owned subsidiary Marco Polo Shipyard has secured shipbuilding contracts from Singapore Aquaculture Technologies (SAT) to construct two units of "smart" floating fish farms, in the marine logistics group's first move into a new market.

MPM, which principally engages in shipping and shipyard businesses, did not disclose the value of the contracts in its bourse filing on Monday.

It said the "smart" fish farms represent a "new era in aquaculture", as they use advanced technology and green processes to produce at least 500 megatonnes of food fish for the Singaporean market annually.

MPM aims to support the government's vision for the country to become self-sufficient for 30 per cent of its food production by 2030.

While the contracts are not expected to have a material impact on the group's consolidated net tangible assets per share and consolidated earnings per share, they are expected to contribute positively to its performance for the financial year ending Sept 30, 2021.

MPM has emerged from a debt restructuring in 2017, after a bailout by a group of white knights prevented it from collapsing during the previous oil crash. Back in May, the group said it had diversified into new businesses such as submarine cable installations and offshore wind-farm projects, and is working to expand beyond South-east Asia.

MPM shares closed flat at 1.5 Singapore cents on Monday, before the announcement.