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ST Engineering’s electronics arm secures S$764m in contract wins in Q2
ST Engineering on Friday announced that its electronics arm has secured S$764 million worth of contracts in the second quarter of 2018.
These were driven by smart city solutions in mobility, satellite communications, Internet of Things (IoT), public safety & security and cyber security, as well as defence solutions.
In its global mobility business, ST Engineering’s electronics sector clinched contracts to deploy an advanced traffic management system in the Middle East; smart communications systems for Taipei MRT Xinyi Line (Red Line) Eastern Extension and Xinzhuang Line Depot; as well as a Passenger Information System for the Wuhan Metro Line 7 (South Extension Line).
In Singapore, the sector also provided a communications system for the North-South Corridor, and did power system upgrading works on the North-South and East-West MRT lines for Meiden Singapore. These projects will be completed progressively till 2026.The electronics sector’s satellite connectivity business also won contracts with satellite service providers in Latin America and Africa, such as Andesat, Broadband Systems Corporations and Nigerian Communications Satellite. The sector also announced that it has partnered with Kymeta to jointly deliver an enhanced satellite communications solution to expand into new land mobility markets such as trains, buses, agriculture and construction. In addition, the sector also secured a contract from Orbit Communications to jointly enable high performance, cost-effective satellite connectivity for the maritime communications industry.
On the new technology front, the electronics sector was part of a global SaT5G consortium-led live test of the seamless integration of satellite technology with 5G networks, a significant milestone expected to notably transform the global communications industry making global connectivity closer to reality. These projects have been completed and delivered.For its global smart city expansion plans, ST Engineering was selected to implement its first North Asia IoT-enabled smart street lighting pilot in Kowloon East, paving the way for an island-wide IoT deployment as part of Hong Kong’s smart city blueprint. This project will be completed progressively till end 2019.The sector was also awarded a contract in Brazil to use its state-of-the-art radar solution to enhance the security of Itapu Hydroelectric Dam, the world’s second largest hydropower and a strategic energy resource for both Brazil and Paraguay. Contracts were also awarded for the supply of an incident response trainer, automated biometrics systems equipped with video analytics capabilities, as well as a Cybersecurity Operations Centre, to enhance the security capabilities of local enforcement bodies.
Contracts for defence solutions were won for managed services, Command, Control, Communications and Computers (C4)solutions, Unmanned Surface Vehicle (USV), network training and ship handling simulation. These projects will be completed progressively till 2023.
These contracts are not expected to have any material impact on the consolidated net tangible assets per share and earning per share of ST Engineering for the current financial year, it said.