ST Engineering unit wins contracts worth S$1.5b to modernise New Jersey toll collection systems
SINGAPORE Technologies Engineering (ST Engineering) subsidiary TransCore has been awarded turnkey tolling system contracts in the US worth a total of S$1.47 billion.
The technology, defence and engineering group said in an announcement on Tuesday (Nov 15) that the contracts with the New Jersey Turnpike Authority (NJTA) and the South Jersey Transportation Authority (SJTA) will modernise the tolling infrastructure in New Jersey.
The NJTA project includes the design, installation, operation and maintenance of tolling systems on the 241 km Garden State Parkway and 209 km New Jersey Turnpike – two of the busiest toll roads in the US – for 10 years.
The SJTA project covers the design, installation, operation and maintenance of an All-Electronic Tolling (AET) system on the 72 km Atlantic City Expressway for 12 years.
ST Engineering said TransCore will replace the existing tolling infrastructure with its own flagship toll collection system that integrates automatic vehicle identification and vehicle classification.
TransCore’s system also integrates video capture and recognition systems that automatically and accurately capture transactions in high-volume traffic across a wide variety of traffic speeds and patterns, it added.
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In addition, TransCore offers a digital video audit system that provides real-time, end-to-end revenue traceability and auditability.
ST Engineering said the contracts are not expected to have a material impact on its net tangible assets per share and earnings per share for the current financial year ending December.
Shares of ST Engineering closed 1.2 per cent or S$0.04 lower at S$3.42 on Tuesday, before the announcement.
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