ST Engineering wins over S$1.5b of new contracts in Q4

Singapore

SINGAPORE Technologies Engineering's (ST Engineering) business sectors landed more than S$1.5 billion of new contracts in the fourth quarter of 2019.

Including the contract for one unit of Polar Security Cutter, the group's total announced contract value for 2019 is about S$8 billion, it added.

About S$1.1 billion of the new contracts stemmed from the group's aerospace sector. As such, the sector's total contract wins in 2019 totalled S$4.2 billion, doubling from the year before.

New maintenance, repair and overhaul (MRO) contracts included heavy maintenance service for a line of Boeing 757 for an American airline, and transition checks for a freight operator's MD-11s.

Another S$449 million in contracts were secured in the fourth quarter by the group's electronics sector for products and solutions in smart mobility, satellite communications, Internet of Things, cybersecurity, public safety and security, and defence. For the full year, the sector's contract wins came to S$2.8 billion, up from S$2.2 billion in 2018.

Among the wins, the sector's smart mobility business was appointed to deliver a communications system and an Automatic Fare Collection system for Suksa Witthaya, which is a new station to be added to Bangkok's Mass Transit System Silom Line.

Meanwhile, its public safety and security business brought in new wins such as an Air Traffic Control Tower Simulator system for the Civil Aviation Authority of the Philippines.

And in the United Kingdom, its training and simulation business was picked by Boeing Defence UK to deliver a comprehensive networked training capability to the Royal Air Force.

In addition to these contracts, the group has other contract wins by its other business sectors undisclosed due to customer confidentiality reasons, ST Engineering added.

The counter closed unchanged at S$4.09 on Thursday.