ST Engineering's marine arm reveals US$1.1b orderbook

That's exclusive of the latest 8-vessel contract.

According to Nomura, ST Engineering announced that its marine subsidiary ST Marine has secured a contract to build eight new patrol vessels for the Republic of Singapore Navy.

The new vessels will help renew the navy’s current fleet of Fearless Class patrol vessels (11 ships now, after the RSS Courageous was damaged in 2003 and struck off), which have been operational since 1997.

Based on Nomura's estimates, the total contract could be worth between SGD1.2bn-1.5bn depending on the size and speed of the vessel plus onboard equipment and weaponry. STE declined to reveal the value of the contract or any further details on the vessels.

Here's more from Nomura:

Delivery of the first vessel is slated from 2016 onwards, with all vessels to be built at ST Marine’s Benoi yard in Singapore.

In April last year, ST Marine secured a contract worth EUR534.8mn (SGD880mn) to design and build four patrol vessels (PVs) and provide associated logistic support for the Royal Navy of Oman.

That contract for the 75 metre PVs, based on ST marines proprietary Fearless Class of PVs, worked out to about SGD220mn per vessel. RSN’s current fleet of PVs are 55m in length with a speed in excess of 20 knots and 30 crew. The RNO vessels are also being built at the group’s Singapore shipyard.

According to Navaltoday.com, the Fearless series of PVs are highly versatile and are capable of operating with different payloads.

The vessel can be fitted with either waterjets or conventional propellers, and can be equipped with a whole range of weapons and sensors.

The Fearless-75 is also equipped with a heli-landing deck for day and night operations of a helicopter or UAV.

ST Marine has built up a good track record in navy vessels, having built almost all of the RSN’s ships from the latest Formidable-class Frigates to the Endurance Class Landing Ships Tank vessels.

Besides the aging PVs fleet, the RSN’s fleet of 6 Victory-Class missile corvettes was commissioned in 1990 and 1991, and are likely to be due for replacement in the coming years, in our view.

As at 9M12, ST Marine had an orderbook of USD1.1bn, comprising both military and commercial contracts.

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