ST Kinetics inks US$20.9M arms contract with Brazilian Navy
Singapore Technologies Engineering Ltd. announced its land systems arm, ST Kinetics, has won a weapons contract worth US$20.9 million, or about S$29.4 million, from the Brazilian Navy.
The contract is for the supply of 5 units of 40mm L70 naval gun and an associated Integrated Logistics Support (ILS) package.
Signing the contract were the Brazilian Navy and Allied Ordnance of Singapore (Pte) Ltd (AOS), a wholly owned subsidiary of ST Kinetics. Delivery will begin in the last quarter of 2011 and is expected to be completed by the end of 2013.
This contract is the second that AOS has received from the Brazilian Navy, the first one being the two units of 40mm L70 naval gun with ILS package ordered in 2007.
Delivery of the first gun is currently in progress to be used in a Brazilian Navy patrol vessel.
ST Kinetics' 40mm L70 NADM330 naval gun features an electric drive aiming system with brushless motors that enable quick and accurate target tracking; battery-powered operation that allows immediate and ready activation; and 101 ready-to-fire rounds in a dual compartment magazine with immediate selection between two types of ammunition and ample ammunition for engagements without reloading.
These features of the gun give it the capability to instantly engage aerial and surface targets simultaneously.
"We are delighted with this latest order and will ensure that we exceed all expectations of the esteemed Brazilian Navy," SEW Chee Jhuen, ST Kinetics president, said in a statement.
The company does not expect the contract to have any material impact on the consolidated net tangible assets per share and earnings per share of ST Engineering for the current financial year.
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