ST Engineering Awarded S$1.5 Billion in Contracts in 2Q/2019

Drones, Cyber and Simulation Systems Figure Among Wins

ST Engineering Ltd (STE) announced on 25 July that it won contracts valued at approx. S$1.5 billion (€985 million) during the second quarter of 2019. (All figures reported here denominated in Singapore dollars unless otherwise stated).

The company’s aerospace sector took the lead, with contracts valued at a little over $800 million. As well as a number of airline maintenance and engine maintenance wins, STE also gained further traction for its DroNet smart drone system, with a contract for the system to be deployed as an end-to-end solution in security and surveillance missions.

The Electronics sector came in with wins of a little over $700 million, including a number of security, cyber, ‘smart city’ and Internet of Things awards, as well as success in the defence sector. PSA International, operator of Singapore’s ports, contracted for a command centre to enable digitalisation, automation and intelligent decision-making for the Port of Tuas, while VT MAK, an STE subsidiary, won a contract valued at US$95 million (€85 million) to provide critical management and simulation software components of the US Army’s flagship training programme, the Synthetic Training Environment (STE).

These wins are addition to the $1 billion contract announced on 24 April for design and construction of the first US Navy Polar Security Cutter. The contract includes options for two more vessels, which if exercised would bring total contract value for the three vessels to about $2.6 billion.

Publish date

07/26/2019

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