ST ENGINEERING ACQUIRES MARINE REPAIR ASSET IN THE USA
Singapore Technologies Engineering (ST Engineering) announced today that the Group has acquired selected rig repair assets adjacent to its existing yard, VT Halter Marine, Inc. (VT Halter Marine) in Pascagoula, Mississippi in the US, through its subsidiary Vision Technologies Marine. It has paid US$25m (about S$34m) for these assets of World Marine of Mississippi LLC (WMM), comprising a purpose-built facility of 94 acres for heavy marine fabrication, and offshore oil and gas rig upgrades, repairs and conversions.
Since the downturn of the offshore and marine industry, the Group has been looking to acquire assets that represent long-term value and can enhance its capabilities whilst offering scale advantages in the marine repair segment. The acquired assets, which are situated in a prime location in the Gulf of Mexico and with close proximity to VT Halter Marine’s Pascagoula yard enable the Group to leverage resources and derive greater synergies in its ship repair business.
ST Engineering, based in Singapore, is an integrated defence and engineering group specialising in the aerospace, electronics, land systems and marine sectors. It has global presence with offices in Asia, the Americas, Europe and the Middle East and employs about 22,000 employees. Across the globe, its employees bring innovation and technology together to create smart engineering solutions for its customers in the defence, government and commercial segments. (Source: ST Engineering)