Singapore Technologies Engineering Ltd (ST Engineering), a global technology, defense and engineering group has released that for the fourth quarter of 2019, its business sectors secured more than SG$1.5 billion of new contracts, bringing the full year 2019 contract value to SG$7 billion. Including the contract for one unit of Polar Security Cutter, the Group’s total announced contract value for 2019 was about SG$8 billion.
About SG$1.1 billion of new contracts were secured by the Group’s Aerospace sector, across its spectrum of aviation manufacturing and MRO service businesses including nacelle component, floor panel manufacturing, as well as airframe and engine maintenance services. This brings its total contract wins in 2019 to about SG$4.2 billion, compared to SG$2.1 billion the year before.
New MRO contracts included heavy maintenance service for a line of Boeing 757s for an America airline from the second half of 2020; transition checks for a freight operator’s MD-11s; and landing gear overhaul service for Japanese domestic airline, Solaseed Air’s Boeing 737-800 fleet over a four-year period. The MRO contracts also covered a number of maintenance-by-the-hour (MBHTM) agreements, including the 15-year engine MBHTM program to support Japan Transocean Air’s Boeing 737NG fleet, as announced in November 2019.
Another SG$449 million were secured by the Electronics sector for products and solutions in smart mobility, satellite communications (satcom), Internet of Things (IoT), cybersecurity, public safety and security, and defense. This brings its total contract wins in 2019 to about SG$2.8 billion, compared to about SG$2.2 billion the year before. US$1.00 = SG$1.36 at time of publication.)
