ST Engineering’s aerospace arm secures new contracts worth $520m in 3Q 2016

Singapore Technologies Engineering Ltd (ST Engineering) today announced that its aerospace arm has secured new contracts worth $520m in the third quarter (3Q) of 2016, for various projects ranging from line and airframe maintenance to component repair and overhaul.

New contracts The total contract value above includes the P2F (passenger-to-freighter) conversion of four Airbus A330-300 for DHL Express, announced in July. The first aircraft has been inducted into EFW, ST Aerospace’s facility in Dresden, Germany.

Among the line and heavy maintenance contracts clinched during the quarter was a five-year agreement with an international airline to provide airframe heavy maintenance support for the airline’s Boeing 767 and 777 aircraft fleet. ST Aerospace will also refurbish the cabin interiors of seven of its Boeing 777-300ER aircraft.

The aerospace sector also won an extension contract to further support a long-time airline customer’s pilot training needs. Under the contract, the airline’s cadets will undergo a 15-month integrated commercial pilot license programme in Ballarat, Australia.

Other contract wins included several landing gear overhaul contracts from various airlines, as well as multiple contracts for EcoPower® engine wash services.

Redeliveries and capabilities development The aerospace sector redelivered a total of 858 aircraft for airframe maintenance and modification work in 3Q2016. Additionally, a total of 11,772 components, 35 landing gears and 42 engines were processed, while 2,537 engine washes were conducted. 98 composite shipsets were delivered to the aircraft OEM.

Capacity expansion in key markets continue as planned, with its Guangzhou and Pensacola hangars scheduled to be operational by 2017 and 2018 respectively. The sector continued to extend its component support, adding new capabilities for the Boeing 787 electrical systems.

The above developments are not expected 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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