ST Engg makes Successful
Bid for US Shipyard (25
Defence conglomerate Singapore Technologies Engineering
said yesterday it put in a successful bid of US$66 million
for Halter Marine, the troubled shipbuilding arm of US-based
Friede Goldman Halter.
Analysts said the move was in line with the
group's stated aim of making overseas acquisitions.
The group, which counts on the Singapore military
for about half of its revenues, revealed last month that its
non-binding bid for the maintenance arm of failed carrier
Swissair had expired but it was open to reconsidering the
opportunity later. On the Halter Marine deal, ST Engineering
said the proposed acquisition would include seven shipbuilding
facilities in Louisiana and on the Mississippi Gulf Coast.
The takeover is subject to the approval of the
Bankruptcy Court in Mississippi and other regulatory approvals,
which are expected by the end of August, it said.
ST Engineering said Halter Marine, which makes
naval and commercial vessels, would provide a good entry point
for its unit ST Marine to enter the US shipbuilding market.