US News

ST Engineering wins up to $1.9 billion contract to build icebreakers for U.S. Navy

SINGAPORE (Reuters) – Singapore Technologies Engineering Ltd said on Wednesday it has won a contract worth up to $1.94 billion to build as many as three icebreaker ships for the U.S. Navy.

The U.S. Department of the Navy awarded VT Halter Marine, ST Engineering’s shipbuilding business in Mississippi, a $746 million contract for the detail design and construction of the U.S. Coast Guard (USCG) polar security cutter, the Singapore-based company said in a statement.

The first ship is due for delivery in 2024, said ST Engineering. It said the contract is worth $1.94 billion, including options for two more vessels with estimated delivery dates of 2025 and 2027.

The United States has two operational icebreakers – the Polar Star, which is more than 42 years old, and the Healy.

ST Engineering shares were up 1.6 percent in morning trade at S$3.82, while the broader market was up 0.2 percent.

Reporting by Aradhana Aravindan; Editing by Christopher Cushing

Our Standards:The Thomson Reuters Trust Principles.

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