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SINGAPORE (Jan 18): ST Electronics has clinched about $742 million worth of contracts over 4Q17, bringing the total value of new orders secured in 2017 by its parent company, ST Engineering, to $2.24 billion.
In a Friday filing, ST Engineering says the latest contract wins from its electronics arm are in the fields of rail electronics & intelligent transportation, satellite & broadband communications, as well as advance electronics & information communications technologies (ICT) solutions.
Rail electronics & intelligent transportation contracts of more than $160 million were secured from both overseas and local customers, says the group, which include the supply of rail systems for Thailand and the region.
This includes the delivery of the Communications Systems, Automatic Fare Collection System, Platform Screen Doors, SCADA (Supervisory Control and Data Acquisition) and Passenger Information System for the Bangkok Blue Line Extension.
In Singapore, ST Electronics has secured contracts for the delivery of the Communications Systems and Control Systems for the Circle Line Stage 6 and the Kim Chuan Depot Extension, which includes three new underground stations.
These projects will be completed progressively till 2024.
Meanwhile, satellite & broadband communications contracts amounting to $84 million were awarded from various government, telecom and enterprise users worldwide – and will be completed progressively over the next three years.
These contracts included the installation of a VT iDirect Hub in Somalia and Mexico which enables high speed satellite connectivity and data application; the launch of the first VT iDirect DVB-S2X network in Russia; as well as the deployment of VT iDirect’s Velocity Infrastructure that delivers geostationary High Throughput Satellite services for global mobility markets.
Lastly, $498 million worth of advanced electronics and ICT contracts were secured from both local and overseas customers, including a contract worth about $98 million from Israel-based company Arad Technologies for the supply of a smart sensor network system.
Other contracts involve building a comprehensive electronics system for Raffles City Chong Qing, as well as a communications system deployed in 12 hospitals across Hong Kong.
These projects will be completed progressive until 2022.
“With the strong support of our partners and customers, we have continued to forge ahead with our growth strategy, advancing our global track record in implementing smart city initiatives worldwide. As rapid technology shifts continue to challenge global businesses, we have built on our deep engineering expertise and indigenous capabilities, and intensified our efforts on developing innovative and industry-leading solutions to help businesses tackle increasingly complex challenges they face,” says Ravinder Singh, president of ST Electronics, on the latest round of contract wins.
ST Engineering does not expect the contracts to have any material impact on the group’s earnings for the current financial year.
Shares in the group closed flat at $3.32 on Friday.