ST Engineering unveils smart shipyard, leverages technology for growth in its marine business
Published on : Friday 20-09-2024
ST Engineering Unveils State-of-the-Art Shipyard to Boost Marine Business Growt
Singapore, September 19, 2024 – ST Engineering has officially opened its new shipyard located at 55 Gul Road in a ceremony officiated by Mr Desmond Tan, Senior Minister of State, Prime Minister's Office and Deputy Secretary-General, Singapore National Trades Union Congress. The Gul Yard was acquired in February 2023 for $95m to support the growth of the Group's Marine business and maintain its competitiveness in the ship repair segment. This new facility will replace ST Engineering's Tuas Yard, whose lease expires at the end of 2024.
Twice the size of its existing Tuas Yard, the Gul Yard is designed to handle larger, more complex projects with enhanced precision and efficiency. Its expanded capacity will shorten turnaround times, provide improved support for local naval requirements, and enable ST Engineering to explore new market segments, including offshore renewables projects, offshore support vessels for the oil and gas industry, as well as refits, upgrades and comprehensive operations and support services for local and international customers.
Concurrent with the expanded capacity, the Gul Yard and the Benoi Yard will be integrated to create a seamless, unified network that will optimise project coordination, resource allocation, and capacity management.
Said Mr Tan Leong Peng, President, Marine, ST Engineering, "Since the acquisition of the yard, we had plans to invest about $60m to develop new infrastructure and acquire new capabilities. There are also plans to have similar digital advancements at our Benoi Yard. With both yards at the cutting edge of technology, we can then leverage their combined strengths to unlock new opportunities locally and globally, contributing to Singapore's continued growth as a global leader in the maritime industry."
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