Singapore Technologies Engineering Ltd (ST Engineering) announced that its marine arm Singapore Technologies Marine Ltd (ST Marine) has formed a concession company with its consortium partner, Tuas Power Ltd (Tuas Power), to jointly undertake the Jurong Island Desalination Plant project.
ST Marine holds a 40% stake in the concession company, TP-STM Water Resources Pte. Ltd. (TP-STM Water Resources), while Tuas Power holds the remaining 60% stake. ST Marine has injected its proportional share of equity amounting to $1.8m into the capital of TP-STM Water Resources.
Subsequent to this development and subject to definitive agreements, ST Marine will join Tuas Power to form an Engineering, Procurement and Construction consortium and an Operation & Maintenance company in 2018.