January 13 - Singapore Technologies Engineering Ltd (ST Engineering) subsidiary, Singapore Technologies Marine Ltd (ST Marine) has signed a joint venture agreement with Hovertransport Consultants Ltd (Hovertransport) and Clearstone Investments LLC (Clears
ST Marine will hold a 51 percent stake in Hovertrans Solutions, while the remaining 49 percent shareholding will be held equally between Hovertransport and Clearstone.
ST Marine paid USD600,000 to acquire the intellectual property rights and other business considerations with another USD600,000 as working capital into the new Hovertrans Solutions.
Hovertrans Solutions seeks to exploit the use of hoverbarges for heavy lift in difficult terrain in the global oil and gas, and specialist transportation industries.
"This strategic partnership to form Hovertrans Solutions leverages our mutual design and engineering capabilities, through which we intend to jointly develop new innovative product offerings and solutions and actively pursue opportunities to grow the business." said Chang Cheow Teck, president, ST Marine.