link : ST Engineering Wins $1.9Bn US Navy Polar Security Cutter Contract
ST Engineering Wins $1.9Bn US Navy Polar Security Cutter Contract
Pentagon Contract Announcement
(Source: U.S. Department of Defense; issued April 23, 2019)
The PSC program is a multiple year Department of Homeland Security Level 1 investment and a USCG major system acquisition to acquire up to three multi-mission PSCs to recapitalize the USCG fleet of heavy icebreakers which have exhausted their design service life.
The PSC's mission will be to ensure continued access to both polar regions and support the country's economic, commercial, maritime, and national security needs.
This contract includes options which, if exercised, would bring the cumulative value of this contract to $1,942,812,266.
Work will be performed in Pascagoula, Mississippi (61 percent); Metairie, Louisiana (12 percent); New Orleans, Louisiana (12 percent); San Diego, California (4 percent); Mossville, Illinois (4 percent); Mobile, Alabama (2 percent); Boca Raton, Florida (2 percent); and various other locations (3 percent), and is expected to be completed by June 2024.
If all options are exercised, work will continue through November 2027.
Fiscal 2019 procurement, construction, and improvement (Coast Guard); and fiscal 2018 and 2017 shipbuilding and conversion (Navy) in the amount of $839,224,287 will be obligated at time of award and will not expire at the end of the current fiscal year.
This contract was competitively procured via the Federal Business Opportunities website, with three offers received.
The Naval Sea Systems Command, Washington, District of Columbia, is the contracting activity (N00024-19-C-2210).
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Polar Security Cutter Contract Awarded to Recapitalize Nation’s Arctic Capabilities
(Source: US Naval Sea Systems Command; issued April 23, 2019)
The initial award is valued at $745.9 million and supports non-recurring engineering and detail design of the PSC class as well as procurement of long lead-time materials and construction of the first ship. The contract also includes options for the construction of two additional PSCs. If all options are exercised, the total contract value is $1.9 billion.
PSCs support a wide range of Coast Guard missions including search and rescue, maritime law enforcement, environmental response, and national defense missions.
The U.S. Coast Guard is the nation’s lead agency responsible for providing assured surface access in the polar regions. This contract award supports the United States’ ability to recapitalize heavy polar icebreaker capabilities that are vital to our nation’s ability to conduct national missions, respond to critical events, and project presence in the polar regions.
“Against the backdrop of great power competition, the Polar Security Cutter is key to our nation’s presence in the polar regions,” said Admiral Karl L. Schultz, Commandant of the Coast Guard. “With the strong support of both the Trump Administration and the United States Congress, this contract award marks an important step towards building the nation's full complement of six polar icebreakers to meet the unique mission demands that have emerged from increased commerce, tourism, research, and international activities in the Arctic and Antarctic.”
The acquisition of Polar Security Cutters is being jointly managed across the U.S. Navy and U.S. Coast Guard through an IPO that leverages the expertise and utilizes best practices across each enterprise to deliver a fleet of highly capable, multi-mission ships in the most cost-efficient and timely manner possible. NAVSEA is the lead contracting authority.
"This contract award reflects the great benefit achieved by integrating the incredible talents of U.S. Coast Guard and Navy acquisition and shipbuilding professionals to deliver best value at speed," said James Geurts, Assistant Secretary of the Navy for Research, Development and Acquisition. "Working with our industry partners, the team identified approximately $300 million in cost avoidances and accelerated the schedule for delivery of this capability to the nation by almost three years. This reflects the urgency in which we are operating to ensure we deliver capabilities necessary to support the U.S. Coast Guard and the nation’s missions in the polar regions.”
Construction on the first PSC is planned to begin in 2021 with delivery planned for 2024; however, the contract includes financial incentives for earlier delivery.
The U.S. Coast Guard and U.S. Navy are committed to working together to ensure the success of this program and to deliver the capabilities necessary to meet national defense and homeland security mission demands in the polar regions.
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ST Engineering Secures Up to S$2.6b Polar Security Cutter Contract from the U.S. Navy
(Source: ST Engineering; issued April 24, 2019)
The U.S. Department of the Navy has awarded VT Halter Marine as the Prime Contractor for a US$745,940,860 (about S$1b) fixed-price incentive-firm contract for the detail design and construction of the U.S. Coast Guard (USCG) Polar Security Cutter (PSC). The PSC contract is a multi-year programme and a USCG major system acquisition to acquire up to three multi-mission PSCs to recapitalise the USCG fleet of heavy icebreakers.
This contract includes options which, if exercised, would bring the cumulative value of this contract to US$1,942,812,266 (S$2.6b).
The first ship delivery is scheduled to occur in 2024. If the options are exercised, the second and third vessels are expected to be delivered in 2025 and 2027 respectively. The vessels are 460 feet in length with a beam of 88 feet overall, a full load displacement of about 33,000 long tons at delivery.
VT Halter Marine was involved in the design analysis study of the PSC since February 2017 and is currently in the production engineering studies support work since February 2019.
The above developments are not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of ST Engineering for the current financial year.
ST Engineering is a global technology, defence and engineering group specialising in the aerospace, electronics, land systems and marine sectors. The Group employs about 22,000 people across offices in Asia, the Americas, Europe and the Middle East, serving customers in the defence, government and commercial segments in more than 100 countries. Headquartered in Singapore, ST Engineering reported revenue of $6.7b in FY2018 and it ranks among the largest companies listed on the Singapore Exchange.
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