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BRIEF-Singapore Technologies Engineering Updates On Arbitration Involving ST Engineering's U.S. Marine Unit

Reuters SG

Oct 23 (Reuters) - Singapore Technologies Engineering Ltd :

* UPDATE ON ARBITRATION PROCEEDINGS INVOLVING ST ENGINEERING'S U.S. MARINE SUBSIDIARY

* ON 22 OCT ARBITRATION PANEL ISSUED AN ARBITRATION AWARD WHEREBY HORNBECK WAS AWARDED US$18 MILLION FOR ITS CLAIMS

* ARBITRATION PANEL ISSUED AWARD WHEREBY VT HALTER MARINE WAS AWARDED US$2.1 MILLION FOR ITS COUNTERCLAIMS

* NET AMOUNT PAYABLE TO HORNBECK IS US$15.9 MILLION

* FURTHER PROVISION OF ABOUT S$14.2M WILL BE TAKEN INTO FINANCIAL STATEMENTS FOR PERIOD ENDED 30 SEPT FOR CLAIMS Source text for Eikon: Further company coverage: