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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  SeaLink Travel Group Limited    SLK   AU000000SLK1

SEALINK TRAVEL GROUP LIMITED

(SLK)
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SeaLink Travel : awarded contracts for bus services in Singapore

09/30/2020 | 09:15pm EST

SeaLink Travel Group Limited's (ASX:SLK) ('SeaLink') wholly owned subsidiary Tower Transit Singapore Pte Ltd ('Tower Transit Singapore'), has today been informed by the Land Transport Authority of Singapore ('LTA') that it has been awarded the PT217 Contracts to operate both the Bulim package and the Sembawang-Yishun package of public bus services in Singapore, following a competitive tender.

Key Highlights

  • Tower Transit has been operating public bus services in Singapore for the LTA since 2016
  • Retaining the Bulim contract extends SeaLink's long track record of successful contract retention
  • Two new five-year contracts with two-year extension options, commencing services from 30 May 2021 for Bulim services and 5 September 2021 for Sembawang-Yishun
  • Secures more than S$1 billion of contracted revenue over the first five years
  • Delivering world-class, innovative contract services with valued Singapore Government counterparty

The contracts are for the combined operation of a total of 56 bus routes and the maintenance of more than 700 buses, two depots, five interchanges and a terminal. The combined operation will be staffed by over 1,700 employees and results in a doubling in scale of Tower Transit Singapore's current operations and its market share.

The Bulim Package is mostly comprised of routes that Tower Transit Singapore has operated since 2016, while the Sembawang-Yishun Package is for 27 routes that will transition from the current private operator. The Bulim Package of 29 routes is for services scheduled to commence from 30 May 2021, at the end of Tower Transit Singapore's existing contract. The Sembawang-Yishun Package of 27 routes will be operated out of a newly built depot and services are scheduled to commence from 5 September 2021. Each package will be operated for a term of five years from start of services with the option of a two-year extension exercisable at the LTA's discretion. Total contract fees over the initial contract term are estimated at more than S$1 billion, with potential to earn additional variable performance incentives.

'This announcement is a milestone for SeaLink's subsidiary, Tower Transit Singapore, as it means a doubling of the scale of our operations in Singapore in terms of the number of routes, staff, buses, facilities and revenue. It also reinforces our presence in Singapore, one of the top-ranked cities in the world for public transport. SeaLink remains passionately committed to designing, delivering and operating world class services that reflect the needs of the community and our customers,' said SeaLink Group CEO Clint Feuerherdt.

The current five-year term of the Bulim Package was awarded to Tower Transit Singapore in May 2015 under Singapore's first competitively tendered public bus contract. As the incumbent operator of the Bulim Package, the renewal of the contract for those operations positions Tower Transit Singapore well to execute a successful transition and delivery of the combined services, including the Sembawang-Yishun operations.

'With two bus packages, Tower Transit Singapore will be in a strong position to continue to contribute to Singapore's world-class, innovative bus network. We look forward to working on a smooth implementation for these contracts with the Land Transport Authority in the coming months and continuing to support its plans to improve and enhance Singapore's land transport industry.' he said.

Authorised for release by Clint Feuerherdt, Group Chief Executive Officer

Further information

For further information, please contact:

Clint Feuerherdt
Group Chief Executive Officer
+61 8 8202 8659

Andrew Muir
Chief Financial Officer
+61 8 8202 8693

About SeaLink Travel Group Limited (ASX:SLK)

SeaLink is Australia's largest integrated land and marine, tourism and public transport service provider with established international operations in London and Singapore.

It is one of Australia's most experienced and diverse multi-modal transport businesses, boasting performance- driven capabilities across ferry, bus and light rail.

The majority of SeaLink's operations are essential transport services (public bus, light rail and ferry) under long term contracts with governments and major commercial clients in diversified locations. In addition, SeaLink also operates several discretionary tourism based operations in Australia.

SeaLink moves more than 280 million customers per year, has over 8,600 employees and operates approximately 3,500 buses and 80 ferries.

Disclaimer

Sealink Travel Group Ltd. published this content on 30 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 October 2020 01:14:03 UTC


© Publicnow 2020
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Clint Feuerherdt Group Chief Executive Officer
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C. Beaumont Chief Operating Officer-International
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