Penguin International Limited announced that Singapore’s Ministry of Defence has awarded the company a turnkey contract to design, engineer and build two landing craft for the Republic of Singapore Navy.

The contract value and technical specifications were not disclosed, but the project is described as Penguin’s first naval shipbuilding programme as a prime contractor and a “significant strategic milestone” in the group’s 50-year history.

All construction will take place at the company’s 30,000-square-metre shipyard at 21 Tuas Road in Singapore, where Penguin will handle design, procurement, fabrication, systems integration, testing and life-cycle support.

According to the announcement, the project will begin contributing to the group’s revenue and earnings from FY2027. It is not expected to have a material impact on Penguin International’s net tangible assets per share for the current financial year.

No director, controlling shareholder or substantial shareholder of the company has any interest in the contract other than through their respective shareholdings. The company will provide updates on any further material developments.