August 18, 2020

Singapore-based Marco Polo Marine's subsidiary secures contracts to build smart fish farms

Marco Polo Marine Ltd , a Singapore-based marine logistic company, has announced on August 17 that its subsidiary, Marco Polo Shipyard Pte Ltd, has secured shipbuilding contracts for the construction of two identical units of smart floating fish farm from Singapore Aquaculture Technologies (SAT) Pte. Ltd.

The smart fish farms represent a new era in aquaculture, using advanced technology and green initiative to produce at least 500 tonnes of food fish annually for the Singapore market, according to Marco Polo Marine. They are designed for sustainable growth in the aquaculture industry, with an aim to support Singapore's goal of becoming 30% self-sufficient in food production locally by 2030.

Marco Polo Marine has taken its first step to be involved in a government's initiative of self-sustainability, the company said. While the contracts are not expected to have any material impact on the consolidated net tangible assets per share and consolidated earnings per share of the group, they are envisaged to contribute positively to the performance of Marco Polo Marine for the financial year ending September 30, 2021.

- Marco Polo Marine