Seatrium Divests Non-Core Platform Supply Vessels for S$77 Million
Singapore – Seatrium Limited (“Seatrium” and its subsidiaries, the “Group”) has signed a binding agreement to sell 100% equity interest in its indirect wholly-owned subsidiary, Guanabara Navegação Ltda (“GNL”), to Brazilian vessel operator Posidonia Shipping and Trading Ltda, an unrelated third party.
Details of the Transaction
GNL is a special purpose vehicle owning two platform supply vessels. The sale consideration totals US$59.7 million (approximately S$77.4 million). This strategic divestment aligns with the Group’s goal to divest non-core assets to improve capital and operational efficiency and deliver long-term shareholder value.
No operational impact is expected from the sale, which is scheduled to complete before the end of the financial year.
About Seatrium Limited
Seatrium Limited offers innovative engineering solutions to the offshore, marine, and energy sectors worldwide. Based in Singapore, the Group brings over 60 years of experience in designing and building rigs, floaters, offshore platforms, and specialized vessels, alongside repair, upgrading, and conversion services for various ship types.
- Key business segments include Oil & Gas Newbuilds and Conversions, Offshore Renewables, Repairs & Upgrades, and New Energies.
- The Group is increasing its focus on sustainable solutions to support the global energy transition and maritime decarbonisation.
“This accretive divestment is in line with the Group’s strategic intent to divest non-core assets to enhance capital and operational efficiencies, and create long-term value for its shareholders.”
Author's summary: Seatrium sells non-core vessel assets for US$59.7 million to streamline operations and support its focus on sustainable marine and energy solutions.