Seatrium Limited (“Seatrium”, and together with its subsidiaries, the “Group”) wishes to announce that it has entered into a binding agreement with Brazilian vessel operator, Posidonia Shipping and Trading Ltda, an unrelated third party, to sell 100% equity interest in its indirect wholly-owned subsidiary, Guanabara Navegação Ltda (“GNL”). GNL is a special purpose vehicle that owns two units of platform supply vessels.

The total consideration for the sale of GNL is US$59.7 million (approximately S$77.4 million).

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.

No operational impact is expected to arise from such sale. The transaction is expected to complete before the financial year ends.

About Seatrium Limited

Seatrium Limited provides innovative engineering solutions to the global offshore, marine and energy industries. Headquartered in Singapore, the Group has over 60 years of track record in the design and construction of rigs, floaters, offshore platforms and specialised vessels, as well as in the repair, upgrading and conversion of different ship types.

The Group’s key business segments include Oil & Gas Newbuilds and Conversions, Offshore Renewables, Repairs & Upgrades, and New Energies, with a growing focus on sustainable solutions to advance the global energy transition and maritime decarbonisation.

As a premier global player offering offshore renewables, new energies and cleaner offshore & marine solutions, Seatrium is committed to delivering high standards of safety, quality and performance to its customers which include major energy companies, vessel owners and operators, shipping companies, and cruise and ferry operators.

Seatrium operates shipyards, engineering & technology centres and facilities in Singapore, Brazil, China, India, Indonesia, Japan, Malaysia, the Philippines, Norway, Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States.

Seatrium Limited press release