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Seatrium secures series of major contracts worth $350 mil

Felicia Tan
Felicia Tan • 2 min read
Seatrium secures series of major contracts worth $350 mil
Seatrium's yard at Tuas South Boulevard. Photo: Seatrium
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Seatrium, on April 3, announced that its repairs and upgrades department has secured a series of major contracts with an aggregate value of $350 million.

The contracts will be completed by the end of 2025.

The range of contracts include upgrades and conversions of floating storage regasification units (FSRU) where the group will convert three liquefied natural gas carriers (LNGCs) into FSRUs with an option for a fourth project. The conversion work, which will be done for Turkish energy company, Karpowership, involves installing a regasification skid, as well as other supporting systems such as cargo, utility, spread-mooring, offloading, electrical, and automation systems.

It is scheduled to commence in 2Q2024.

Seatrium has also secured a contract with shipbuilding company MODEC Management Services, operator of the asset for Woodside Energy, for the maintenance and upgrade of a floating production storage and offloading system (FPSO). The contract is scheduled to commence in 2Q2024 with the vessel expected to be re-deployed back into production off the coast of Western Australia.

Seatrium will also be performing major remediation work for Chevron Thailand Exploration and Production, Ltd. (Chevron) also scheduled to commence in 2Q2024.

See also: Mermaid Maritime JV signs one-year key contract extension for subsea services

Other contracts include the securing of a series of 10 cruise vessels from Seatrium’s long-term partners, Carnival Corporation and Royal Caribbean Group, for vessel retrofits in 2024. These include six cruise ships operating under Carnival’s various brands as well as four cruise ships from the Royal Caribbean Group.

Seatrium has also secured major repairs of the Hakuryu 5, a semi-submersible drilling rig from Japan Drilling, a series of LNGCs dry docking under the favoured customer contract with Hyundai LNG Shipping of South Korea and a series of naval work for 2024.

Shares in Seatrium closed 3 cents lower or 3.45% down at 8.4 cents on April 2.

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