Seatrium bags $100 million in contracts for repairs, upgrades
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The new contracts encompass a range of “complex projects” including carbon capture and storage retrofits.
PHOTO: SEATRIUM
Michelle Zhu
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SINGAPORE - Seatrium has secured $100 million worth of contracts for repairs and upgrades set to be completed by the first quarter of 2025.
On Oct 22, the group said these projects were awarded by various longstanding partners and regular customers.
It added that the new contracts encompass a range of “complex projects” including carbon capture and storage (CCS) retrofits, major repairs on a range of vessels, as well as damage repairs.
Two of the contracts are for CCS retrofit projects, including one that was announced earlier in 2024 involving retrofitting an ethylene carrier for Norway’s Solvang ASA.
The other CCS retrofit project is for Japanese transport company Mitsui OSK Lines’ LR1 product tanker, Nexus Victoria, and is scheduled to commence in December 2024.
Among Seatrium’s new yacht and cruise repair contracts is a mega yacht retrofit project from the Middle East, as well as docking and repair works for vessels belonging to Australia’s Paspaley Pearling Company and Compagnie du Ponant in France.
The group has also secured contracts for three offshore retrofits comprising one jack-up rig from China Oilfield Services, and one pipelay vessel from US-headquartered McDermott.
Aside from conducting scheduled maintenance on two tankers – including a tanker belonging to Crowley Maritime in the US – the group said it obtained a “significant contract” for steel renewal works on a vessel that was damaged in a collision and is currently under repair. Other repair works to be undertaken by Seatrium involve five vessels comprising two liquefied petroleum gas carriers and three container ships, and a roll-on/roll-off carrier.
The group has also secured repair contracts for another three liquefied natural gas carriers and steelwork for a floating dock.
“Each project we undertake requires experienced project management, engineering expertise, and strict adherence to health, safety, security and environmental standards,” said Mr Alvin Gan, executive vice-president of Seatrium Repairs and Upgrades.
“With our proven track record and unwavering commitment, we are dedicated to delivering high-quality projects that are safe, timely and reliable.”
Shares of Seatrium closed flat at $1.97 on Oct 22. THE BUSINESS TIMES
