Seatrium bags $180 million in repair and upgrade projects

SINGAPORE - Offshore and marine specialist Seatrium has secured $180 million worth of contracts to repair and upgrade various kinds of vessels, said the company on July 23.

All the projects, except one, will be completed by the end of 2024.

The contracts include major repairs on offshore vessels, naval vessels, ferries, liquefied natural gas (LNG) carriers, and tankers, as well as damage repair.

Seatrium secured four contracts to restore two jack-ups and two drill ships from existing customers Velesto Energy, Zonda Drilling and Seadrill.

Other awarded contracts related to offshore vessels include repair and maintenance work for a heavy pipelay vessel from Sapura Energy.

The company also bagged a lifetime upgrade of a jack-up installation vessel from Japan Offshore Marine Company.

This is a joint venture between Penta Ocean Construction and Dredging, Environmental and Marine Engineering. Fabrication works are under way to prepare the vessel for its retrofit in 2025.

For naval vessels, Seatrium secured naval works from the Military Sealift Command in the United States, as well as three vessels from Australia’s Teekay Shipping.

Under the ferries segment, the company won a contract to dock and repair a roll-on, roll-off ferry operated by New Zealand’s Interislander.

In the tankers segment, Seatrium was awarded contracts to conduct routine maintenance and upgrades to two tankers from ConocoPhillips/Polar Tankers, as well as one from Alaska Tanker Company.

It also won a series of seven contracts to retrofit LNG vessels from its existing partners.

Seatrium also bagged a contract to conduct major steel renewal work for a collision-damaged vessel, which is currently undergoing repair.

Shares of Seatrium closed five cents, or 3.5 per cent, higher at $1.50 on July 23.

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