Seatrium bags $400 million in refinancing with sustainability-linked option
Sign up now: Get ST's newsletters delivered to your inbox
Seatrium's floating and stacked energy storage system. The company aims to achieve 40 per cent of its net order book from renewables and cleaner or green solutions.
PHOTO: SEATRIUM
Michelle Zhu
Follow topic:
SINGAPORE – Seatrium’s wholly owned subsidiary, Seatrium Financial Services, has refinanced an existing loan facility due February 2024 with a $400 million loan from DBS Bank.
The three-year committed loan facility includes a sustainability-linked conversion option aligned to sustainability-linked loan principles.
This is expected to support Seatrium in achieving its environmental, social and governance goals over time, the group said on Dec 28.
Seatrium’s acting group finance director Paul Tan said the latest round of refinancing brings the total sustainable and green financing secured in the year to date to more than $2 billion.
“We are encouraged by the strong support of our banks to our ongoing efforts in pursuing sustainability in our business operations for long-term stakeholder value creation, and driving energy transition in our industry.”
DBS group head of energy, renewables and infrastructure for institutional banking Lim Wee Seng said: “Seatrium is a pioneer for its commitment to sustainability and to overcome the challenges associated with the energy transition.”
In his view, the maritime industry is “essential to the real economy, yet also one of several hard-to-abate sectors”.
The bank provided Seatrium’s first sustainability-linked loan in 2021.
The energy and marine solutions group is working towards achieving 40 per cent of its net order book
Shares of Seatrium ended on Dec 27 up 0.2 cent, or 1.8 per cent, at 11.5 cents. THE BUSINESS TIMES
