Seatrium bags S$350 million worth of contracts
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SEATRIUM has obtained a series of major contracts with an aggregate value of S$350 million.
The contracts, to be completed by end-2025, were awarded to the group’s wholly owned subsidiary, Seatrium Repairs and Upgrades.
They include repair, upgrade and conversion works scheduled mainly to start in the second quarter of 2024, said the offshore and marine engineering group on Wednesday (Apr 3).
Seatrium will convert three liquified natural gas (LNG) carriers belonging to Turkish energy company Karpowership, into floating storage and regasification units. The agreement with Karpowership also comes with an option for a fourth project.
The conversion work involves installing a regasification skid, as well as other supporting systems such as cargo, utility, spread-mooring, offloading, electrical and automation systems.
Seatrium will also be performing maintenance and upgrading works on a floating production storage and offloading (FPSO) system owned by Australian petroleum company Woodside Energy, and operated by floating production solutions provider Modec Management Services.
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The FPSO system named Pyrenees Venture is expected to be redeployed into production off the coast of Western Australia.
In another project, Seatrium will perform vessel remediation work for Chevron Thailand Exploration and Production.
Throughout 2024, the group will also carry out cruise ship refurbishments for 10 cruise vessels from its long-term partner Carnival Corporation, and Royal Caribbean Group.
Additionally, Seatrium will undertake repairs of Hakuryu 5, a semi-submersible drilling rig from Japan Drilling; a series of dry docking for LNG carriers under its contract with South Korean Hyundai LNG Shipping; and a series of naval work this year.
Seatrium’s shares ended Tuesday S$0.003 or 3.4 per cent lower at S$0.084.
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