Seatrium unit bags S$1.1 billion syndicated facility for future business growth
It is the first of its kind in the offshore and marine industry in Singapore
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OFFSHORE and marine specialist Seatrium ’s wholly owned subsidiary has secured a S$1.1 billion syndicated bank guarantee facility to grow its business in the future.
Backed by eight financial institutions including DBS Bank and Standard Chartered Bank, the three-year facility is the first of its kind in the offshore and marine industry in Singapore.
Adrian Teng, Seatrium’s chief financial officer, said the facility will support Seatrium in meeting bank guarantee requirements for future projects, strengthening its capital structure and laying the foundation for long-term sustainable business growth.
He said: “Closing on this facility is the culmination of the collaborative efforts between Seatrium and its ... banking partners, demonstrating their trust and confidence in Seatrium’s strategic operating model and business outlook.”
Kelvin Wong, DBS’ head of energy, renewables and infrastructure (Institutional Banking Group), said he believes that the syndicated bank guarantee facility will be instrumental in supporting Seatrium’s future growth objectives in the renewable energy sector.
The counter closed 8 per cent or S$0.12 higher at S$1.62.
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