Seatrium secures 720 million euro green trade finance facility from OCBC
OFFSHORE and marine engineering player Seatrium has secured a green trade finance facility with a banker’s guarantee from OCBC worth 720 million euros (S$1.1 billion) to finance its sustainability efforts, the group said on Wednesday (Jul 12).
“This trade financing solution... will support Seatrium’s offshore renewable projects and decarbonisation efforts, bolstering the group’s implementation of green measures and investments in sustainable and environmentally-friendly technology and practices within its operations,” it said in a bourse filing.
The company, formerly known as Sembcorp Marine, flagged that renewables and green solutions comprise about 39 per cent of its net order book, based on its Q1 2023 business update.
The Straits Times Index constituent also highlighted its construction and fabrication of “several of the world’s large-scale and complex offshore converter platforms” that contribute to the green transition.
Acting group finance director Paul Tan added: “(It) is a testament to our commitment towards responsible and sustainable business practices in the offshore and marine industry.”
Elaine Lam, head of global corporate banking at OCBC, said: “This green trade finance facility, being one of the industry’s largest, attests to Seatrium’s dedication to decarbonising its operations and investing in green technology and renewable energy solutions.”
Shares of Seatrium closed at S$0.141 on Wednesday, up S$0.009 or 6.8 per cent, before the announcement.
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