Singapore-based Seatrium has announced that it has entered into a binding agreement with Brazil’s Posidonia Shipping and Trading to sell 100% equity interest in its indirect wholly owned subsidiary, Guanabara Navegação Ltda (GNL). The deal, valued at approximately $59.7 million (S$77.4 million), marks another strategic step by Seatrium to streamline operations and focus on its core business areas.
Strategic Divestment to Strengthen Efficiency
Under the agreement, Seatrium will divest GNL, a special-purpose vehicle that owns two platform supply vessels. The company stated that this move aligns with its long-term strategic plan to divest non-core assets, thereby improving capital allocation and operational efficiency. According to Seatrium, the divestment is accretive, meaning it is expected to enhance shareholder value over time. Importantly, the company noted that no operational impact is anticipated as a result of the sale, which is expected to be completed before the end of the financial year.
Strengthening Regional Partnerships
The sale follows Seatrium’s recent partnership agreement between one of its subsidiaries and India’s Cochin Shipyard Limited (CSL). The collaboration aims to expand cooperation within the offshore sector across India and Asia, reflecting Seatrium’s strategy of fostering strategic regional partnerships while optimizing its global asset portfolio.
Seatrium’s divestment of its Brazilian subsidiary represents a focused step toward refining its asset base and reinforcing its financial resilience. Combined with its regional partnerships in Asia, the move underscores the company’s commitment to operational excellence and long-term value creation for its shareholders.
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Source: OFFSHORE ENERGY
