Seatrium announced on October 22, 2024, that it had secured S$100 million worth of contracts for vessel repairs and upgrades, with completion expected by the first quarter of 2025. The contracts were awarded by various longstanding partners and regular clients, reflecting Seatrium’s trusted industry position.
Scope of Work
The newly awarded contracts span a diverse range of complex maritime projects, including:
- Carbon Capture and Storage (CCS) retrofits:
- Retrofitting an ethylene carrier for Solvang (Norway).
- CCS retrofit on Nexus Victoria, an LR1 product tanker for Mitsui OSK Lines (Japan), is scheduled to begin in December 2024.
- Major vessel repairs and damage repairs, including steel renewal for a vessel damaged in a collision.
- Offshore retrofits:
- A jack-up rig for China Oilfield Services.
- A pipelay vessel for McDermott (USA).
- Scheduled maintenance on two tankers, one owned by Crowley Maritime (USA).
- Repairs for specialized vessels, including:
- Two LPG carriers.
- Three container ships.
- A roll-on/roll-off (RoRo) carrier.
- Three LNG carriers and steelwork for a floating dock.
New Cruise and Yacht Projects
Seatrium also secured significant contracts for yacht and cruise ship repairs:
- Mega yacht retrofit project for a client from the Middle East.
- Docking and repair services for vessels from Paspaley Pearling Company (Australia) and Compagnie du Ponant (France).
Commitment to Quality and Safety
Alvin Gan, Executive Vice President of Seatrium’s repair and upgrades division, emphasized the company’s focus on high standards in project management and safety. He stated,
“Each project we undertake requires experienced project management, engineering expertise, and strict adherence to health, safety, security, and environmental standards. With our proven track record and unwavering commitment, we are dedicated to delivering high-quality projects that are safe, timely, and reliable.”
Seatrium’s Market Performance
Shares of Seatrium closed slightly lower on Monday, ending at S$1.97, reflecting a 0.5% drop.
Seatrium’s recent contracts underscore its ability to handle complex maritime projects across diverse vessel types. With a strong focus on innovation through CCS retrofits and sustainable practices, Seatrium continues to strengthen its position in the global maritime industry.
Did you subscribe to our daily Newsletter?
It’s Free Click here to Subscribe!
Source: The Business Times
