Seatrium bags $260m worth of repair, upgrade and conversion deals

The contracts, worth an aggregate of S$350 million ($259m), include work on various types of vessels such as FSRUs, FPS, LNG carriers, and cruise ships as well as some offshore and naval work. All the work under the contracts is set to be completed by the end of 2025.

The company won deals to convert three LNG carriers into FSRUs for Karpowership, 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. The work will begin in the second quarter of 2024.

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Seatrium also secured a contract with Modec for the maintenance and upgrade of Woodside Energy’s Pyrenees Venture FPSO. Modec is acting as the operator of the FPSO. Scheduled to begin in the second quarter of 2024, the vessel is expected to be re-deployed back into production off the coast of Western Australia, Australia.

In another project, Seatrium will be performing major remediation work for Chevron in Thailand, also scheduled to commence in 2Q 2024.

Furthermore, the Singapore firm will conduct major repairs on the Hakuryu 5 semi-submersible drilling rig, a series of LNGC dry dockings for Hyundai LNG Shipping, and some naval work.

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The last contracts in this large haul of deals are for retrofitting ten cruise vessels from Carnival and Royal Caribbean. Of the ten, six will be from Carnival while the remaining four will be from Royal Caribbean.

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