Offshore Expert Seatrium secures €720mln green trade facility from OCBC

Singapore´s Seatrium – the former Sembcorp Marine – has secured a Green Trade Finance Facility from OCBC Bank, worth an estimated €720 million.

The engineering solutions provider to offshore, marine and energy industry, claims to be one of the largest syndicated financing solutions for the maritime industry, issued by a sole bank.

The aim of this trade financing solution is to support Seatrium’s offshore renewable projects and decarbonisation efforts.

The company has several projects in its business portfolio as large-scale and complex offshore converter platforms were constructed and fabricated by Seatrium.

One of the company´s recent projects is Seatrium’s partnership with transmission system operator, TenneT, for three high voltage direct current (HVDC) mega offshore wind projects in the Netherlands.

Seatrium´s responsibilities include engineering, procurement, construction, transportation, installation and commissioning of three 2GW HVDC offshore converter platforms.

The offshore converter platforms will play a key role in transforming and transmitting electricity generated by the wind turbines to the onshore grids.

Paul Tan, Seatrium’s Acting Group Finance Director, said the green trade finance facility from OCBC Bank is a testament to the company´s commitment towards responsible and sustainable business practices in the offshore and marine industry.

Seatrium´s key business segments are the oil and gas newbuilds and conversions, renewables and new energies, specialised shipbuilding as well as repairs and upgrades.

Mr. Paul Tan added that “this partnership aligns with our vision of achieving a more sustainable future through the implementation of eco-friendly measures and technologies throughout our operations. We are grateful for OCBC bank’s support, which enables us to take significant strides towards the industry’s energy transition quest and contribute to Singapore’s goal of achieving carbon neutrality by 2050.”