Seatrium wins repair, upgrade and conversion deals worth $259m

Singapore´s Seatrium – the former Sembcorp Marine – has secured a series of major contracts with an aggregate value of S$350m ($259m), to be completed by the end of 2025.

The diverse range of contracts secured by Seatrium Repairs and Upgrades include the upgrades and conversions of Floating Storage Regasification Units (FSRU), life-extension and remediation works for Floating Production Systems, LNG carriers’ repairs, cruise ships’ repairs and refurbishments, offshore and naval works.

The company won contracts to convert three LNG Carriers (LNGC) into Floating Storage and Regasification Units (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 is scheduled to commence in the second quarter of 2024.

Seatrium has also secured a contract with MODEC Management Services Pte. Ltd, operator of the asset for Woodside Energy for the maintenance and upgrade of a Floating Production Storage & Offloading system (FPSO), the FPSO Pyrenees Venture. 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 Thailand Exploration and Production, Ltd. (Chevron) also scheduled to commence in 2Q 2024.

Meanwhile, Seatrium has secured a series of 10 cruise vessels from its long-term partners, Carnival Corporation and Royal Caribbean Group, for vessel retrofits in 2024.

These include six cruise ships operating under Carnival’s various brands: Diamond Princess, Pacific Adventure, Carnival Splendor, Carnival Panaroma, Coral Princess and Noordam as well as four cruise ships from the Royal Caribbean Group: Navigator of the Seas, Spectrum of the Sea, Quantum of the Seas and Celebrity Millennium.

Furthermore, the company has also secured major repairs of the Hakuryu 5, a semi-submersible drilling rig from Japan Drilling, a series of LNGCs dry docking under the Favoured Customer Contract with Hyundai LNG Shipping of South Korea, and a series of naval work for 2024.