Singapore-headquartered shipyard expert Seatrium has reported a series of additional non-core asset divestments. The largest of the divestments is the sale of 17 tugboats in Singapore for S$104m.
This asset sale, executed through Seatrium’s subsidiary Seatrium Marine Services Pte. Ltd., follows a binding purchase agreement signed on 29 January 2026 with KST Maritime Pte. Ltd. and its affiliate, Maju Maritime Pte. Ltd. – both unrelated third parties and providers of tugboat towage services. Seatrium said this accretive divestment streamlines operations and allows management to refocus on core businesses.
“Seatrium has concurrently entered into a towage services agreement with KST Maritime for the provision of tugboat towage services to Seatrium’s Singapore-based shipyards. This ensures continuity of such towage requirements and enables towage costs to evolve to an outsourcing model that is expected to offer long-term cost efficiencies,” the company said.
The sale is targeted to be completed in the first quarter of 2026.
The Group also divested its Karimun Yard located on Karimun Island, Indonesia, for S$22m. This divestment, executed through Seatrium’s subsidiary, PT Karimun Sembawang Shipyard, follows a binding agreement on 31 December 2025 with PT Tirta Segar Alami, a related party of the Salim Group.
“This divestment centralises Seatrium’s yard footprint in Indonesia within its larger yard on Batam island, which remains a strategic facility in supporting the Group’s operational needs across the region,” Seatrium said.
The divestment is expected to be completed in the first quarter of 2026, subject to customary closing conditions.
Seatrium also expects to complete the divestment of its Crescent Yard in Singapore for a cash consideration of S$12.5m by 1Q2026, following the exercise of an option to purchase granted to Mooreast Holdings Ltd. in June 2024.
Furthermore, the Group sold its Can-Do 2 floating dock in January, a non-core asset that was moored in Crescent Yard, for about S$16.9m. This sale is executed through Seatrium’s subsidiary Seatrium New Energy Limited, and follows a binding agreement signed on January 30, 2026, with Winter Park Trading – F.Z.E, to scrap the floating dock and recycle its components.
