Fullerton Fund Management has paid $16.45 million for nearly 116.9 million Seatrium shares on Aug 24, according to a filing on Aug 30. This works out to just above 14 cents per share.
Fullerton is an independently managed fund managment firm that's under Temasek Holdings, the controlling shareholder of Seatrium.
Temasek, via its various other linked entities, such as Keppel Corp, now holds a total deemed interest of 25.97 billion Seatrium shares, equivalent to 38.07%.
Seatrium, formed via the merger of Sembcorp Marine and Keppel's offshore and marine unit, most recently on Aug 28 announced it has secured a letter of intent to help build a rig for Shell and Norway's Equinor, to be used in the Gulf of Mexico.
The contract value has yet to be disclosed but CGS-CIMB's Lim Siew Khee estimates might be up to $400 million and can generate an Ebit margin of between 7 and 8%.
If so, Seatrium's order wins year to date has reached $4.6 billion.
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Seatrium shares changed hands at 14 cents as at 10.06am on Aug 30.
