Shares in Seatrium Limited 5E2 have surged 19 cents, or some 10.73%, to $1.96 at 11.58am, close to the Singapore Exchange S68 ’s midday trading break.
Seatrium’s shares opened at $1.77 on Oct 4. The company has not called for a trading halt.
According to channel checks, a buy order for just under 4.7 million shares in Seatrium was filled at $1.80 at 11.17am, while another buy order for some 1.5 million shares was filled at $1.81 at 11.18am.
On Aug 2, Seatrium reported earnings of $36 million for 1HFY2024 ended June 30. It was the first set of profitable half-year results since the completion of its combination with Keppel Offshore & Marine (O&M), now Seatrium O&M, in 2023.
Seatrium has been trying to shake off its past — in particular, a series of potential offences in connection to a long-drawn bribery case in Brazil dubbed Operation Car Wash. The Brazilian authorities began investigating the case in 2014.
In June, the Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) requested further information from Seatrium regarding the probe. According to Seatrium, the potential offences were committed by then-Sembcorp Marine and its "officers", and had contravened the Securities and Futures Act.
See also: Seatrium in the black after straight yearly losses
In March, Seatrium announced that the Attorney-General’s Chambers was agreeable to enter into a deferred prosecution agreement with a financial penalty of US$110 million, following probes made by the Corrupt Practices Investigation Bureau.
