Seatrium has secured a series of repairs and upgrade contracts with an aggregate value of $180 million.
All projects, with the exception of one, will be completed by end-2024.
The range of complex contracts include major repairs on offshore vessels, naval vessels, ferries, liquefied natural gas (LNG) carriers, tankers, as well as damage repair.
The company has secured a series of four offshore refits, including two jack-ups and two drillships from its regular customers, Velesto Energy, Zonda Drilling and Seadrill. Other contract awards include the repair and maintenance work for a heavy lift pipelay vessel, Sapura 1200, from Sapura Energy.
Seatrium has also been awarded the lifetime upgrade of Sea Challenger, a jack-up installation vessel from Japan Offshore Marine Company, a joint venture between Penta Ocean Construction and DEME. Fabrication works are ongoing to ready the vessel for its retrofit in 2025.
For naval vessels, Seatrium has secured significant naval works from the Military Sealift Command, USA, as well as three vessels from Teekay Shipping (Australia), managed under the Australia Defence Maritime Support Services Program.
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For the ferries segment, the company has won a contract for the docking and repairs of Kaitaki, a roll-on/roll-off ferry operated by Interislander of New Zealand.
Lastly, in the tankers segment, Seatrium was awarded periodic maintenance and upgrades to two tankers from ConocoPhillips/Polar Tankers, one main engine, dual-fuel ready MAN Lifecycle Upgrade of a tanker from Alaska Tanker Company, as well as a series of seven LNG vessels retrofits from its long-term partners. In addition, it also bagged a contract to conduct major steel renewal work for a collision damaged vessel which is currently undergoing repairs.
Shares in Seatrium traded 1 cent lower or 0.6% down on July 22 at $1.45.
