Seatrium has renewed its long-term favoured customer contract with its long-time customers, GasLog LNG Services Ltd and Shell International Trading and Shipping Company Limited (STASCO).
The contract will see Seatrium providing ship repair services, refurbishment and upgrading for GasLog and STASCO’s liquefied natural gas (LNG) carriers from 2024 to 2029. The contract also comes with an option for further renewal.
The contract involves the repairs, refurbishment and upgrading of GasLog and STASCO’s combined fleet of 43 LNG carriers docking in Southeast Asia (SEA) to Seatrium’s wholly-owned subsidiary, Seatrium Repairs and Upgrades.
''We are delighted to renew our favoured customer agreement for another five years. We have enjoyed many years of partnership to refit the majority of our fleet here and trusted Seatrium in the conversion of our floating storage regasification unit (FSRU). The recent tender we jointly ran with STASCO indicates that Seatrium remains a competitive shipyard offering high quality services. This aligns with our strategic direction of optimising costs and leveraging our competitiveness. We look forward to strengthening our relationship as we work towards safe, timely and on-budget deliveries for the conversions, repairs and upgrades of our LNG carriers,” says Kostas Karathanos, chief operating officer (COO) of GasLog.
“We are honoured and delighted to have our exclusive partnership agreement renewed with both GasLog and STASCO. Partnering with world-class vessel owners increases our market share of LNG repairs and upgrades and enhances our capabilities as a world-class shipyard group. The selection of Seatrium as the LNG refit partner in Singapore is a major boost to Singapore’s status as a major global hub. We thank both GasLog and STASCO for their trust in us and we are confident that our long-term partnership will deliver mutual benefits and continuous improvements to all partners involved,” adds Alvin Gan, executive vice president, repairs and upgrades, Seatrium.
As at 9.17am, shares in Seatrium are trading 0.1 cent lower or 1.12% down at 8.8 cents.
