Singapore-based offshore, marine, and energy solutions provider Seatrium is undertaking a series of additional divestments as part of its ongoing efforts to rationalize non-core assets, streamline operations, and drive long-term value for shareholders.Seatrium has divested a fleet of 17 tugboats in Singapore for S$104 million (US$77-78 million), executed through Seatrium Marine Services, following a binding purchase agreement signed on January 29 with KST Maritime and its affiliate Maju Maritime, both unrelated third parties and providers of tugboat towage services.
Concurrently, the company entered into a towage services agreement with KST Maritime for tugboat towage services to its Singaporean shipyards, ensuring continuity of such towage requirements and enabling towage costs to evolve to an outsourcing model expected to offer long-term cost efficiencies.
Last month, Seatrium also sold its Can-Do 2 floating dock, a non-core asset that was moored in Crescent Yard, for about S$16.9 million. This asset sale, to be fully satisfied in cash, is executed through Seatrium New Energy Limited and follows a binding agreement signed on January 30 with Winter Park Trading – F.Z.E, an unrelated third party, to scrap the floating dock and recycle its components. Upon the completion of the sale, Seatrium said it would realize savings from the elimination of vessel-related license fees, insurance and other operating expenses.
These two come after the divestment of the Karimun Yard located on Karimun Island, Indonesia, for S$22 million, executed through Seatrium’s subsidiary PT Karimun Sembawang Shipyard, and following a binding agreement on December 31, 2025, with PT Tirta Segar Alami, a related party of the Salim Group. The majority of the yard’s land leases will expire in September, and operational activities have tapered down in recent years. Seatrium has relocated ongoing works to nearby facilities.
“This accretive divestment will enhance capital and operational efficiencies while unlocking value from another surplus facility. 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. The consideration was agreed after arm’s length negotiations and will be satisfied in cash. The divested assets, sold on an “as is, where is” basis, have previously been fully written down,” Seatrium reported.