Seatrium Seals Tugboat Fleet Divestment

Seatrium Ltd said Monday it had completed the sale of its 17 tugboats in Singapore to KST Maritime Pte Ltd, part of a series of non-core divestments that the offshore energy contractor expects would deliver SGD 50 million ($39.15 million) in cost savings.

According to Seatrium's announcement of the divestment package February 23, the deal with fellow Singaporean company KST Maritime was valued SGD 104 million.

Concurrent with the divestment agreement, Seatrium signed a towage services agreement with KST Maritime for Seatrium's shipyards at home. "This ensures continuity of such towage requirements and enables towage costs to evolve to an outsourcing model that is expected to offer long-term cost efficiencies", Seatrium said at the time.

As part of the series of divestments, it said March 11 it had consummated the sale of its Crescent Yard in Singapore. According to the February 23 announcement, Singapore's Mooreast Holdings Ltd was to acquire the yard for SGD 12.5 million.

On March 9 Seatrium said it had completed the sale of its Karimun Yard on the namesake Indonesian island, under a SGD 22-million deal with PT Tirta Segar Alami.

"This divestment centralizes 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", it said in the February 23 statement.

"Majority of Karimun Yard's land leases will expire in September 2026, and operational activities have tapered down in recent years. The Group has relocated ongoing works to nearby facilities, ensuring a smooth and responsible transition for customers and partners", the statement added.

On February 2 Seatrium said it had completed the sale of its AmFELS Yard located at Brownsville, Texas.

"Notwithstanding the divestment, the U.S. market remains important to us. We will continue to leverage our global footprint and integrated One Seatrium Delivery Model to deliver world-class solutions to our U.S.-based and global customers in the offshore and energy sectors", chief executive Chris Ong said September 23, 2025 in the announcement of the SGD 65-million deal with Karpower Valley LLC.

"Following the asset divestment, Seatrium will transition its strategic presence in the U.S. to focus on engineering innovation and technology capabilities, through its technology centers and offices located in Houston, Texas, and service center in Vicksburg, Mississippi to support the evolving needs of its customers", Seatrium said in the September statement.

On November 3, 2025 Seatrium said it had signed an agreement to sell two platform supply vessels to Brazil's Posidonia Shipping and Trading Ltda for $59.7 million.

The series of divestments across Seatrium's global portfolio accelerates the company's "asset portfolio optimization strategy, optimizing the Group’s cost structure, enhancing asset utilization, and sharpening its competitive edge", it said February 23, 2026.

"With a streamlined portfolio and a strategic global footprint of yards, engineering & technology centers and facilities, Seatrium is well-positioned to operate with greater agility, capture emerging opportunities, and deliver sustainable long-term value to stakeholders.

"Moving forward, the Group has earmarked additional non-core assets for divestments, and will continue to evaluate further opportunities to streamline its business and optimize its cost structure for long-term resilience".

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