Seatrium accelerates yard sales to streamline offshore portfolio

(WO) — Seatrium is advancing a series of non-core asset divestments expected to deliver more than S$50 million (US$39.5 million) in annualized operational cost savings by early 2026, as the offshore engineering group restructures its global yard footprint.

The Singapore-based offshore and marine contractor said the savings will follow the completion of several asset sales, including shipyards and marine support assets, as part of a broader strategy to streamline operations and improve capital efficiency.

In January 2026, Seatrium divested a fleet of 17 tugboats in Singapore for S$104 million (US$82.2 million) under a binding agreement with KST Maritime Pte. Ltd. and Maju Maritime Pte. Ltd. The company also entered into a towage services agreement to support its Singapore shipyards under an outsourcing model. The transaction is targeted for completion in 1Q2026.

The group also sold its Can-Do 2 floating dock for approximately S$16.9 million (US$13.3 million), with completion expected in 1Q2026.

In December 2025, Seatrium divested its Karimun Yard in Indonesia for S$22 million (US$17.4 million), centralizing its Indonesian yard footprint to its Batam facility, which remains strategic to regional offshore operations.

Seatrium is also expected to complete the sale of its Crescent Yard in Singapore for S$12.5 million (US$9.9 million) by 1Q2026.

The company said the portfolio rationalization is intended to optimize asset utilization, reduce operating expenses and enhance long-term resilience as offshore oil and gas markets continue to evolve.

(1 Singapore dollar (SGD) ≈ US$0.79)