ABS and Seatrium Sign Green Partnership Agreement
Seatrium, the successor of Singaporean shipbuilders Keppel Offshore and Sembmarine, has been working hard to cement its place as a leader in low-carbon technology and "smart" digitalized systems. As of last year, renewables and reduced-carbon solutions accounted for nearly 40 percent of the group’s overall order book.
ABS has played a role in Seatrium's expansion from offshore oil and gas infrastructure into offshore renewables, and it has agreed to sign on a formal partnership agreement on accelerating decarbonization and the energy transition.
"ABS and Seatrium have a remarkable history of pioneering the technological frontiers in the marine and offshore industries," said ABS CEO Christopher J. Wiernicki in a statement. "We are well placed to safely deliver the rapid technological advance our industry needs."
Seatrium's headline green projects include transformer platforms for TenneT's mega-scale offshore wind power transmission project off the coast of the Netherlands; the transmission platform for the Empire Wind project off New York; a dedicated "Ocean Lab" for research on "smart" ocean systems and infrastructure, including floating offshore wind and new green fuel technologies; and a contract for the "world's first" full scale carbon capture retrofit.
Like all shipbuilders, Seatrium leverages its partnerships for getting these projects across the finish line. It holds a $750 million green trade finance facility from OCBC Bank and a $300 million green revolving credit facility from UOB, specifically for low-carbon projects. Its engineering and technical partnerships - like the newly-formalized agreement with ABS - bring additional capability.
“Seatrium is making significant strides in our visionary approach to engineering a sustainable, low-carbon energy future. This progress is achievable through pivotal industry collaborations with organizations like ABS," said Chris Ong, Seatrium's CEO. "We are more than just partners; we are natural allies united by a shared mission."