Seatrium Consolidating Business by Divesting Non-Core Assets
Singapore-based Seatrium is highlighting a series of recent transaction agreements, all designed to consolidate its business and produce operating cost savings from the sale of non-core assets. It highlights that it has already created US$40 million in savings while noting that it has earmarked additional non-core assets for investment. Seatrium was formed by the 2023 merger of Sembcorp Marine and Keppel Offshore & Marine.
“These divestments represent an acceleration in Seatrium’s asset portfolio optimization strategy, optimizing the group’s cost structure, enhancing asset utilization, and sharpening its competitive edge. 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,” the company writes in its announcement.
The divestments began last year with the sale of the AmFELS yard in Texas, which was part of the merger with Keppel. In September 2025, they announced an agreement to sell the yard to Karpower Valley after completing construction of the offshore wind turbine installation vessel for Dominion Energy. It previously announced completing the sale at the beginning of this month, and it also sold its GNL Platform Supply Vessels in 2025.
The company started 2026 with the sale of four more non-core assets. It sold a fleet of 17 tugboats for approximately US$82 million to KST Maritime and its affiliate Maju Maritime. Seatrium entered into a towage service agreement for services at its Singapore-based shipyard while saying the deal offers long-term cost efficiencies.
It is also divesting of its Karimun Yard in Indonesia for approximately US$17.4 million. It notes that the land leases are due to expire in September 2026, and the sale permits it to consolidate its operations at its larger yard on Batam Island. Furthermore, it is also selling its Crescent Yard in Singapore for approximately US$10 million.
that matters most
Get the latest maritime news delivered to your inbox daily.
As part of the move for the Crescent Yard, the company sold its Can-Do 2 floating dock. It follows an agreement to scrap the floating dock and recycle its components.
Seatrium reports the moves are part of an overall strategy to streamline and optimize its cost structure.