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Seatrium Financed the Supply Contract for the FPSO for the Sangomar Field with a S$ 400 Million Sustainability-Linked Loan from DBS Bank.
Seatrium Limited, a prominent company in the oil and gas industry, secured an early refinancing of S$ 400 million (over US$ 303.13 million) from DBS Bank Limited, demonstrating its financial strength and commitment to high-value economic projects. This refinancing occurred shortly after the delivery of a floating production, storage and offloading (FPSO) vessel converted to MODEC, which is set to operate in the offshore oil development project operated by Woodside in Senegal, highlighting Seatrium’s relevance on the global stage.
In partnership with Senegalese authorities and other companies in the sector, Seatrium has positioned itself as one of the leading players in maritime activities related to offshore oil, especially with its specialization in FPSO projects. The merger with Keppel Offshore & Marine Limited further strengthened the company’s position, enabling it to leverage resources and expertise to undertake oil and gas contracts, as well as topside module manufacturing and other demands related to marine vessels in the industry.
Seatrium Delivers the FPSO Léopold Sédar Senghor to MODEC Offshore Production Systems
On December 27, 2023, Seatrium delivered the FPSO Léopold Sédar Senghor to MODEC Offshore Production Systems, marking the first offshore oil development in Senegal. The FPSO will operate for Woodside in Phase 1 of the Sangomar field development. This field represents approximately 230 million barrels of crude oil and was sanctioned in January 2020. The Australian giant awarded the contract for the supply of the FPSO to MODEC in honor of Senegal’s first president, Leopold Sédar Senghor. The first oil is now expected in mid-2024, with a total project cost between US$ 4.9 – 5.2 billion.
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Marlin Khiew, Executive Vice President of Oil and Gas (Americas) at Seatrium, and the Contribution to Senegal’s Oil and Gas Industry
Marlin Khiew, Executive Vice President of Oil and Gas (Americas) at Seatrium, stated: ‘We are pleased to support Woodside’s contribution to Senegal’s oil and gas industry with a first FPSO for deployment in the Sangomar field, providing sustainable economic and social benefits over the long term for Senegal. The FPSO Léopold Sédar Senghor reinforces Seatrium’s position as a global leader in the conversion, modification, and completion of FPSOs and attests to our strong execution capability and versatility in delivering a variety of projects, as well as providing value-added services. It also marks our 20th major project for MODEC, based on the strong value creation and partnership we have forged over decades of collaboration.’
Successful Refinancing and Commitment to Sustainability
Following the delivery of the FPSO Léopold Sédar Senghor, Seatrium’s subsidiary, Seatrium Financial Services Pte. (SFS), refinanced an existing loan with a three-year committed loan of S$ 400 million from DBS Bank Limited. Seatrium Group’s finance board commented: ‘We are pleased to receive strong support from DBS to refinance our existing loan early. This includes a sustainability-linked conversion option aligned with sustainability-linked loan principles, which will support the company in achieving its ESG goals over time.’
Commitment to Sustainability and Banking Partnerships
Seatrium is committed to achieving its sustainability vision for 2030 and supporting its clients in their decarbonization efforts through the construction, conversion, and modernization of energy-efficient vessels. Because of this, the company is working to achieve 40% of its net order book from renewable energies and cleaner/greener solutions and to reduce its greenhouse gas emissions by 40% by 2030.
New Investments in FPSO Projects in Other Regions
The company’s FPSO business is also growing. Recently, the company began work on another FPSO for MODEC, intended for Brazil. The hull of the FPSO Bacalhau recently arrived at Seatrium’s shipyard in Singapore, and work on board is underway. The company also secured a contract with Offshore Frontier Solutions Pte Ltd, a MODEC Group company, to carry out topside module fabrication work for the FPSO Raia in Brazil. This project will be executed at our BrasFELS shipyard located in Rio de Janeiro, Brazil, with a scheduled start in the first quarter of 2024.
Source: © OFF Shore Energy
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