Seatrium arranges USD 818m loan for future projects, growth

Singapore’s Seatrium Ltd (SGX:5E2) announced on Monday that it has secured a SGD-1.1-billion (USD 818.3m/EUR 756.5m) loan to meet bank guarantee requirements for future projects, strengthen its capital structure and support future business growth.

Seatrium, formally known as Sembcorp Marine Ltd, offers offshore, marine and energy solutions. It specialises in the design and construction of rigs, floaters, offshore platforms and specialised vessels.

The company is involved in various major projects, such as a 2-GW high voltage direct current (HVDC) offshore transmission system in the Netherland and the 1.4-GW Hornsea Two offshore wind farm in the UK. In January, it lost a contract for an offshore substation platform for the Empire Wind 2 development in the US due to the project's cancellation.

The three-year committed global syndicated bank guarantee (BG) facility announced on Monday was arranged with a group of eight financial institutions led by DBS Bank and Standard Chartered Bank.

(SGD 1 = USD 0.744/EUR 0.688)

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