Singapore-based offshore, marine, and energy solutions provider Seatrium has raked in millions by shedding non-core assets to streamline its vessel portfolio, with a platform supply vessel (PSV) sale.

The company has entered into a binding agreement with Brazil’s vessel operator Posidonia Shipping and Trading, an unrelated third party, to sell 100% equity interest in its indirect wholly owned subsidiary, Guanabara Navegação Ltda (GNL), a special-purpose vehicle that owns two units of platform supply vessels.

With a total consideration for the sale of $59.7 million (approximately S$77.4 million), this accretive divestment is said to be in line with Seatrium’s strategic intent to divest non-core assets to enhance capital and operational efficiencies, creating long-term value for its shareholders.

“No operational impact is expected to arise from such sale. The transaction is expected to complete before the financial year end,” explained the Singapore player.

This comes after one of the company’s subsidiaries struck a deal with India’s Cochin Shipyard (CSL) to fortify cooperation in the offshore sector across India and Asia.

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