Seatrium, a Singapore-based fabrication specialist, has completed all asset divestments announced in its 23 February disclosure, marking significant progress in its cost-reduction strategy. The company finalized the sale of its tugboat fleet, consisting of 17 vessels, for S$104 million (US$81.6 million) to compatriot KST Maritime and its affiliate Maju Maritime, following a binding purchase agreement signed on 29 January. As part of this transaction, Seatrium and KST entered into a towage services agreement, which is a legal contract for the tug owner to provide vessel services at a pre-agreed fee, supporting Seatrium's shift to an outsourcing model for its Singapore-based shipyards.

This divestment is part of Seatrium's broader non-core asset disposal initiative, expected to generate over S$50 million (US$39.2 million) in annualized operational cost savings after completion. Prior deals include the sale of the AmFELS yard in Texas, US, the GNL platform supply vessels (PSVs), the Karimun Island yard in Indonesia, and the Crescent Yard in Singapore, completed in March. Additionally, the Can-Do 2 floating dock, moored at Crescent Yard, was sold in January for S$16.9 million to Winter Park Trading for scrapping and recycling. A Seatrium spokesperson confirmed that all divestments under the February disclosure are now complete as of Monday.

Separately, Seatrium received regulatory approval from Singapore’s General Division of the High Court for its Deferred Prosecution Agreement (DPA), signed in July 2024, related to the Operation Car Wash scandal. The DPA imposes a total financial penalty of US$110 million, with US$53 million in payments to Brazilian authorities credited against this amount, leaving a net US$57 million payable to Singapore authorities. The scandal involved corruption charges against former Sembcorp Marine (now Seatrium) executives for payments to secure rig-building contracts in Brazil, culminating in charges in March 2024. Seatrium stated it has made provisions for this payment in its financial statements, with no material impact on net earnings or net tangible asset per share for the financial year ending 31 December 2026.