Seatrium has completed the divestment of its AmFELS yard located at Brownsville, Texas, for a consideration of SG$65 million (US$51 million).
The divestment was completed on Friday, January 30. All projects carried out at the yard have been completed and were already delivered prior to completion of the divestment.
Seatrium earlier said that the accretive divestment will allow the company to enhance capital and operational efficiencies, while unlocking value from one of its surplus facilities.
The asset sale was executed through Seatrium’s subsidiary, Seatrium AmFELS, which had entered into a binding agreement with Karpower Valley, a related party of Karpowership.
Following the asset divestment, Seatrium will transition its strategic presence in the US to focus on engineering innovation and technology capabilities, through its technology centres and offices located in Houston, Texas, and service centre in Vicksburg, Mississippi, to support the evolving needs of its customers.
The completion of the divestment was subject to customary closing conditions, including the transfer of the lease to the new owner by the Port of Brownsville.
