Singaporean shipbuilding and offshore services company Seatrium has entered into a binding agreement with the Brazilian vessel operator Posidonia Shipping and Trading to sell two platform supply vessels. The total consideration for the sale is SG$77.4 million ($59.7 million).
The transaction involves Seatrium selling its 100 per cent equity interest in Guanabara Navegação (GNL), an indirect wholly-owned subsidiary that serves as a special purpose vehicle owning the two vessels. The company remarked that Posidonia Shipping and Trading is an unrelated third party.
Seatrium described the divestment as "accretive" and in line with its strategic intent to divest non-core assets. The company stated the move aims to enhance capital and operational efficiencies and create long-term value for its shareholders.
It added that no operational impact is expected from the sale. The transaction is expected to be completed before the end of the financial year.
