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After delivering converted FPSO to MODEC, Seatrium gets its hands on refinancing of over $303 million

December 30, 2023
in News
After delivering converted FPSO to MODEC, Seatrium gets its hands on refinancing of over $303 million
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Home Fossil Energy After delivering converted FPSO to MODEC, Seatrium gets its hands on refinancing of over $303 million

Singapore-headquartered Seatrium Limited – formerly Sembcorp Marine Ltd before the merger with Keppel Offshore & Marine Limited – has secured early refinancing of S$400 million (more than $303.13 million) from DBS Bank Limited with an option to convert to a sustainability-linked loan. This came a day after the delivery of a converted floating production storage and offloading (FPSO) vessel to MODEC, which is destined to work on the Woodside-operated offshore oil development project in Senegal.

Delivery of FPSO Léopold Sédar Senghor, Senegal’s first FPSO, to MODEC and Woodside; Source: Seatrium

Seatrium delivered the FPSO Léopold Sédar Senghor to MODEC Offshore Production Systems on December 27, 2023, with no lost time incidents. The FPSO will work for Woodside on the Sangomar field development Phase 1, which is Senegal’s first offshore oil development. The Australian giant has been working on the Sangomar field development Phase 1, targeting approximately 230 million barrels of crude oil, since the project was sanctioned in January 2020.

As a result, Woodside awarded the contract for the supply of the FPSO, named after Senegal’s first president, Leopold Sédar Senghor, for the project to MODEC that same year. The vessel was converted from a very large crude carrier (VLCC) into a fit-for-purpose FPSO. The first oil was originally anticipated in late 2023. However, things changed in July 2023, and the first oil is now targeted for mid-2024 while the total project cost is expected to be $4.9 – 5.2 billion, an increase from the previous cost estimate of $4.6 billion, after a cost and schedule review.

Marlin Khiew, Executive Vice President, Oil & Gas (Americas) at Seatrium, commented: “We are pleased to support Woodside in contributing to Senegal’s oil and gas industry with a first FPSO for deployment in the Sangomar field, delivering sustainable long-term economic and social benefits for Senegal.

“FPSO Léopold Sédar Senghor reinforces Seatrium’s standing as the world leader in the conversion, modification, and completion of FPSOs, and attests to our strong execution capabilities and versatility in undertaking a variety of projects as well as providing value-added services. It also marks our 20th major project for MODEC, building on the strong value creation and partnership that we have forged over decades of collaboration.”

Furthermore, Seatrium’s scope of work covers topsides integration and support for the onshore commissioning of the FPSO. Upon its arrival at the Sangomar field, which is located 100 kilometers south of Dakar, Senegal’s capital, the FPSO will be moored in waters about 780 meters deep. This vessel is designed to produce 100,000 barrels of oil per day and will be able to store approximately 1.3 million barrels of crude oil.

Posted: 3 days ago

Shortly after the delivery of the FPSO Léopold Sédar Senghor, which is now on its way to West Africa, Seatrium disclosed that its wholly-owned subsidiary Seatrium Financial Services Pte. Ltd. (SFS) had refinanced an existing loan facility due in February 2024 with a S$400 million, three-year committed loan facility from DBS Bank Limited. This includes a sustainability-linked conversion option aligned to sustainability-linked loan principles, which will support the firm in achieving its ESG targets over time.

Paul Tan, Seatrium’s Acting Group Finance Director, remarked: “We are encouraged by the strong support of our banks to our ongoing efforts in pursuing sustainability in our business operations for long-term stakeholder value creation and driving energy transition in our industry.”

Moreover, Seatrium is committed to achieving its sustainability vision 2030 and supporting its clients in their decarbonization efforts through the construction, conversion, and retrofit of energy-efficient vessels. Due to this, the firm is working towards achieving 40% of its net order book from renewables and cleaner/green solutions and reducing its greenhouse gas emissions by 40% by 2030.

Lim Wee Seng, Group Head of Energy, Renewables and Infrastructure, Institutional Banking Group, DBS, stated: “The maritime industry is essential to the real economy, yet also one of several hard-to-abate sectors. Seatrium is a pioneer for its commitment to sustainability and to overcome the challenges associated with the energy transition.

“As a purpose-driven bank, DBS is proud to be a long-time partner in Seatrium’s sustainability journey, having provided the group’s first sustainability-linked loan in 2021, and to continue working with the sector to create a sustainable, low-carbon future.”

New $379 million revolving credit facility

The following day, on December 29, Seatrium’s subsidiary also secured a S$500 million (around $379.03 million) committed revolving credit loan facility (RCF) arranged by DBS Bank Limited, the Hongkong and Shanghai Banking Corporation Limited (HSBC) and Standard Chartered Bank (Singapore) Limited. This RCF will provide additional funding and liquidity to the company, increasing its financial flexibility.

Lim Jit Min, Managing Director and Head of Large Local Corporates, Global Banking, HSBC Singapore, said: “HSBC has a longstanding relationship with Seatrium. We are pleased to play a role in supporting the company’s growth aspirations. This new facility will enable Seatrium to expand its business further, especially as opportunities in the area of energy transition gather momentum.”

In addition to this latest RCF, Seatrium has secured green trade finance and sustainability-linked facilities exceeding S$2 billion (about $1.52 billion) to augment its sustainability efforts and green investments in the offshore renewables space.

The company’s FPSO business is also booming. Recently, the firm began work on another FPSO for MODEC, which is earmarked for Brazil. The Bacalhau FPSO hull recently arrived at Seatrium’s yard in Singapore and work onboard is underway.

The Singapore-based player also secured a contract from Offshore Frontier Solutions Pte Ltd, a MODEC Group company, to undertake topside modules fabrication work for the FPSO Raia in Brazil.

Posted: 26 days ago

This project will be executed in the BrasFELS shipyard located in Angra Dos Reis, Rio de Janeiro, Brazil, and is expected to start in the first quarter of 2024.

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Copyright for syndicated content belongs to the linked Source : OffshoreEnergy – https://www.offshore-energy.biz/after-delivering-converted-fpso-to-modec-seatrium-gets-its-hands-on-refinancing-of-over-303-million/

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