Seatrium ticks tugboat fleet sale off non-core asset divestment list

April 27, 2026, by Melisa Cavcic

Singapore-based offshore, marine, and energy solutions provider Seatrium has brought to a close the disposal of its tugboat fleet as it continues its mission to part ways with non-core assets in its portfolio.

Seatrium completed the divestment of its fleet of 17 tugboats in Singapore on April 24, 2026. The completion comes after the announcement in February 2026, when the firm explained that the sale was expected to generate S$104 million ($77-78 million), following a binding purchase agreement with KST Maritime and its affiliate Maju Maritime.

This move, alongside other non-core asset divestments disclosed earlier, such as the AmFELS yard in Texas and Guanabara Navegação Ltda (GNL), a special-purpose vehicle that owns two units of platform supply vessels (PSVs), is expected to deliver over S$50 million ($39.26 million) in annualized cost savings upon completion.

Meanwhile, Seatrium recently secured multiple assignments, including the conversion of a floating storage regasification unit (FSRU) with Türkiye’s Karpowership.