Seatrium’s Golar Gandria Contract Lapses Amidst Demolition Decision

In a strategic update, Seatrium Limited has announced the lapse of its conversion contract for the Golar Gandria vessel. This decision follows the sale of the 1977-built vessel by Golar LNG Limited for demolition in 2023. The lapse of the contract, officially noted on 16 December 2024, comes as no physical work on the vessel had been started by Seatrium, thus nullifying any immediate financial repercussions.

While shareholders might have anticipated potential impacts on earnings, Seatrium has asserted that there will be no material effect on its earnings per share or net tangible asset per share for the current financial year. This reassurance may mitigate any potential fluctuations in share value that could arise from the contract lapse.

Seatrium continues to emphasize its strong position in the energy sector, particularly regarding sustainable gas solutions amidst the ongoing energy transition. With over 60 years of expertise, the company remains committed to advancing offshore energy assets while focusing on efficiency and sustainability.

Headquartered in Singapore, Seatrium Limited is renowned for its innovative solutions across various segments, including Oil & Gas, Offshore Wind, and Carbon Capture and Storage. Its global operations span multiple countries, reinforcing its role as a premier player in offshore renewables and maritime decarbonisation.

For further inquiries, stakeholders can reach out to Ms. Judy Tan, Head of Investor Relations and Corporate Communications, or Ms. Clarissa Ho, Senior Manager of the same department, at Seatrium.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investors are advised to conduct their own research or consult with their financial advisor before making investment decisions.