Singapore, 24 December 2024 – Seatrium Limited, a global leader in offshore, marine, and energy engineering solutions, has announced a landmark contract win. The company has been awarded the engineering, procurement, construction, and onshore commissioning (EPC) work for BP Exploration and Production Inc.’s (bp) Kaskida Floating Production Unit (FPU) project in the US Gulf of Mexico. This development is a key milestone for Seatrium and could have significant implications for its future growth and share value.

Key Details of the Kaskida Project

• The Kaskida project is a greenfield oil and gas development located approximately 250 miles southwest of New Orleans in the Keathley Canyon area of the Gulf of Mexico.
• The FPU design includes a single topside module supported by a four-column semi-submersible hull, with production wells situated at water depths of approximately 6,000 feet.
• The Kaskida FPU is expected to produce up to 80,000 barrels of crude oil per day in its first development phase, sourced from six subsea wells.

Seatrium’s Cutting-Edge Technology

Seatrium will leverage its innovative Goliath twin cranes, which boast a combined lifting capacity of 30,000 tonnes, to integrate and lift the topsides to the hull. This advanced technology enables topside assembly to occur safely and efficiently at ground level, reducing safety risks and significantly enhancing project efficiency.

Management Comments

Mr. William Gu, Executive Vice President, Energy (International) of Seatrium, expressed his gratitude to BP, stating: “We would like to thank bp for entrusting Seatrium with this milestone project and look forward to establishing a long-term relationship with bp. We are fully committed to successfully executing the project and delivering the Kaskida FPU safely and on time, marking our fourth successful FPU project for the region.”

Implications for Shareholders

This contract represents a strategic win for Seatrium, reinforcing its position as a premier engineering solutions provider in the offshore energy sector. The project could positively impact the company’s financials, particularly given the scale and complexity of the work involved. Shareholders should monitor developments closely, as successful execution of the Kaskida FPU project could enhance Seatrium’s reputation and open doors to further high-value contracts in the region and beyond.

Moreover, the company’s focus on advanced technologies and safety measures aligns with the global push for efficiency and sustainability in the energy industry, potentially making it an attractive investment prospect.

About Seatrium

Headquartered in Singapore, Seatrium Limited boasts a 60-year track record in providing cutting-edge engineering solutions for the offshore, marine, and energy industries. The company specializes in the design and construction of rigs, floaters, offshore platforms, and specialized vessels, as well as the repair and conversion of various ship types. With operations spanning across multiple countries, including Brazil, China, the United States, and Norway, Seatrium is strategically positioned to meet the demands of its global clientele.

The company is also committed to supporting the global energy transition and maritime decarbonization, with growing investments in offshore renewables, new energies, and sustainable solutions.