In bourse filings on Mar 9 and 11, Mainboard-listed Seatrium has announced the successful divestments of Karimun Yard located on Karimun Island, Indonesia, and Crescent Yard in Singapore.
The divestments are part of Seatrium’s strategy to enhance operational efficiency, unlock value and achieve cost savings.
P-78 update
The company also announced on Mar 11 that Petrobras’ P-78 floating, production, storage and offloading (FPSO) has achieved its first gas injection, 61 days after first oil. Seatrium says it fast-tracked the vessel’s transition from execution into full operational readiness.
The P-78 is deployed at the Búzios field, enhancing its production capabilities beyond conventional oil, strengthening Brazil’s energy security and long-term output stability according to Seatrium. Located in the Santos Basin, about 180 to 230 km off the coast of Rio de Janeiro, Brazil, the field is among the world's largest deepwater oil fields.
The P-78 will be permanently moored at a water depth of around 2,100 metres using a spread-mooring system. As one of the largest FPSOs ever delivered to Brazil, the vessel can produce up to 180,000 barrels of oil and 7.2 million cubic metres of gas per day, with minimum storage capacity of 2 million barrels of crude oil.
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Leveraging its end-to-end engineering, procurement, construction and commissioning (EPCC) capabilities, Seatrium undertook topsides fabrication, integration and commissioning across the company’s and partner’s yards in Singapore, Brazil, China and South Korea. It adds that “seamless coordination, optimised resource deployment, and accelerated execution” enabled the FPSO to reach first gas injection in record time.
Marlin Khiew, executive vice president of Seatrium Energy describes achieving this feat as a “proud and defining moment” for Seatrium. “It underscores the strength of our engineering capabilities, the discipline of our global execution teams, and the deep expertise we have built over decades delivering complex offshore energy assets for some of the world’s leading energy players,” says Khiew.
“The Búzios field is one of the world’s most productive deepwater assets, and this milestone reinforces our value proposition as Petrobras’ key EPCC partner for Brazil’s pre-salt basin that is amongst the largest offshore energy developments globally.”
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Seatrium is building six P-series FPSOs (P-78, P-80, P-82, P-83, P-84 and P-85) which will boost Brazil’s production capacity by another 1.305 million barrels of oil per day.
Shares in Seatrium are unchanged at $2.39 as at 12:00 pm on Mar 12.
