Seatrium Limited has agreed to sell its AmFELS Yard in Brownsville, Texas, for $50.4 million to Karpower Valley LLC, a Karpowership-related party. Seatrium said in a media release that this sale will allow it to improve its capital and operational efficiencies while unlocking value from one of its surplus facilities.
“We have a strong and long-standing relationship with Karpowership, and are pleased to entrust the yard to a partner with whom we will continue to deepen our collaboration. Notwithstanding the divestment, the U.S. market remains important to us”, Chris Ong, Chief Executive Officer of Seatrium, said. “We will continue to leverage our global footprint and integrated One Seatrium Delivery Model to deliver world-class solutions to our U.S.-based and global customers in the offshore and energy sectors”.
Seatrium said it will shift its focus in the U.S. toward engineering innovation and technological capabilities through its technology centers and offices based in Houston, Texas, as well as a service center in Vicksburg, Mississippi, to meet the changing needs of its clients.
The price will be paid in cash, with $38.8 million being deferred to be paid one year following closing.
The finalization of the divestment is subject to standard closing conditions, including the Port of Brownsville transferring the lease to the new owner.
Seatrium said it is dedicated to finishing all current projects at AmFELS Yard by the end of 2025.
To contact the author, email andreson.n.paul@gmail.com
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