Seatrium Targets $40M Cost Savings in Continued Divestment Drive
February 23, 2026
Seatrium has put in motion a series of non-core asset divestments set to complete by early 2026, targeting over $40 million (S$50 million) in annualized operational cost savings.
The Singapore-based offshore and marine group said the savings will follow recent divestments of the AmFELS yard in Texas and the GNL Platform Supply Vessels disclosed in 2025, alongside additional transactions earlier.
The company said the divestments form part of its strategy to rationalize non-core assets, streamline operations and optimize its cost structure, with all transactions expected to complete by early 2026.
In January 2026, Seatrium divested a fleet of 17 tugboats in Singapore for $82 million (S$104 million). The sale, executed through its subsidiary Seatrium Marine Services, followed a binding purchase agreement signed on January 29, 2026 with KST Maritime and its affiliate Maju Maritime, both unrelated third parties.
Seatrium has entered into a towage services agreement with KST Maritime to provide tugboat services to its Singapore-based shipyards, shifting to an outsourcing model expected to offer long-term cost efficiencies. The tugboat sale is targeted for completion in the first quarter of 2026.
The group also sold its Can-Do 2 floating dock, previously moored at Crescent Yard, for about $13.3 million (S$16.9 million) in January 2026.
The sale follows a binding agreement signed on January 30 with Winter Park Trading – F.Z.E to scrap the floating dock and recycle its components. Completion is targeted by the first quarter of 2026, after which Seatrium expects to realize savings from the elimination of vessel-related license fees, insurance and other operating expenses.
In December 2025, Seatrium divested its Karimun Yard on Karimun Island, Indonesia, for $17.3 million (S$22 million) through subsidiary PT Karimun Sembawang Shipyard. The binding agreement, signed on December 31 with PT Tirta Segar Alami, a related party of the Salim Group, centralizes the group’s Indonesian yard footprint at its larger Batam yard.
The consideration was agreed after arm’s length negotiations and will be satisfied in cash. The assets were sold on an ‘as is, where is’ basis and had previously been fully written down.
Completion is expected in the first quarter of 2026, subject to customary closing conditions. Most of the yard’s land leases are due to expire in September 2026, and operations have tapered down in recent years, with ongoing works relocated to nearby facilities.
The company said it has earmarked additional non-core assets for divestment as it continues to streamline operations and optimize its cost structure.
