Seatrium Limited announced that it has entered into a binding agreement with Brazilian vessel operator, Posidonia Shipping and Trading Ltda, an unrelated third party, to sell 100% equity interest in its indirect wholly-owned subsidiary, Guanabara Navegação Ltda (“GNL”). GNL is a special purpose vehicle that owns two units of platform supply vessels.
The total consideration for the sale of GNL is US$59.7 million (approximately S$77.4 million1). This accretive divestment is in line with the Group’s strategic intent to divest non-core assets to enhance capital and operational efficiencies, and create long-term value for its shareholders.
No operational impact is expected to arise from such sale. The transaction is expected to complete before the financial year ends.