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Seatrium subsidiary secures $500 mil revolving credit facility from DBS, HSBC and Standard Chartered

Bryan Wu
·2-min read

The loan facility will provide additional funding and liquidity to Seatrium, increasing its financial flexibility.

Seatrium Limited S51 has announced that its wholly-owned subsidiary, Seatrium Financial Services (SFS) has secured a $500 million committed revolving credit loan facility on Dec 29.

The revolving credit facility was arranged by DBS Bank, HSBC Singapore and Standard Chartered Bank (Singapore), and will provide additional funding and liquidity to Seatrium, increasing its financial flexibility.

Seatrium acted as the guarantor for SFS, with HSBC as the loan facility agent.

The announcement comes after SFS successfully refinanced an existing loan facility due in February 2024 with a $400 million committed loan facility from DBS Bank and a “sustainability-linked conversion option” on Dec 28.

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Paul Tan, acting group finance director for Seatrium, says the $500 million committed revolver will support the company’s business operations and other strategic business needs as part of its proactive capital management. “Securing the revolving credit facility not only bears testament to Seatrium’s financial strength and business outlook, but also reflects the strong support from top financial institutions for the growth of the offshore, marine and energy industries in Singapore,” says Tan.

Lim Wee Seng, DBS group head of energy, renewables and infrastructure, adds: “DBS Bank is pleased to be part of this inaugural club loan to provide Seatrium with funding for strategic growth and new opportunities. As a leading financial institution in Asia, we are committed to helping companies compete on the global stage and strengthening Singapore's position as a key hub for business.”

Meanwhile, HSBC Singapore’s head of large local corporates Lim Jit Min notes that HSBC has a longstanding relationship with Seatrium. “We are pleased to play a role in supporting the company’s growth aspirations. This new facility will enable Seatrium to expand its business further, especially as opportunities in the area of energy transition gather momentum.”

Freddy Ong, Standard Chartered Bank (Singapore) head of client coverage, adds: “We are delighted to further strengthen our longstanding partnership with Seatrium Group in their growth and expansion plans. With our extensive regional and global footprint, coupled with our innovative solutions, we are well placed to support Seatrium in their sustainable growth agenda.”

In addition to the revolving credit facility, Seatrium has secured green trade finance and sustainability-linked facilities exceeding $2 billion to augment its sustainability efforts and green investments in the offshore renewables space.

Shares in Seatrium closed unchanged at 11.8 cents on Dec 29.

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