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Seatrium wins offshore rig integration contract from repeat customer SBM Offshore

Announcement of the contract win came a day after Seatrium and four other counters were removed from a key market index

Seatrium has won a contract from repeat customer SBM Offshore for the topside fabrication and integration of an offshore rig. The contract value is not disclosed.

The news came a day after Seatrium, together with four other counters is to be removed from the MSCI Singapore Index, causing its share price to drop by more than 10%.

Passive fund managers tend to construct their portfolios based on components of market indices.

The rig, FPSO Jaguar, as this rig is called, is designed to produce 250,000 barrels of oil per day.

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Work is expected to commence in the third quarter of this year and when completed it will deployed to serve in the Whiptail Field, off Guyana, dubbed the world's fastest-growing oil region since reserves were discovered back in 2015.

To date, Seatrium is involved in three other offshore rigs in Guyana. Seatrium says it is also on track to deliver its fourth Guyanese offshore rig to SBM.

 

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