Seatrium renews contract for 5 years with GasLog LNG and STASCO

SINGAPORE: Seatrium renews its contract with GasLog LNG and STASCO for the next five years. The prominent player in the maritime industry has sealed the deal on a renewed contract with GasLog LNG Services Ltd and Shell International Trading and Shipping Company Limited (STASCO), The Edge Singapore reports.

This agreement solidifies their longstanding partnership and sets the stage for continued collaboration in ship repair services, refurbishment, and upgrading.

Under the terms of the contract, Seatrium will be the go-to provider for maintaining and enhancing GasLog and STASCO’s liquefied natural gas (LNG) carriers from 2024 to 2029. This commitment spans a fleet of 43 vessels, all slated for repairs and upgrades in Southeast Asia.

Expressing enthusiasm about the renewal, Kostas Karathanos, GasLog’s Chief Operating Officer (COO), emphasised the fruitful history between the companies.

“We are delighted to renew our favoured customer agreement for another five years.

We have enjoyed many years of partnership to refit the majority of our fleet here and trusted Seatrium in the conversion of our floating storage regasification unit (FSRU).

The recent tender we jointly ran with STASCO indicates that Seatrium remains a competitive shipyard offering high quality services. This aligns with our strategic direction of optimising costs and leveraging our competitiveness,” said Karathanos.

He added, “We look forward to strengthening our relationship as we work towards safe, timely and on-budget deliveries for the conversions, repairs and upgrades of our LNG carriers.”

Alvin Gan, Seatrium’s Executive Vice President for repairs and upgrades, echoed Karathanos’ sentiments, expressing honour and delight at the extended partnership.

Gan said, “Partnering with world-class vessel owners increases our market share of LNG repairs and upgrades and enhances our capabilities as a world-class shipyard group.

The selection of Seatrium as the LNG refit partner in Singapore is a major boost to Singapore’s status as a major global hub.

We thank both GasLog and STASCO for their trust in us and we are confident that our long-term partnership will deliver mutual benefits and continuous improvements to all partners involved.”

As of 11:59 a.m. SGT, shares in Seatrium are down 2.2% at S$0.0870./TISG

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