Seatrium Secures Green Trade Finance Facility from OCBC

Source: 7/12/2023, Location: Asia

- Seatrium secures Green Trade Finance Facility with Banker’s Guarantee worth EUR720M (S$1.04B) from OCBC Bank
- Seatrium’s efforts towards reducing carbon emissions and promoting sustainable practices, with the goal of contributing towards Singapore’s 2050 net-zero carbon emissions target, underpins this finance facility (aligned to Green Loan Principles)

Seatrium Limited (“Seatrium” or together with its subsidiaries, the “Group”), a leading engineering solutions provider to the global offshore, marine and energy industry, has successfully secured a Green Trade Finance Facility from OCBC Bank. The sizable trade facility with issuance of Banker’s Guarantee, worth an estimated EUR720M (S$1.04 billion), is one of the largest syndicated financing solutions for the maritime industry, issued by a sole bank.

This trade financing solution, aligned to internationally-recognised Green Loan Principles, will support Seatrium’s offshore renewable projects and decarbonisation efforts, bolstering the Group’s implementation of green measures and investments in sustainable/environmentalfriendly technology and practices within its operations.

As a leading engineering solutions and innovations partner to the global offshore, marine and energy industry, Seatrium has long been committed to reducing its carbon footprint and improving eco-efficiency in its business practices. 2Renewables and cleaner/green solutions comprise approximately 39% of the Group’s net order book.

Several of the world’s large-scale and complex offshore converter platforms were constructed and fabricated by Seatrium. Notable recent project wins include Seatrium’s partnership with world leading transmission system operator, TenneT TSO B.V (TenneT), for three high voltage direct current (HVDC) mega offshore wind projects in the Netherlands. This endeavour is one of the largest and most powerful of their kind in the clean energy industry; and Seatrium is involved from end-to-end, with responsibilities in engineering, procurement, construction, transportation, installation and commissioning of three 2GW HVDC Offshore Converter Platforms. The offshore converter platforms will play a key role in transforming and transmitting electricity generated by the wind turbines to the onshore grids; this directly contributes to the global transition towards cleaner, greener and renewable solutions.

Said Seatrium’s Acting Group Finance Director, Mr Paul Tan, “Receiving the green trade finance facility from OCBC Bank is a testament to our commitment towards responsible and sustainable business practices in the offshore and marine industry. This partnership aligns with our vision of achieving a more sustainable future through the implementation of ecofriendly measures and technologies throughout our operations. We are grateful for OCBC Bank's support, which enables us to take significant strides towards the industry’s energy transition quest and contribute to Singapore's goal of achieving carbon neutrality by 2050."

Ms Elaine Lam, Head of Global Corporate Banking, OCBC, said: “We are committed to supporting our clients' sustainability goals and accelerating the transition to a low-carbon economy. This green trade finance facility, being one of the industry’s largest, attests to Seatrium’s dedication to decarbonising its operations and investing in green technology and renewable energy solutions. Sustainability is a key driver in the transformation of the global offshore and marine industry and we are glad to work with forward-looking customers such as Seatrium.”

Seatrium is committed to zero harm to the environment, whilst mitigating its impact on the climate, ocean, and the earth. For more information on Seatrium’s sustainability practices, please download the Group’s Sustainability Report 2022.

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