- 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.
