Seatrium has completed the sale of its Seatrium AmFELS shipyard in Brownsville, Texas, transferring ownership to Karpower Valley, a related party of Türkiye’s floating power plant operator Karpowership. The divestment, first announced in September 2025, is intended to improve capital deployment and operational efficiency by monetising a surplus facility.
The consideration for the yard totals S$65 million (about $51.2 million). Seatrium said all work at the Brownsville yard was finished and handed over before the transaction closed.
The price was determined following arm’s length discussions and will be paid fully in cash. Of the total, S$50 million (around $39.4 million) is deferred and due one year after completion. The assets were sold in their existing condition at the site, with a book value of about S$39 million ($30.7 million) as of 30 June 2025.
Following the disposal, Seatrium plans to reshape its U.S. presence toward engineering, innovation and technology work. The company will support customers through its Houston, Texas technology operations and offices, alongside its service centre in Vicksburg, Mississippi.
When the transaction was announced, Seatrium CEO Chris Ong said the group has a long-standing relationship with Karpowership and expects collaboration to deepen even after the yard transfer. He also reaffirmed that the U.S. remains a key market, with deliveries supported by Seatrium’s global footprint and its integrated One Seatrium Delivery Model for offshore and energy customers.
The closing of the Brownsville sale comes months after Seatrium held a naming ceremony for a Karpowership floating storage regasification unit (FSRU).
Seatrium designs and builds rigs, floaters, offshore platforms and specialised vessels, and also provides repair, upgrade and conversion services. The group is increasing its focus on sustainable solutions linked to the energy transition and maritime decarbonisation, operating shipyards and engineering and technology facilities across Singapore, Brazil, China, India, Indonesia, Japan, Malaysia, the Philippines, Norway, Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States.
