Seatrium completed the divestment of its Karimun Island yard in Indonesia on Monday for S$22 million (US$17.3 million), extending a broader disposal programme aimed at simplifying its facilities footprint.
The sale shifts the group’s Indonesian yard base to its larger Batam Island facility, which Seatrium said remains central to supporting regional operations. The buyer is Indonesia’s Tirta Segar Alami, and the transaction value was agreed through arm’s length negotiations and paid fully in cash.
Activity at the Karimun yard had already reduced in recent years, while most of the site’s land leases are due to expire in September. Ongoing work had been moved to nearby facilities before completion of the deal, allowing the company to manage the handover without disrupting customers and partners.
Seatrium said the Karimun sale, together with other previously announced non-core asset disposals, is expected to contribute more than S$50 million (US$39.3 million) in annualised cost savings once completed.
In February, the company said it was streamlining its global facilities portfolio, including the AmFELS yard in Texas and the Can-Do 2 floating dock formerly moored at the Crescent yard in Singapore. It also expects the Crescent yard divestment, valued at S$12.5 million in cash, to be completed before the end of March after Mooreast Holdings exercised its purchase option in June 2024.
