Seatrium has announced its subsidiary Seatrium Financial Services (SFS) has secured a S$500m committed revolving credit loan facility (RCF) arranged by DBS, HSBC and Standard Chartered Bank (Singapore).
The RCF will provide additional funding and liquidity to the shipbuilding and repairing company which also makes converter stations it said, increasing its financial flexibility. Seatrium acted as the guarantor for SFS and HSBC was the loan facility agent.
“As part of the group’s proactive capital management, the S$500m committed revolver will support our business operations and other strategic business needs,” said Seatrium acting group finance director Paul Tan.
“Securing the revolving credit facility not only bears testament to Seatrium’s financial strength and business outlook, but also reflects the strong support from top financial institutions for the growth of the offshore, marine and energy industries in Singapore.
We would like to express our appreciation to our relationship banks for their unwavering support and trust.”
Group head of energy, renewables and infrastructure, Institutional Banking Group, DBS Bank Lim Wee Seng said: “DBS Bank is pleased to be part of this inaugural club loan to provide Seatrium with funding for strategic growth and new opportunities.
“As a leading financial institution in Asia, we are committed to helping companies compete on the global stage and strengthening Singapore’s position as a key hub for business.”
Managing director and head of large local lorporates, global banking at HSBC Singapore Lim Jit Min said: “HSBC has a long-standing relationship with Seatrium. We are pleased to play a role in supporting the company’s growth aspirations.
“This new facility will enable Seatrium to expand its business further, especially as opportunities in the area of energy transition gathers momentum.”
Freddy Ong, head of client coverage, Singapore, Corporate, Commercial and Institutional Banking, Standard Chartered Bank (Singapore) added: “We are delighted to further strengthen our longstanding partnership with Seatrium Group in their growth and expansion plans.
“With our extensive regional and global footprint, coupled with our innovative solutions, we are well placed to support Seatrium in their sustainable growth agenda.”
In addition to this latest RCF, Seatrium has secured green trade finance and sustainability-linked facilities exceeding S$2bn to augment its sustainability efforts and green investments in the offshore renewables space.