Seatrium unit inks MOU with India shipbuilder to strengthen offshore cooperation

[SINGAPORE] Seatrium will expand its offshore sector collaboration with Indian shipbuilder and ship repairer Cochin Shipyard Limited (CSL), the company said on Thursday (Sep 25).

Its wholly owned subsidiary Seatrium Offshore Technology (SOT) has signed a memorandum of understanding (MOU) with CSL to strengthen cooperation in the offshore sector across India and Asia, Seatrium said.

The partnership between SOT and CSL will focus on maintenance, repair and overhaul projects for clients with operations in Asia. The two companies will also explore opportunities to expand into other key offshore markets in the region.

Winston Cheng, senior vice-president and head of SOT, said: “This MOU is a strategic milestone in Seatrium’s efforts to expand our global footprint across Asia, with India identified as a key market for long-term growth. India’s rapidly developing offshore energy sector and rising demand for maritime infrastructure present compelling opportunities for collaboration and innovation.”

Seatrium noted that India is one of the world’s largest energy consumers and that it is forecast to become the largest driver of global oil demand growth by 2030, according to data from the International Energy Agency.

The company said: “India is actively expanding onshore and offshore resources to bolster energy security and meet the demands of rapid industrialisation and urbanisation.”

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Cheng said that the shared goal of CSL and SOT is to support India’s energy transition and enhance its maritime capabilities.

The MOU thus “(paves) the way for a long-term partnership with CSL to support regional energy transition and offshore development,” Seatrium said.

Cheng added that the expanded partnership will combine CSL’s robust local capabilities with Seatrium’s deep engineering expertise and technology strengths to deliver integrated offshore asset solutions that meet the region’s evolving needs.

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The MOU also sets a framework for joint marketing, project execution and technology collaboration, as well as lays the foundation for Seatrium’s long-term participation in India’s offshore industry.

It builds on an earlier collaboration between Seatrium and CSL for the joint design and supply of equipment for jack-up rigs for the Indian market. This was signed in November 2024 between the group’s subsidiary Seatrium Letourneau USA and CSL.

Seatrium shares closed at S$2.40 on Wednesday, down 1.2 per cent or S$0.03.