Seatrium Wins Contract for Offshore Drilling Unit with IMI

The latest update is out from Seatrium Limited ( (SG:5E2) ).

Seatrium Offshore Technology has secured a contract from International Maritime Industries to supply equipment and a license for a LeTourneau Super 116E Class Self-Elevating Drilling Unit. This contract marks a significant milestone for both companies, as it represents the first new-build construction at IMI’s shipyard and the beginning of a long-term partnership to produce offshore jack-ups in the MENA region. The order aligns with the Kingdom’s Vision 2030, focusing on advanced technology, sustainability, and independence in offshore drilling.

More about Seatrium Limited

Seatrium Limited is a leading company in the offshore drilling industry, known for designing and constructing jack-up rigs. The company offers flexible solutions, allowing clients to either build vessels in its yards or utilize its jack-up designs to meet local content requirements. Seatrium has been instrumental in developing a significant portion of the world’s jack-up rigs, especially in the Middle East.

YTD Price Performance: 27.78%

Average Trading Volume: 1,795

Technical Sentiment Consensus Rating: Sell

Current Market Cap: $6.5B

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