SINGAPORE - Offshore and marine engineering player Seatrium has secured a green trade finance facility with a banker’s guarantee from OCBC worth €720 million (S$1.1 billion) to finance its sustainability efforts, the group said on Wednesday.
“This trade financing solution... will support Seatrium’s offshore renewable projects and decarbonisation efforts, bolstering the group’s implementation of green measures and investments in sustainable and environmentally-friendly technology and practices within its operations,” it said in a bourse filing.
The company, formerly known as Sembcorp Marine, flagged that renewables and green solutions comprise about 39 per cent of its net order book, based on its first-quarter 2023 business update.
The Straits Times Index constituent also highlighted its construction and fabrication of “several of the world’s large-scale and complex offshore converter platforms” that contribute to the green transition.
OCBC’s head of global corporate banking Elaine Lam said: “This green trade finance facility, being one of the industry’s largest, attests to Seatrium’s dedication to decarbonising its operations and investing in green technology and renewable energy solutions.”
