- We recently visited Seatrium (SGX:S51)’s latest FLNG (floating liquefied natural gas) vessel, Gimi, at its Benoi shipyard in Singapore.
- Gimi was a Moss-type LNG carrier that is being converted into an FLNG for Golar, a London-based company that designs, owns, and operates LNG-related marine infrastructure. Gimi has a production capacity of around 2.7mtpa with an expected total conversion cost for Golar of US$1.7bn (including financing costs).
Ready to sail away in a month
- - Read this at SGinvestors.io -
- Gimi is 70% owned by Golar, with the remaining 30% held by Keppel Asia Infrastructure Fund, an infrastructure-focused private investment vehicle under Keppel Capital.
Close relationship but future bids will depend on unit economics
- - Read this at SGinvestors.io -
- According to Golar, this third FLNG conversion deal is expected to be worth about US$2bn. However, we are unsure if Seatrium will bid for the project – this will depend on project economics, given the tight yard capacity.
Expectations unchanged
- Read more at SGinvestors.io.
Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.
LIM Siew Khee CGS-CIMB Research | https://www.cgs-cimb.com 2023-09-06
Read also CGS-CIMB's most recent report:
2024-01-30 Seatrium - Toning Down Our Profit Expectations.
Previous report by CGS-CIMB:
2024-01-04 Seatrium - Project Cancelled, But Still An ADD.
Price targets by other brokers at Seatrium Target Prices.
Listing of research reports at Seatrium Analyst Reports.
Relevant links:
Seatrium Share Price History,
Seatrium Announcements,
Seatrium Dividends & Corporate Actions,
Seatrium News Articles
