Seatrium - CGS-CIMB Research 2023-09-06: Visit To FLNG Vessel Gimi

Seatrium - Visit To FLNG Vessel Gimi

Seatrium (SGX:S51) | SGinvestors.ioSeatrium (SGX:S51)
  • 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 -
  • 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 -
  • 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

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Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @

LIM Siew Khee CGS-CIMB Research | 2023-09-06

Previous report by CGS-CIMB:
2023-08-28 Seatrium - Repeated Deepwater Floating Production Unit Order From Shell.

Price targets by 3 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


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