Seatrium partners with Solvang, Norway to establish Carbon Capture and Storage systems
[SINGAPORE] Seatrium announced on Thursday (Jun 19) that it had signed of a letter of intent (LOI) with Solvang, Norway for the installation and retrofitting of full-scale Carbon Capture and Storage (CCS) systems.
The project is expected to commence in late 2026, where Solvang's new series of very large gas carriers, configured specifically for CCS systems, is set to be the first potential candidate for a full-scale CCS retrofit and integration.
It also further supports Solvang in their fleet decarbonisation, following the successful delivery of Clipper Eris in February – the world's first full-scale turnkey retrofit of a seven Megawatt CCS system. The Clipper Eris project saw Seatrium provided turnkey engineering, procurement, and construction solutions for the CCS package.
The LOI was formalised during international trade fair Nor-Shipping 2025 in Oslo, Norway in June, as the companies continue to strive towards sustainable maritime solutions.
The landmark project is also a highlight of the decade-long partnership between Seatrium and Solvang.
Alvin Gan, executive vice-president of repairs and upgrades, Seatrium, said: 'Building on the success of the pioneer project together on Clipper Eris... This step will deepen our resolve as strategic partners in supporting maritime decarbonisation efforts.'
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Business Times
3 days ago
- Business Times
Seatrium partners with Solvang, Norway to establish Carbon Capture and Storage systems
[SINGAPORE] Seatrium announced on Thursday (Jun 19) that it had signed of a letter of intent (LOI) with Solvang, Norway for the installation and retrofitting of full-scale Carbon Capture and Storage (CCS) systems. The project is expected to commence in late 2026, where Solvang's new series of very large gas carriers, configured specifically for CCS systems, is set to be the first potential candidate for a full-scale CCS retrofit and integration. It also further supports Solvang in their fleet decarbonisation, following the successful delivery of Clipper Eris in February – the world's first full-scale turnkey retrofit of a seven Megawatt CCS system. The Clipper Eris project saw Seatrium provided turnkey engineering, procurement, and construction solutions for the CCS package. The LOI was formalised during international trade fair Nor-Shipping 2025 in Oslo, Norway in June, as the companies continue to strive towards sustainable maritime solutions. The landmark project is also a highlight of the decade-long partnership between Seatrium and Solvang. Alvin Gan, executive vice-president of repairs and upgrades, Seatrium, said: 'Building on the success of the pioneer project together on Clipper Eris... This step will deepen our resolve as strategic partners in supporting maritime decarbonisation efforts.'
Straits Times
4 days ago
- Straits Times
Oil prices rise as Israel launches air strikes on Iran, putting in doubt Mid-East supplies
The worsening Middle East conflict raises the risk of disruptions to oil supplies from key oil- producing nations in the region. PHOTO: REUTERS SINGAPORE – Oil prices spiked to their highest level in three years early on June 13 as news broke that Israel had launched dozens of air strikes against Iran, targeting its nuclear programme and military facilities, and killing its senior commanders. Futures on global benchmark Brent crude oil soared by as much as 13 per cent – the biggest intraday move since March 2022 – to US$78.50 a barrel. Prices pulled back to US$73.07 at 3.50pm Singapore time, still up 5.3 per cent from their previous close. Shock waves from the oil market also hit stock markets across Asia, from Hong Kong and Shanghai to Malaysia and Japan. The Straits Times Index, the Singapore stock benchmark, closed 0.3 per cent lower to 3,911.42 points. The fall was led by stocks likely to be impacted by higher oil prices. Seatrium, which builds offshore oil and gas platforms, slipped 2.8 per cent. Worries that jet fuel prices may also gain contributed to Singapore Airlines going down 1.3 per cent. The large-scale Israeli attack could push the Middle East – home to some of the world's top oil-exporting nations – to the brink of a new war and upend global oil supply and demand dynamics, analysts said. Oil prices were on a downtrend, hitting a low of about US$60 in May after the Organisation of Petroleum Exporting Countries (Opec) on May 3 decided to increase production for a second month in a row. Increased output, if sustained, was expected to restore nearly 2.2 million barrels per day of output by October and keep prices around US$60 or lower. Iranian state television said the Natanz site in central Iran, one of the country's two main nuclear plants, was struck. It also said several senior figures were killed, including Major-General Hossein Salami, head of the elite Revolutionary Guards; Professor Mohammad Mehdi Tehranchi, a prominent physicist; and Mr Fereydoon Abbasi, a former head of Iran's atomic organisation. The worsening Middle East conflict raises the risk of disruptions to oil supplies from key oil- producing nations in the region, said Ms Priyanka Sachdeva, senior market analyst at Phillip Nova, an affiliate of Singapore's investment manager PhillipCapital Group. 'The risk appetite of oil investors will likely be tested today with immense volatility and uncertainty,' she said. Fear of retaliation by Iran may prompt oil traders to secure more supplies before the weekend, pushing prices through June 13 higher, analysts said. Most of the Middle East oil flows from the Persian Gulf through the Strait of Hormuz. The strait is one of the world's most important oil transit choke points. Any material shipping disruptions resulting from a blockage of the Hormuz could have profound consequences for the global economy. But Asia's largest economies would be the most vulnerable. Around 80 per cent of oil flows from the Gulf is destined for Asian markets, with India, China, Japan and South Korea accounting for around two-thirds of those flows. Ms Selena Ling, OCBC Bank's chief economist and head of treasury research and strategy, said: 'The question is if this situation escalates into a broader regional conflict. If yes, then there is definitely upside risk to oil prices.' She added that if the conflict escalates and there are further sanctions on Iran, or the Strait of Hormuz is blocked, it could also pose risks to the pullback in inflation that most central banks have been counting on to ease monetary policy. 'The issue is whether tensions escalate and if they are prolonged.' There are, however, some mitigating factors to consider. Saudi Arabia and the United Arab Emirates – the world's top oil exporters – have the capacity to divert a meaningful portion of their current Gulf exports through pipelines, which would partially alleviate the adverse effects of any closure or major shipping disruptions. The alternative ports are, however, in the Red Sea and thus vulnerable if Yemen decides to join the fray. The US halted its bombing campaign against Yemen's Houthis in May after the Iran-aligned group agreed to stop targeting shipping in the Red Sea. The closure of Hormuz is always flagged as a risk whenever tension arises in the Middle East. But so far, despite Iran's repeated threats to do so, it has yet to follow through, due to the adverse consequences for its own oil outlet, let alone the potential response from the international community. Join ST's Telegram channel and get the latest breaking news delivered to you.
Singapore Law Watch
6 days ago
- Singapore Law Watch
‘Consultants' luring debtors to borrow more to exploit government bankruptcy avoidance scheme
'Consultants' luring debtors to borrow more to exploit government bankruptcy avoidance scheme Source: Straits Times Article Date: 15 Jun 2025 Author: David Sun At least a dozen debt consultants have been touting their services on TikTok, encouraging debtors to apply for bankruptcy. TikTokers advertising themselves as debt consultants are charging debtors thousands of dollars to exploit a government bankruptcy avoidance scheme. Checks by The Straits Times showed that there are at least a dozen such consultants on the social media platform. One consultant said that for a fee, he can guide debtors through the Debt Repayment Scheme (DRS) to help them secure a discount on their debt. He said he had helped a client clear a debt of more than $100,000 with a repayment of only one-third of what he owed, or $35,000. 'That's $65,000 savings, no shiok meh? (sic),' the man added. ST understands such firms charge debtors between $1,000 and $5,000 for their services. Credit Counselling Singapore (CCS), a non-profit organisation and registered charity, said it has seen a number of debtors falling prey to exploitative debt consultancy firms. CCS general manager Tan Huey Min said it had a debtor who approached the organisation after he paid a consultancy firm in hopes of getting on the DRS. The man had debts of more than $150,000, above the threshold for the bankruptcy avoidance scheme. Ms Tan said that when the debtor was deemed ineligible for the scheme, the debt consultancy firm did nothing to help him. 'When these debtors go to some of these firms, they are told they have to first fork out several thousand for their services. 'They already have no money, where do you expect them to find a few thousand?' she said. 'What some of them have done is unethical, because they call themselves a consultancy firm, but they don't provide comprehensive information even though they claim to be professionals. 'Then you tell people about the DRS to lure them and get them to borrow even more money to pay you, encouraging them to be irresponsible. It is not right,' she added. The DRS is a pre-bankruptcy programme administered by the Ministry of Law (MinLaw) that the Government introduced in 2009. The voluntary scheme aims to help working debtors avoid bankruptcy, and help creditors get higher repayments than they would otherwise receive in the event of insolvency. Under the DRS, debtors with unsecured debts not exceeding $150,000 can enter a debt repayment plan of not more than five years and avoid bankruptcy. The structured repayment plan is under the supervision of an Official Assignee (OA), an officer of the court appointed by the Law Minister. When the debtor meets his financial obligations under the DRS, he will be released from his debts. MinLaw said on June 10 that it has noticed an increasing number of debtors engaging the services of consultancy firms that encourage debtors to self-petition for bankruptcy with the objective of being placed on the DRS. The ministry said this puts the debtor at risk of being pushed further into debt or being declared bankrupt, as they are not guaranteed to be eligible for the DRS. MinLaw data showed that 2,928 bankruptcy applications were filed by debtors in 2024. That represents 59 per cent of all applications made that year. It was the fifth consecutive year since 2020 that the number of self-filed applications was higher than applications by creditors. The firms are also encouraging debtors to borrow even more money from creditors to pay for their services, causing them to rack up more debt, MinLaw said. The ministry is proposing to make it an offence for debt consultancy firms to solicit for clients to file for bankruptcy, among other proposals. Not regulated Ms Tan noted that the MinLaw proposal would exempt professionals like lawyers and accountants and charities like CCS. This is because such entities are regulated. 'Debt consultancy firms are not regulated. They are profit-making (organisations), and may not be thinking about the best interests of debtors,' said Ms Tan. 'The DRS is meant for genuine debtors who are sincere but unable to make payments under their creditors' existing terms and conditions. It is not meant to be abused to circumvent making full repayment of debts.' Lawyer Tris Xavier, an associate director at Yuen Law, said there have been cases of debt consultancy firms filing proofs of debt against their own clients to claim money owed to them by these debtors. He said: 'We have seen some cases where the debt consultancy firms in question filed proofs of debt against the debtor, which dilutes the repayment to other legitimate creditors.' Mr Xavier said debtors do not receive proper advice from some debt consultancy firms. He added: 'There is a risk that the debtor might end up in bankruptcy. Individuals may also fail out of the DRS if they do not make regular payments, and might end up in bankruptcy anyway.' Debtors who file for bankruptcy on their own in the High Court have to pay $1,850 as a deposit. This will not be refunded if the application is successful. The High Court will then determine if these individuals should be referred to the OA, to be assessed for their suitability for the DRS. Debtors referred for the DRS have to pay preliminary fees of $600 for assessment and administrative costs. The consultants on TikTok falsely claim that a debtor can apply for the DRS 'to solve all the issues', with one even claiming the scheme could help settle their debts 'three times faster and save thousands of dollars'. Another claims '100% approval during application'. On its website, MinLaw says it is not possible to directly sign up or apply for the DRS. ST reached out to three debt consultancy firms, which said they are supportive of MinLaw's proposals but argued against a blanket rule for the industry. A spokesman for Viv Associates said: 'We do hope MinLaw will consider making room for selected debt consultancy firms, those with a strong compliance history and client care infrastructure, to be exempted from the blanket restriction. Ultimately, this is about protecting the public and preserving access to quality guidance. We believe that balance is possible and necessary.' Two of the firms contacted said that debtors are free to go ahead and file the paperwork themselves if they so wish. A spokesman for EDUdebt said: 'Our services exist for debtors who prefer professional support with their DRS documentation. We offer full transparency – and our fees only apply after the debtor independently decides to file for bankruptcy and is considered for DRS by the court.' Aside from making it unlawful for debt consultancy firms to solicit for business in such a manner, MinLaw is also making two other proposals. These are to add a new ground of failure for individuals who incur debts with no reasonable ground of expectation of being able to pay, and to impose a four-week time limit for creditors to file their proofs of debt under the DRS. Members of the public are invited to provide their feedback on the proposed key amendments after viewing the full consultation paper at Those who wish to submit their views and feedback may do so by June 27 at Source: The Straits Times © SPH Media Limited. Permission required for reproduction. Print
