Latest news with #Seatrium
Business Times
2 days ago
- Automotive
- 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
2 days ago
- Business
- 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.
Straits Times
13-06-2025
- Business
- Straits Times
Singapore shares fall on Friday amid Middle East tensions; STI down 0.3%
Dip in STI mirrors loss in global equity markets on fears Israel's strikes on Iran could stoke wider regional conflict. ST PHOTO: BRIAN TEO SINGAPORE – Local shares dipped on June 13 after escalating conflict in the Middle East prompted investors to sell up and reduce their risk exposure ahead of the weekend. There was hardly a rush to the exits, but the sell-off did leave the Straits Times Index (STI) down 0.3 per cent or 10.78 points at 3,911.42 with losers easily outstripping gainers 359 to 160 on trade of one billion securities worth $1.3 billion. Jardine Matheson was the top blue-chip gainer, rising 1.8 per cent to US$45.44, while Seatrium was the biggest decliner, down 2.8 per cent to $2.06. The local banks fell. DBS dropped 0.5 per cent to $44.45, OCBC closed 0.5 per cent down at $16.06 and UOB shed 0.4 per cent to $34.95. The Israeli strikes on Iran also sent Asian and European stocks tumbling while US index futures slipped in pre-market trade. Investors also rushed to safer assets and helped send gold and the greenback higher. 'Oil and defence stocks will likely benefit from rising tensions, but the rest of the market should remain under pressure,' said Swissquote Bank analyst Ipek Ozkardeskaya. Most regional markets declined and many took a bigger hit than the STI. China's Shenzhen Component led the losers, shedding 1.1 per cent, while South Korea's Kospi and the Nikkei 225 in Japan each shed 0.9 per cent. Australian shares got off relatively lightly, with the ASX 200 index closing down 0.2 per cent Wall Street traders, who were mostly off duty when the air strikes occurred, were focused on the bond market in a positive trading session overnight, with investors growing more confident that another cut in interest rates is imminent. Stocks, meanwhile, dipped in early trading before reversing course in the afternoon, with investors giving little heed to new threats of tariffs from President Trump. The S&P 500 led gains, rising 0.4 per cent, while the Dow Jones Industrial Average and Nasdaq each climbed 0.24 per cent. THE BUSINESS TIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
13-06-2025
- Business
- Business Times
Singapore shares fall on Friday amid Middle East tensions; STI down 0.3%
[SINGAPORE] Local stocks ended lower on Friday (Jun 13), in line with losses in global markets as tensions in the Middle East led investors to cut their risk exposure ahead of the weekend. Iran sent drones towards Israel, to retaliate against the latter's airstrikes on its nuclear and military infrastructure. The moves are stoking fears of a wider regional conflict, leading Asian and European stocks to tumble. US index futures also slipped in pre-market trade. The weekend could bring new developments as the US and Iran are expected to meet in Oman on Sunday to discuss Iran's nuclear programme. 'Oil and defence stocks will likely benefit from rising tensions, but the rest of the market should remain under pressure,' said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. In Singapore, the benchmark Straits Times Index (STI) fell 0.3 per cent or 10.78 points to end at 3,911.42. Across the broader market, losers beat gainers 359 to 160, with around one billion securities worth S$1.3 billion changing hands. Jardine Matheson was the top blue-chip gainer, rising 1.8 per cent or US$0.80 to US$45.44. Seatrium was the biggest decliner, falling 2.8 per cent or S$0.06 to S$2.06. The trio of local banks ended lower. DBS dropped 0.5 per cent or S$0.22 to S$44.45; OCBC closed 0.5 per cent or S$0.08 lower at S$16.06; and UOB shed 0.4 per cent or S$0.14 to S$34.95. Markets in nearly all Asian markets slid, with China's Shenzhen Component leading the declines, shedding 1.1 per cent. That was followed by Taiwan's Taiex, which fell nearly 1 per cent. South Korea's Kospi and Japan's Nikkei 225, each ended nearly 0.9 per cent lower.
Trade Arabia
11-06-2025
- Business
- Trade Arabia
ABB wins electrical, automation contract for Petrobras FPSO vessels
ABB has announced that it has been awarded a large order by Seatrium, a global provider of marine engineering solutions based in Singapore, for the supply of electrical equipment and automation solutions on a new generation of floating production storage and offloading (FPSO) vessels for operator Petrobras. The two vessels – P-84 and P-85 – will be deployed in the Atapu and Sépia fields, approximately 200 kilometers off the coast of Rio de Janeiro in Brazil. As per the deal, ABB will design and construct the topside and hullside electrical equipment, electrical substation automation and eHouses for both FPSOs. Petrobras will utilize the ABB's Ability System 800xA and IEC 61850 technologies for substation automation, which allow for seamless interoperability between Intelligent Electrical Devices and enhances operational efficiency and system reliability, said the company in a statement. In a first for Petrobras, the P-84 and P-85 vessels will also feature an all-electric concept, which focuses on efficient power generation and increased energy efficiency, by using electrically driven compressors and motors to produce 165 MW power generation capacity, it stated. The project also marks the first offshore application of ABB's three Is-limiter configuration which, due to the FPSOs' high-power capacity, is vital to ensuring short circuits are managed effectively. Is-limiters are fast-acting devices that prevent damage to electrical components and reduce mechanical and thermal stress by limiting the short-circuit current before it reaches its peak value. Constructed by ABB Singapore, the FPSO topside systems will be installed in an ABB eHouse - a prefabricated transportable substation designed to house medium voltage and low voltage switchgear, critical power equipment and automation cabinets. ABB's Sorocaba factory – located 85km west of São Paulo in Brazil – will manufacture the UniGear ZS1 switchboard, which is used to distribute electric power safely and reliably in demanding applications. "The offshore energy industry requires innovative solutions and technologies, at scale and at pace, to support an effective and secure energy market," said Per Erik Holsten, President of ABB's Energy Industries division. "With our ability to meet advanced technical requirements and high safety standards, along with our deep commitment to energy efficiency, we look forward to working with Seatrium on this large scale and complex project," he added. The Brazilian FPSO market continues to be a growth sector for offshore energy, with potential investment estimated at $21 billion in 2026-2027, set against a global FPSO market projected to reach a value of $46.2 billion by 2033. Construction of the P-84 and P-85 FPSOs has been ongoing since 2024, with delivery of ABB's eHouses expected by 2027.
