Stock Track | Seatrium Ltd Soars 3.40% After Securing Major BP Deepwater Contract

Stock Track11-26

Seatrium Ltd (5E2.SI) saw its stock soaring 3.40% in the pre-market trading session on Wednesday, following the announcement of a significant new contract with BP Exploration and Production Inc. The company has been awarded the engineering, procurement, construction, and on-shore commissioning of the Tiber Floating Production Unit (FPU) in the Gulf of America.

The Tiber FPU contract marks Seatrium's second major project with BP, building on their existing collaboration on the Kaskida FPU awarded in December 2024. This new unit is designed to produce approximately 80,000 barrels of crude oil per day from the Tiber and Guadalupe fields, located in water depths of around 4,100 feet in the Keathley Canyon area.

Investors appear to be responding positively to Seatrium's expanding portfolio in the deepwater floater market. The company plans to leverage its experience from previous projects, including Shell's Vito and Whale, as well as the ongoing Sparta and Kaskida FPUs. The replication strategy for the Tiber FPU, which will share more than 85% of its design with the Kaskida unit, is expected to enhance efficiency and potentially boost the company's profitability in this sector.

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