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

Stock Track11-26

Seatrium Ltd (5E2.SI) saw its stock price soaring by 3.40% in Wednesday's trading session, following the announcement of a significant contract award from BP Exploration and Production Inc. The contract involves the engineering, procurement, construction, and on-shore commissioning of the Tiber Floating Production Unit (FPU) for the Gulf of America.

The Tiber FPU project, designed to produce approximately 80,000 barrels of crude oil per day, marks Seatrium's second major deepwater FPU contract with BP. This new unit will service the Tiber and Guadalupe fields in the Keathley Canyon area, situated about 300 miles southwest of New Orleans in water depths of around 4,100 feet. The production start is anticipated in 2030, highlighting the long-term nature of the project.

Investors appear to be reacting positively to Seatrium's expanding portfolio in the deepwater floater market. The company plans to leverage its experience from the earlier Kaskida FPU project, also for BP, with over 85% of the Tiber FPU's design replicating its predecessor. This strategy is expected to enhance efficiency and potentially improve profit margins. Additionally, Seatrium's track record with other major projects, including Shell's Sparta, Vito, and Whale FPUs, seems to be bolstering confidence in the company's capabilities in this specialized sector.

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