With the completion of a multimillion-dollar sale deal, Seatrium AmFELS, a subsidiary of Singapore’s Seatrium, has handed over a shipyard in Texas to Karpower Valley, a related party of Türkiye’s floating power plant company Karpowership, to enhance capital and operational efficiencies, while unlocking value from one of its surplus facilities.
Seatrium has completed the divestment, initially disclosed in September 2025, of its AmFELS Yard located at Brownsville, Texas, in the United States. The company explains that all projects carried out at the yard have been completed and delivered prior to completion. The Singapore-based player previously said Karpowership would get its hands on the U.S. yard for a consideration of S$65 million (around $51.23 million).
After the asset divestment, Seatrium will transition its strategic presence in the U.S. to focus on engineering innovation and technology capabilities, through its technology centres and offices in Houston, Texas, and service centre in Vicksburg, Mississippi to support the evolving needs of its customers.
Chris Ong , Chief Executive Officer of Seatrium, highlighted when the sale was announced: “We have a strong and longstanding relationship with Karpowership, and are pleased to entrust the yard to a partner with whom we will continue to deepen our collaboration.
“Notwithstanding the divestment, the U.S. market remains important to us. We will continue to leverage our global footprint and integrated One Seatrium Delivery Model to deliver world-class solutions to our U.S. based and global customers in the offshore and energy sectors.”
The consideration was arrived at after arm’s length negotiations with Karpowership to be satisfied in cash, of which S$50 million (about $39.41 million) was to be deferred and paid one year after closing. The book value of the divested assets as at June 30, 2025, sold on an as is, where is basis, was approximately S$39 million ($30.71 million).
Seatrium is engaged in the design and construction of rigs, floaters, offshore platforms and specialised vessels, as well as in the repair, upgrading and conversion of different ship types, with a growing focus on sustainable solutions to advance the global energy transition and maritime decarbonization.
The company operates shipyards, engineering and technology centres and facilities in Singapore, Brazil, China, India, Indonesia, Japan, Malaysia, the Philippines, Norway, Saudi Arabia, the United Arab Emirates, the United Kingdom, and the United States.
The wrap-up of the yard sale comes months after Seatrium held a naming ceremony for Karpowership’s floating storage regasification unit (FSRU).