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Seatrium Ltd
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SEATRIUM LTD. - ROCKETING TO THE MOON BY 2028 !!!!
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MrBear12
Supreme |
22-May-2024 14:07
Yells: "Cast all our anxieties on Jesus for He cares for us" |
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Seatrium agrees to pay $91.5m following arbitration ruling | Singapore Business Review (sbr.com.sg)
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MrBear12
Supreme |
22-May-2024 14:05
Yells: "Cast all our anxieties on Jesus for He cares for us" |
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57 million USD of the 108 million had been provisioned, according to the 28 Mar report.
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Login20
Master |
22-May-2024 14:04
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Good and Thank you, can share where to read this article?
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MrBear12
Supreme |
22-May-2024 14:01
Yells: "Cast all our anxieties on Jesus for He cares for us" |
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From the two articles below, we can just safely conclude that 68 USD million is the final settlement payment for this.    This settlement is less than the $145.48m (US$108m) ordered by the Singapore International Arbitration Centre in April. (Good thing)  
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MrBear12
Supreme |
22-May-2024 13:53
Yells: "Cast all our anxieties on Jesus for He cares for us" |
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22 May 2024
Seatrium agrees to pay $91.5m following arbitration rulingThe company said the amount will be full and final.  Seatrium Limited announced that it will pay $91.5m (US$68m) to MH Wirth following the conclusion of the arbitration in relation to contracts terminated in 2021 and 2022.  The company said in a regulatory filing that this will be the &ldquo full and final settlement to resolve the interest payable and all outstanding issues arising from the award.&rdquo This settlement is less than the $145.48m (US$108m) ordered by the Singapore International Arbitration Centre in April. ALSO READ:  Seatrium bags Favoured Customer Contract from Hyundai LNG Shipping Join Singapore Business Review community
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According to reports, Seatrium&rsquo s wholly-owned subsidiary Jurong Shipyard Pte Ltd awarded four drilling equipment contracts to MH Wirth in 2012. These were later terminated in 2021 and 2022 MH Wirth lodged the arbitration against Jurong Shipyard in December 2021 for allegedly breaching the agreements. US$1=S$1.35
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MrBear12
Supreme |
22-May-2024 13:51
Yells: "Cast all our anxieties on Jesus for He cares for us" |
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28 Mar 2024 A provision for the sum has already been made in the group&rsquo s financial statements for the FY2023. The Attorney-General&rsquo s Chambers (AGC) has agreed to enter into a deferred prosecution agreement (DPA) with Seatrium following the alleged corruption offences that occurred in Brazil. Under the DPA, Seatrium is required to pay a financial penalty of US$110 million. Of the total sum, the AGC has agreed to credit up to US$53 million of the payments to the Brazilian authorities against the penalty. As such, Seatrium will have to pay US$57 million or $76.5 million. In a separate update, Seatrium says it is including this provision in its FY2023 income statement, which means, the company' s net loss for the year ended Dec 31, 2023, is now $2.03 billion instead of $1.95 billion reported earlier.  
The other terms of the DPA are to be agreed between Seatrium and AGC in due course. On March 28, the  AGC and  Corrupt Practices Investigation Bureau (CPIB)  announced that two former Sembcorp Marine  S51  (SembMarine) employees  were charged with bribing officials in Brazil between 2009 and 2014.
One of them is the former president, executive director and CEO of SembMarine, Wong Weng Sun, who was the  managing director of its wholly owned subsidiary Jurong Shipyard (JSPL) when the offences were allegedly committed. The other individual charged is Jurong Shipyard' s senior general manager, Lee Fook Kang. In its March 28 note, DBS Group Research says investors were not expecting these further penalties from the Singapore authorities. " But we believe it is good that Seatrium can finally put a closure to Brazil Operation Car Wash overhang, that has been haunting them since 2015," says DBS, which notes that the further penalties of $76.5 million is just 1% of the company' s NAV. DBS notes that Seatrium' s share price has been dragged down by several not-so-good news in recent times such as the cancellation of the Empire II HVDC project and US offshore wind supply chain issues, kitchen-sinking FY2023 results and &ldquo disappointment&rdquo on 5-year financial targets. " While these have dampened sentiment and confidence in Seatrium, the good integration progress post-merger and improving operating results needs to be factored in as well," adds DBS. " We believe the continuous operational improvement and an uptick in contract flows could restore investors&rsquo confidence and drive share price forward," says DBS, which has kept its ' buy" call and 15 cents target price. Seatrium shares closed at 7.9 cents on March 28, unchanged for the day. |
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Login20
Master |
22-May-2024 13:34
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Further reading into Seatrium letters on OutCome Of Arbitration dated 18 April 24 and 21 May 24 as per your attached statements, seem like Upstream version is the one, US$68 millions is an addition. However, nevermind which one of the outcome, we move on...more contract wins will defuse this negative eventually. Happy Investing. |
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Stocky901
Supreme |
22-May-2024 13:22
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Part of the extracts from The Straits Times:
The tribunal has also awarded interests which will be calculated in due course,? Seatrium said in a bourse filing on April 18.
?The US$108 million is within the provision that the company has made in prior years, with the interests to be booked in financial year 2024.?
The arbitration proceedings, which commenced in December 2021, centred on four separate contracts for the supply of equipment.
I think this 108m has also been made as provisions. Likely impacts is minimal.. 🤫
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Eagle88
Supreme |
22-May-2024 11:51
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With today's technology, can use robots and super powerful lasers to cut up a super tanker within couple of days or weeks instead of months !!! With such productivity, this can even be done at Batam and still can make lots of profits !!!
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Login20
Master |
22-May-2024 10:46
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The Upstream article read -  Singapore&rsquo s Seatrium has agreed to pay a further US$68 million in full and final settlement of a rig-building dispute with Akastor of Norway after earlier not accepting the other party&rsquo s calculation of interest due, bringing the total amount to be stumped up to more than US$175 million. The companies have now agreed that Seatrium will pay a further US$68 million &mdash on top of the original US$101 million penalty imposed by the arbtration panel and other costs such as legal fees - as full and final settlement. The US$68 million will be paid before end June. Akastor said on Tuesday   |
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Login20
Master |
22-May-2024 10:14
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Now I understand the confuse here. This is the article from The Edge for those who don' t have the access into. Seatrium has agreed to pay US$68 million ($91.6 million) to MH Wirth as the full and final settlement over contracts that were terminated in 2021 and 2022. This will &ldquo resolve the interest payable and all outstanding issues arising from the award&rdquo with MH Wirth, says Seatrium in a May 21 bourse filing.  However, the sum is lower than the US$108 million the Singapore International Arbitration Centre had ordered Seatrium to pay in April.  In 2012, Jurong Shipyard, now a Seatrium subsidiary, awarded MH Wirth drilling equipment contracts related to four offshore rigs. Jurong Shipyard reached a settlement deal with Sete Brasil in 2019 and these contracts were terminated after years of suspension.  MH Wirth had filed for arbitration in December 2021 over the four terminated contracts.  Seatrium will release its results for 1QFY2024 ended March 31 on May 28 before trading opens.  |
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naoshingo
Elite |
22-May-2024 09:51
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The edge says that it is a reduction....
Really Bad PR...for seatrium...release such half baked news.
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tonytony
Veteran |
22-May-2024 09:50
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Another payout , extra . | ||||
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n3wbie
Elite |
22-May-2024 09:31
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Hi, was checking against the earlier announcement on 18 Apr and they had made provision of US$101m so now that they are paying US$68m - so it is a reduced payment as you correctly pointed out. Question is does that mean there' ll be a write-back of US$33m for FY24?
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MrBear12
Supreme |
22-May-2024 09:30
Yells: "Cast all our anxieties on Jesus for He cares for us" |
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The interest was exhorbitant
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naoshingo
Elite |
22-May-2024 09:19
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It's a reduction I think??
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MrBear12
Supreme |
21-May-2024 23:28
Yells: "Cast all our anxieties on Jesus for He cares for us" |
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Looking better and better. My hope is being restored. Let' s have a rest and fight on Thursday. God bless your Vesak Day
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PiRPiR
Master |
21-May-2024 22:45
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Hyundai LNG Shipping hand-picks Seatrium for multi-year vessel retrofits
VESSELS May 21, 2024, by Melisa Č avč ić Korean liquefied natural gas (LNG) player Hyundai LNG Shipping has hired Singapore-headquartered Seatrium Limited on a favored customer contract (FCC) for repairs and upgrades of LNG carriers in its fleet. This deal is perceived to be the first long-term strategic partnership agreement between the two companies. https://www.offshore-energy.biz/hyundai-lng-shipping-hand-picks-seatrium-for-multi-year-vessel-retrofits/ |
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MrBear12
Supreme |
21-May-2024 21:20
Yells: "Cast all our anxieties on Jesus for He cares for us" |
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156 is now the post consolidation closing low. Surely this is near the end. | ||||
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MrBear12
Supreme |
21-May-2024 18:33
Yells: "Cast all our anxieties on Jesus for He cares for us" |
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Thanks Eagle! Stars are light years away. Great bear and little bear They are for us to admire everyday! May all who visit Seatrium rocket draw hope and inspiration. We will reach the stars with Seatrium!
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