Singapore-based Seatrium Limited has announced the sale of its AmFELS shipyard in Brownsville, Texas, to Karpower Valley LLC for 65 million SGD ($50.6 million USD). The transaction marks a significant restructuring of Seatrium’s U.S. operations and further strengthens its partnership with Karpowership, the global leader in floating power plant solutions.
The deal, executed through subsidiary Seatrium AmFELS, Inc., represents a major asset divestment aimed at boosting operational efficiency and optimizing capacity utilization. Under the terms, 50 million SGD will be deferred and paid one year after closing. The book value of the assets as of June 30, 2025, was approximately 39 million SGD.
“We have a strong and longstanding relationship with Karpowership, and we are pleased to entrust the shipyard to a partner with whom we will continue to deepen our collaboration,” said Chris Ong, CEO of Seatrium. He reaffirmed that the U.S. remains a priority market, noting that Seatrium will maintain its presence through offices in Houston and Vicksburg, focusing on engineering innovation and advanced technology solutions.
The transaction follows an August partnership milestone when Seatrium registered the Karadeniz LNGTS Americas at its Singapore yard — the fifth LNGTS in Karpowership’s global fleet. The companies also signed a letter of intent to convert three next-generation LNGTS and Powerships, designed with modular systems adaptable to project needs and incorporating advanced technologies such as CCUS (carbon capture, utilization, and storage).
Currently, Karpowership operates 50 Powerships with a combined generation capacity of 10 GW and 11 LNGTS unitsacross 20 countries. The company accounts for about 1% of the world’s installed gas-fired power capacity and aims to double that to 2% within the next decade.
The completion of the AmFELS sale remains subject to standard closing conditions, including the transfer of lease rights from the Port of Brownsville to Karpowership’s affiliate. Seatrium has committed to finishing all ongoing projects at the yard by the end of 2025 to ensure a smooth transition.
This strategic asset sale highlights the ongoing consolidation and restructuring in the maritime and offshore energy sectors, as companies adapt to evolving market conditions and seize new opportunities in clean energy solutions.
