(SINGAPORE and BROWNSVILLE, Texas) — Seatrium has announced the sale of its AmFELS shipyard in Brownsville, Texas, for $51 million to Karpowership of Turkey. The sale is being executed through Seatrium’s subsidiary, Seatrium AmFELS, which has entered into a binding agreement with Karpower Valley LLC, a related party of Karpowership.
AmFELS is a full-service offshore shipyard specializing in rig repairs, refits and Jones Act new construction. The yard this month delivered the wind turbine installation vessel Charybdis to Dominion Energy for service off the coast of Virginia.
The completion of the sale is subject to customary closing conditions, including the transfer of the lease to the new owner by the Port of Brownsville. Seatrium said it remains committed to completing all ongoing projects at AmFELS by the end of 2025.
“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,” said Chris Ong, CEO of Seatrium. “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.”
Following the sale, Seatrium will transition its strategic presence in the U.S. to focus on engineering innovation and technology capabilities through its technology centers and offices in Houston and service center in Vicksburg, Miss.
Karpowership operates the world’s largest fleet of floating power plants and is a subsidiary of Turkey’s Karadeniz Holdings.
