Singapore, Indian shipyards sign MoU to strengthen offshore cooperation

Singapore, Sep 25 (PTI) Singapore's Seatrium Offshore Technology Pte Ltd (SOT) has signed a Memorandum of Understanding (MoU) with Cochin Shipyard Limited (CSL), India's largest shipbuilder and ship repairer, to strengthen cooperation in the offshore sector across Asia.

Under the MoU, the two companies will combine their complementary strengths -- SOT's engineering excellence, specialised equipment and offshore solutions, and CSL's extensive infrastructure, fabrication facilities and ship repair expertise to leverage business opportunities.

The partnership will focus on Maintenance, Repair and Overhaul (MRO) projects for clients with operations in Asia, SOT said on Thursday.

It said the MoU was signed virtually, marking a significant collaboration in offshore engineering across Asia. The two companies will also explore opportunities to expand into other key offshore markets in the region.

Winston Cheng, Senior Vice-President and Head of SOT, said, "This MoU is a strategic milestone in Seatrium's efforts to expand our global footprint across Asia, with India identified as a key market for long-term growth." "India's rapidly developing offshore energy sector and rising demand for maritime infrastructure present compelling opportunities for collaboration and innovation. By combining CSL's robust local capabilities with Seatrium's deep engineering expertise and technology strengths, we aim to deliver integrated offshore asset solutions that meet the region’s evolving needs.

"Our shared goal is to support India's energy transition, enhance its maritime capabilities, and position Seatrium as a trusted partner in driving sustainable offshore development," he said.

Sivakumar A, General Manager, Ship Repair, CSL, said, "The MoU marks a significant step forward in CSL's efforts to expand our offshore footprint. Our decision to strengthen collaboration with Seatrium demonstrates our confidence in their global expertise, enabling us to jointly deliver high-quality, cost-effective solutions to clients across the region." The MoU sets a framework for joint marketing, project execution and technology collaboration, paving the way for a long-term partnership with CSL to support regional energy transition and offshore development.

It builds on an earlier collaboration signed in November 2024 between Seatrium, through its subsidiary Seatrium Letourneau USA, Inc., and CSL for the joint design and supply of critical equipment for jack-up rigs that serve the Indian market.

The MoU also lays the foundation for the Seatrium's long-term participation in India's offshore industry.

As one of the world's largest energy consumers, India is actively expanding onshore and offshore resources to bolster energy security and meet the demands of rapid industrialisation and urbanisation.

According to the International Energy Agency, India is set to lead global oil demand growth, reaching an estimated 6.6 million barrels per day by 2030. PTI GS DIV DIV