Singapore-headquartered Seatrium Limited has announced that it has reached an agreement to divest its AmFELS shipyard in Brownsville, Texas, to Turkey’s Karpowership, for a consideration of SGD 65 million (about US$50.1 million) . The asset sale is being executed through Seatrium’s subsidiary, Seatrium AmFELS Inc., which has entered into a binding agreement with Karpower Valley LLC, a related party of Karpowership. The consideration was arrived at after arm’s length negotiations with Karpowership and will be satisfied in cash, of which SGD50 million is deferred and to be 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, is approximately SGD 39 million. The completion of the divestment is subject to customary closing conditions, including the transfer of the lease to the new owner by the Port of Brownsville.