Seatrium Financial Services (SFS), a wholly owned subsidiary of Singapore-based marine engineering firm Seatrium Limited has secured a three-year S$1.1 billion (US$823 million) global syndicated bank guarantee (BG) facility.

Existing banking partners DBS Bank, Standard Chartered Bank, Shanghai Pudong Development Bank Singapore Branch and Mizuho Bank Singapore backed the facility.

Additionally, Seatrium established new relationships with First Abu Dhabi Bank, Malayan Banking Berhad, Emirates NBD Bank and Clifford Capital.

The deal was facilitated by DBS Bank and Standard Chartered Bank, which acted as the global coordinators, with support from the other eight institutions.

This first-of-its-kind BG facility in Singapore’s offshore and marine industry features a flexible structure designed to support Seatrium’s future business growth.

“This S$1.1 billion syndicated BG facility,” says Adrian Teng, the company’s chief financial officer, “will support Seatrium in meeting the BG requirements for future projects, strengthening our capital structure and laying the foundation for our long-term sustainable business growth.”

Kelvin Wong, head of energy, renewables and infrastructure, institutional banking group at DBS adds: “Our longstanding partnership with Seatrium has allowed us to gain a deep understanding of their business needs, as well as their commitment towards being a sustainability leader in the global offshore, marine and energy industries.”

Seatrium provides engineering solutions to the global offshore, marine and energy industries. Headquartered in Singapore, it has a robust track record in designing and constructing rigs, floaters and offshore platforms and has a growing focus on sustainable solutions to advance maritime decarbonization.