Seatrium jumps 6.5% to S$2.45 after MOU with BP

SHARES of Seatrium surged on Thursday (Feb 13) after it announced its memorandum of understanding (MOU) with BP Exploration & Production, a subsidiary of multinational oil and gas company BP, for a floating production unit (FPU) in the US Gulf of America.

At 9.41 am the counter rose to S$2.45, up 6.5 per cent or S$0.15 from its closing price of S$2.30 on Wednesday. The last time it closed at such levels was in February 2018.

It later eased to S$2.44 at 10.16 am, still up by 6.1 per cent or S$0.14, with 35.2 million shares changing hands.  

Before the market opened, Seatrium announced that it signed an MOU with BP to provide engineering, procurement, construction and commissioning services for the Tiber FPU. 

The FPU is meant to support the development of BP’s deepwater assets in the recently renamed US Gulf of America, which was formerly called the Gulf of Mexico.