Seatrium Limited (Seatrium) has announced a significant milestone with the securing of a Favoured Customer Contract agreement from Teekay Shipping (Australia) (Teekay). This agreement marks Seatrium’s first long-term strategic partnership with a leading ship management company for the repair and upgrade of vessels under Australia’s Defence Maritime Support Services Program (DMSSP). Over the next two years, Seatrium will refit a series of vessels, collaborating closely with Teekay through joint planning, information sharing, and leveraging mutual experience to ensure the successful execution of these projects.

Both companies aim to utilize their combined expertise to enhance service delivery, improve operational efficiency, and maintain high Health, Safety, and Environment (HSE) standards to meet the specialized needs of vessel maintenance. Mr. Peter Iuliano, Head of Operations at Teekay Shipping Australia, remarked, "This strategic partnership marks a significant milestone for us. By collaborating with Seatrium, we aim to enhance our operational efficiency and uphold the highest standards of quality, safety, and environmental sustainability in the maintenance of our specialized vessels. Our first vessel under this agreement is scheduled for repairs at Seatrium’s Admiralty Yard in Singapore in July 2024, with six more dockings planned over the next year. We look forward to a fruitful and successful partnership with Seatrium."