Singapore’s Seatrium Ltd. has sold its shipyard at the Port of Brownsville, Texas, to Karpower Valley LLC for around $50 million.
The 240-acre facility, located on the Brownsville Ship Channel, supports offshore and marine engineering projects, including rig repairs and vessel conversions.
Utilization at the site has declined in recent years as Seatrium shifted resources to its major hubs in Singapore and Brazil.
Karpower Valley LLC, the buyer, is described by port officials and media reports as an affiliate of Karpowership, the global operator of floating power plants.
Karpowership currently owns 50 powerships — floating power plants that supply electricity to fast-growing energy markets. Karpowership itself is a subsidiary of Istanbul-based Karadeniz Holding.
Seatrium said proceeds from the divestment will strengthen its balance sheet and support projects in liquefied natural gas, offshore wind, and next-generation rig designs.
Join the leaders shaping freight’s future at
F3: Future of Freight Festival, Oct 21-22.
Network with the industry’s best and discover what’s next.
The deal underscores the Texas Gulf Coast’s appeal for industrial and energy investors.
The Port of Brownsville is located 277 miles south of San Antonio at the southernmost tip of Texas along the Gulf of Mexico. Brownsville, with its deepwater access and close proximity to Mexico, has also become an increasingly strategic location for companies seeking to expand cross-border operations.
“We look forward to working with Karpowership as they establish operations in our region, and we are confident this new partnership will create meaningful economic opportunities, strengthen our workforce, and enhance the port’s reputation as a hub for world-class maritime activity,” officials for the Port of Brownsville said in a news release.
The post Texas shipyard purchased by Turkish consortium for $50M appeared first on FreightWaves.
