Seatrium's shares jump more than 10% after it inks MOU with BP

Seatrium's shares rallied more than 10 per cent on Feb 13 after its announcement of a second project with oil and gas giant BP to build a deepwater floating production unit (FPU).

- Sue-Ann Tan

In a filing before the Singapore market opened, Seatrium said it had inked a memorandum of understanding (MOU) with BP Exploration & Production to provide engineering, procurement, construction and commissioning services for the Tiber FPU.

Seatrium's shares jumped on the news to a morning high of $2.49, up 8.3 per cent from the previous day's close. The counter closed 10.87 per cent higher at $2.55 on Feb 13.