"Chris Ong, Seatrium's CEO, sees the Iran conflict sharpening what specialists call the energy trilemma, or the trade-off between energy security, affordable supply, and environmental sustainability. "The situation is now even worse because of the destruction of supply, which is still not fully priced in," Ong says. "People don't understand; they have been swung between different stories every day.""
"Ong believes that if oil prices stay elevated, it will unlock new offshore projects around the world. "I think a lot of projects would come online if the price per barrel were around $100.""
In Singapore's Tuas industrial district, Seatrium is assembling a floating production, storage, and offloading (FPSO) unit for Petrobras. The project, taking three to four years, reflects the complexities of global supply chains influenced by geopolitical events. Seatrium's recent contract with Petrobras, valued at approximately 11 billion Singapore dollars, includes two all-electric FPSOs with delivery expected in 2029. CEO Chris Ong emphasizes the energy trilemma, noting that elevated oil prices could stimulate new offshore projects globally.
Read at Fortune
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