KUALA LUMPUR (May 5): Sealink International Bhd (KL:SEALINK), an offshore support vessel builder and operator, said it will receive US$17.28 million (about RM68.47 million) in settlement and insurance claims over its vessel that was damaged in a fire incident in May last year.
The settlement sum is as per a settlement agreement and related insurance claim forms executed by relevant parties, the company said in a bourse filing on Tuesday.
“The company is currently working with the relevant parties towards the completion of the insurance claims process, including the disbursement of the insurance proceeds,” it said.
A fire incident occurred on the vessel, then operating under a bareboat charter, in Brazil on May 17, 2025. After relevant assessments, the vessel was assessed as a constructive total loss.
Constructive total loss is a marine insurance term for when a ship is not actually lost, but there are commercial reasons to treat it as if it were. Sealink's vessel is covered by hull and machinery insurance.
Sealink had logged an insurance claim for RM55.67 million in respect of the loss, according to its latest annual report. The vessel’s carrying amount, RM55.67 million, was also derecognised in the financial year ended Dec 31, 2025 (FY2025).
Sealink operates a fleet of 23 offshore vessels, including anchor handling tug supply, multi-purpose, platform supply, and seismic support, mainly chartered to the oil and gas industry across Malaysia and international markets, according to its website.
Shares in Sealink ended half a sen or 1.52% lower at 32.5 sen, valuing the company at RM162.5 million.