Seatrium's major customers likely have a high tolerance for softer oil prices, which could limit any oil-price-related drag on the Singapore oil and gas company's projects, says Citi analyst Luis Hilado in a note.

The U.S.'s actions in Venezuela could result in higher oil supply and pricing pressure, the analyst says.

Still, Citi's global commodities team believes that crude oil prices could rise instead if the Organization of the Petroleum Exporting Countries reacts and cuts output.

Large investment is also likely needed to tap Venezuelan oil more significantly, he adds.

These factors, and major customers' tolerance, point to Seatrium's pipeline being largely unaffected by developments in Venezuela, he adds.

Citi retains its buy rating and S$2.65 target price on Seatrium, which rises 1.4% to S$2.23.