Seatrium has reinforced its market leadership by delivering the P-78 Floating Production Storage and Offloading (FPSO) vessel on schedule, a project valued at $2.3b. This achievement underscores the company’s execution strength in offshore production, according to UOBKayHian.
Additionally, Seatrium has secured a new contract to convert a 67,000dwt LNG carrier into a Floating Storage Regasification Unit (FSRU) for Kinetics, further expanding its robust orderbook to $21.3b, with revenue visibility extending to 2031.
The P-78 FPSO, one of the largest in the global fleet, boasts a production capacity of 180,000 barrels per day and will be deployed in Brazil’s Buzios field, the largest deepwater oil field worldwide. This successful delivery highlights Seatrium’s capability to meet complex project demands on time and within budget, enhancing its reputation for specialised, high-value projects.
Seatrium’s latest FSRU conversion contract, announced on 4 July, is estimated to be worth between $250m and $350m. The project will commence in the third quarter of 2025, involving the installation of a regasification module and integration of key systems. This contract is part of Seatrium’s ongoing work with Kinetics, with two other FSRU conversions already underway.
Looking ahead, Seatrium is set to announce its first-half 2025 results on 31 July, with expectations of a $4.1b revenue and a net profit of $145m. The company’s strategic diversification into renewables and cleaner energy solutions continues to drive its growth, positioning it strongly for future order wins.
“`
