Seatrium Limited has announced its financial results for the first quarter of 2026, revealing a robust net order book of S$15.5b across 24 projects, with deliveries scheduled through 2033. The company, which specialises in offshore, marine, and energy sectors, has successfully delivered two major projects: the Trailing Suction Hopper Dredger Frederick Paup and the Wind Turbine Installation Vessel Maersk Viridis.
The company is on track for margin improvements, driven by a better project mix and reduced overheads. The completion of non-core asset divestments is expected to unlock over S$50m in annual operational cost savings and more than S$330m in cash. CEO Chris Ong stated, “We continued to carry the momentum gained in FY2025 into the new financial year with steady project execution and margin improvements.”
Seatrium’s financial health remains strong, bolstered by a S$3b Multicurrency Debt Issuance Programme, which includes a successful issuance of S$400M in senior unsecured notes. This move aims to diversify funding sources and extend maturities.
The company has secured its eighth Floating Storage and Regasification Unit (FSRU) conversion project, LNGT Karadeniz, marking the first of three such projects from a previous letter of intent. Seatrium’s pipeline opportunities exceed S$28b over the next 24 months, spanning oil and gas, offshore wind, and conversions.
Looking ahead, Seatrium aims to convert pipeline opportunities into order book growth, focusing on high-quality projects and strengthening its margin profile for long-term resilience.
