Seatrium says net order book at $21.3 billion as of March, shares up 1%
Seatrium says net order book at $21.3 billion as of March, shares up 1%
SINGAPORE - Offshore and marine specialist Seatrium said its net order book stood at $21.3 billion as of March 31, in a business update that the company filed with the Singapore Exchange on May 29.
This order book comprises 26 projects with deliveries that extend to 2031, it added.
Projects relating to renewables and green or cleaner solutions amounted to $7.1 billion of the total.
Seatrium's shares rose 1 per cent to $2.08 as at 9.03am on May 29, after its business update.
In the filing, the company said it maintained its focus on operational excellence and cost optimisation amidst an uncertain operating environment, and continued to secure repeat order wins and breakthroughs in new markets.
On the oil and gas front, Seatrium noted that there has been steady progress on existing projects.
It delivered its fourth floating production storage and offloading (FPSO) project for waters off Guyana, and also has topsides fabrication and integration works underway for two other FPSOs bound for Guyana.
FPSOs are a type of floating facility used in the offshore oil and gas industry, used in the processing, transport and storage of oil and gas.
Seatrium added that commissioning works are also progressing well for the first of six newbuild FPSOs for multinational corporation Petrobras, set to depart for Brazil later this year.
'The group continues to see a stable order pipeline for oil and gas projects, driven by an increased focus on energy security and strong energy demand,' Seatrium said.
It also signed an agreement with BP for a second floating production unit for the Gulf of Mexico, renamed the Gulf of America by US President Donald Trump.
Besides oil and gas, Seatrium is also continuing its series-build strategy in renewables, it said.
In the first quarter of the year, it hit several milestones in offshore wind projects, such as completing the strike steel for the second of three 2 gigawatt offshore converter platforms for TenneT - a European grid operator delivering energy to the Netherlands and large parts of Germany.
Offshore commissioning works are also underway for the Revolution Wind offshore substations off Rhode Island, with a unit slated to complete by June this year, Seatrium said.
'Despite current uncertainties in the US offshore wind market, the group continues to see opportunities in other regions, including Europe and Asia Pacific,' it added.
In January, Seatrium entered the Japanese offshore wind market, when it was awarded a contract to carry out the engineering, procurement and construction work of a 5,000-ton heavy lift vessel for Penta-Ocean Construction.
Seatrium also completed 45 repairs and upgrades projects in the first quarter of the year.
These included a series of six cruise ship retrofits, naval vessels and LNG carriers, as well as the world's first full-scale turnkey carbon capture and storage retrofit for an ethylene carrier by Norwegian shipping company Solvang ASA.
'Seatrium will continue to leverage its favoured customer contracts to secure fleet management for forward capacity planning, as well as higher-value projects,' it said.
It recently secured a contract to convert a Floating Storage Regasification Unit from Norwegian company Hoegh Evi. The unit is a specialised vessel designed to store and regasify liquefied natural gas (LNG) at sea.
Seatrium has completed 20 successful such conversions since 2007.
In February, Seatrium reported that it returned to its first full-year profit since 2017.
For the year to December 2024, it posted a net profit of $157 million, bouncing back from a net loss of $2 billion a year ago.
Seatrium's shares rose nearly 1 per cent to $2.08 just after market opened at 9.03am, up from its previous close of $2.06.
Sue-Ann Tan is a business correspondent at The Straits Times covering capital markets and sustainable finance.
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