‘Industry tailwinds’ carry Seatrium to profitability and US$17.4Bn orderbook

After losses for eight consecutive years, Singapore’s Seatrium is back in the black, posting a net profit of S$157M (US$118M) for fiscal year 2024. Commenting on the results, chief executive for the maritime and offshore engineering and construction heavyweight, Chris Ong, says Seatrium is “heartened to have turned the corner,” noting “industry tailwinds” carried Seatrium to a return to profitability and a robust orderbook.

The orderbook comprises 27 projects with deliveries that stretch into 2031. During FY 2024, Seatrium signed orders worth S$15.2Bn pushing its backlog to a “decade-high” S$23.2Bn — a 43% increase year-on-year. One project, an order for a new heavy-lift vessel for Japan’s Penta-Ocean Construction (POC) signed in FY 2025, was included in the orderbook. Reflecting growth in investment in the energy transition, the value of orders for “green/cleaner solutions” and renewable projects grew to S$7.9Bn, up from S$6.3Bn in 2023.

Seatrium delivered seven projects in FY 2024, including Singapore’s first newbuild membrane-type LNG bunker vessel Brassavola, jack-up rigs Var and Vali, the Salamanca floating production unit (FPU), Pluto Train 2 LNG modules, the Bacalhau floating production storage and offloading (FPSO) unit and an FLNG conversion.

One of the projects that is nearing delivery is Charybdis, the first US-built wind turbine installation vessel under construction at Seatrium AmFELS, Brownsville, Texas. “We recently completed jacking trials and have commenced field specific installations. The vessel is 96% complete and will be delivered this year.”

Also on Seatrium’s orderbook are six newbuilds FPSOs for Petrobras.

Seatrium’s repairs and upgrades business segment completed 231 projects during 2024.

Quick start for 2025

After returning to profitability in 2024, Seatrium has started off 2025 with a clutch of orders for equipment for both offshore oil and gas and renewable sectors. In mid-February, its offshore jack-up designer unit, Seatrium Offshore Technology, won a tender from Saudi shipbuilder International Maritime Industries (IMI) to supply equipment and license its LeTourneau Super 116E-class self-elevating drilling unit (SE-MODU). The deal supports the construction of Kingdom 3 for ARO Drilling, a joint venture of Saudi Aramco and Valaris. Kingdom 3 will be the first offshore jack-up rig to be built in the Kingdom of Saudi Arabia.

In 2023 and 2024, IMI delivered Kingdom 1 and Kingdom 2, both LeTourneau Super-116E class offshore jack-ups that were built by Lamprell to ARO Drilling.

Seatrium says this latest deal “underscores the start of an ambitious long-term partnership with IMI to construct offshore jack-ups in the Kingdom”. IMI wants to build 20 jack-ups at the shipyard, underpinning the expansion of local content in the maritime and offshore sectors in the Kingdom’s Vision 2030. Once fully operational, IMI’s facility in Ras Al-Khair will support the construction of six jack-ups, 25 OSVs, and 18 commercial ships annually. Additionally, IMI estimates it will be capable of providing maintenance and repair services for up to 250 vessels and 15 rigs annually.

Seatrium can build its own designs, license them or supply rig kits to other builders to fulfil local content requirements.

These LeTourneau Super 116E-class SE-MODUs will be outfitted with 105 m of leg and a 680-tonne hook load while utilising advanced cyber systems.

A leader in jack-up construction and design for decades, Seatrium’s portfolio accounts for more than half of all jack-up rigs in service and 65% of the jack-ups operating in the Middle East.

Furthermore, a memorandum of understanding (MoU) signed at the IKTVA Forum & Exhibition 2025 in Saudi Arabia in January between subsidiary Seatrium Offshore Technology Saudi Arabia and ARO Drilling outlines collaboration on “rig maintenance, delivering top tier engineering support, ensuring the supply of high-quality parts, and exploring the construction of state-of-the-art rigs.”