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Seatrium goes back to black with US$19.6Bn orderbook
One of the world’s largest builders of floating production systems has returned to profitability and raked in major orders with deliveries into the next decade
Seatrium is riding on a wave of contract awards and investments in floating production systems, fuelled by the development of deepwater oil fields in the Atlantic and offshore renewables.
The Singapore-headquartered shipbuilder secured S$13.4Bn (US$10.0Bn) of contracts in H1 2024 to give it a decade-high orderbook of S$26.1Bn (US$19.6Bn).
Its orderbook is 61% higher than at the end of 2023 with S$9.3Bn, representing 35%, coming from renewables and green solutions for ships. These contracts include floating production systems for oil major Shell, Brazilian state energy group Petrobras and vessel owners Modec and SBM Offshore, plus offshore windfarm infrastructure for TenneT.
Work for contracts within the orderbook will keep Seatrium busy into 2031, although it will need to secure more contracts to remain at full capacity over the next five years.
During the first half of the year, Seatrium also secured major repair and upgrade contracts, including the world’s first full-scale, turnkey carbon capture and storage retrofit from shipowner Solvang.
Seatrium has signed five other favoured customer contracts (FCCs) with shipowners to service their vessels over the next few years. These FCCs aid forward capacity planning and add to the group’s recurring revenue base. During H1 2024, Seatrium continued to focus on executing projects already in its orderbook and improving its operational efficiencies.
It delivered Singapore’s first newbuild membrane LNG bunker vessel, Brassavola, and completed 133 repair and upgrade projects.
Seatrium reported underlying net profit of S$115M for H1 2024 reversing a net loss of S$264M for H1 2023.
Its profits came from revenue of S$4.0Bn, a notable 39% growth from S$2.9Bn reported for H1 2023, mainly due to progressive revenue from newbuild projects and increased ship repair and upgrade activities.
Its EBITDA increased nine-fold to S$390M in H1 2024, up from S$36M for H1 2023, backed by improved margins and lower overheads.
Seatrium chief executive Chris Ong called these a “strong set of financial results” as it achieved profitability from a loss last year and gained more contracts following the success of the One Seatrium global delivery model.
“The team has been working hard on One Seatrium, prioritising integration, project execution and operational efficiency,” said Mr Ong.
“We are achieving synergies and making good progress in our transformation journey. As we work towards our 2028 targets, we will continue to grow our orderbook, build a leaner cost structure and execute our projects well.”
Seatrium operates shipyards, engineering and technology centres and facilities in Singapore, Brazil, China, India, Indonesia, Japan, Malaysia, the Philippines, Norway, United Arab Emirates, UK and the US.
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