Seatrium has achieved a net order book of $21.3 billion as at March 31, comprising 26 projects with deliveries extending to 2031.
Projects relating to renewables and green and or cleaner solutions amounted to $7.1 billion of the orders, says Seatrium in its 1QFY2025 business update on May 29, where no earnings nor revenue numbers were provided.
This time last year, Seatrium's net order book as at March 31 2024 was $25.8 billion.
In this most recent quarter, Seatrium delivered One Guyana, its fourth floating production storage and offloading (FPSO) project for Guyanese waters.
Topsides fabrication and integration works are underway for two other FPSOs bound for Guyana, namely FPSO Errea Wittu and FPSO Jaguar.
"Commissioning works are progressing well for FPSO P-78, the first of six newbuild FPSOs for Petrobras, set to depart for Brazil later this year," says Seatrium, adding that it has commenced integration work for FPSO P-80, another Petrobras order.
See also: Seatrium delivers 18th FPSO vessel with gas handling capacity of 850 mil standard cubic feet per day
Seatrium says it "continues to see a stable order pipeline for oil and gas projects, driven by an increased focus on energy security and strong energy demand."
In addition, Seatrium has signed a memorandum of understanding with UK's bp for a second floating production unit, Tiber, for the Gulf of America.
It has also secured a contract for the supply of equipment and license for a LeTourneau Super 116E Class jack-up rig.
See also: Nam Cheong secures RM317.1 mil worth of multi-year OSV charter contracts
The US offshore wind market faces "uncertainties" but Seatrium sees opportunities in other regions, including Europe and Asia Pacific.
In January 2025, Seatrium was awarded a contract to carry out the engineering, procurement and construction (EPC) work of a 5,000-ton heavy lift vessel for Penta-Ocean Construction (POC), marking Seatrium’s maiden entry into the Japanese offshore wind market.
Elsewhere within the offshore wind segment, Seatrium completed the strike steel for IJmuiden Ver Gamma, the second of three 2GW offshore converter platforms for TenneT.
Offshore commissioning works are underway for the Revolution Wind offshore substations, with a unit slated for completion by June this year.
In the quarter, Seatrium completed 45 repairs & upgrades projects, including six cruise ship retrofits, naval vessels and LNG carriers, as well as the world’s first full-scale
turnkey carbon capture and storage (CCS) retrofit for Solvang ASA’s ethylene carrier Clipper Eris.
Seatrium shares closed at $2.06 on May 28, up 0.49% for the day and down 0.48% year to date.
