Seatrium CEO Chris Ong has been given a handsome pay hike for leading the company's turnaround.
According to its FY2024 annual report published on March 21, Ong is receiving a total package of nearly $4.24 million, up 126.4% over the preceding year.
The package consists of a basic pay of $929,000 with the remaining consisting of performance bonus and share-based payments.
For FY2023, Ong was paid a basic salary of $675,000 plus a bonus of nearly $1.2 million.
For FY2024, Seatrium, formed after Sembcorp Marine merged with Keppel's offshore unit, managed to record its first full-year profit of $157 million, versus a net loss of $2 billion.
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This is the company's first full-year profitability since 2017.
To mark this milestone, Seatrium plans to pay a dividend of 1.5 cents per share.
Underlying net profit was $200 million, versus underlying net loss of $28 million in FY2023.
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Revenue in the same period was up 27% y-o-y to $9.2 billion and revenue visibility is clear with new orders of some $15.2 billion in FY2024, bringing Seatrium's total order book to $23.2 billion.
In his CEO message in the annual report, Ong says that geopolitical tensions, particularly in key energy-producing regions, continue to influence market dynamics and supply chains.
"However, the global need to tackle the energy trilemma of security, sustainability and affordability remains paramount.
"These developments give rise to unique opportunities for Seatrium as a global leader in offshore, marine and energy solutions," he says.
Seatrium's dual focus on oil & gas and renewables solutions positions it favourably to capitalise on the accelerating demand for energy, ultimately driving long-term, sustainable growth, adds Ong.
In his separate chairman's address, Mark Gainsborough says that in early 2024, Seatrium had already reached in-principle agreements with the Brazilian authorities and the Attorney-General’s Chambers in Singapore in relation to the legacy Operation Car Wash matter.
Months later, Seatrium was informed by the Monetary Authority of Singapore and the Commercial Affairs Department of a joint investigation into offences potentially committed by the former Sembcorp Marine and/or its officers.
"Seatrium is cooperating fully with the relevant authorities and hopes to resolve these matters soon," says Gainsborough.
Seatrium shares closed at $2.16 on March 21, up 0.93% for the day and up 4.35% year to date.
