Seatrium’s net order book stood at $16.6 billion, made up of 24 projects slated for deliveries up to 2031, according to the company in its 3QFY2025 business update on Nov 13.
In contrast, at its year-earlier business update, Seatrium’s net order book stood at $24.4 billion as at Sept 30 2024, with deliveries stretching to 2031.
Seatrium has recently completed two projects, with three more on track for year-end delivery to customers. Returning customers were the source of most of the new orders, which include the upgrading of FLNG Hilli Episeyo and a series of repairs and upgrades projects.
During the quarter, Seatrium also divested its surplus yard in the US and non-core platform supply vessels for more than $140 million.
CEO Chris Ong calls 3QFY2025 “another strong quarter”, extending the momentum built up from 1HFY2025.
“Our proven ability in delivering high-quality solutions for complex offshore and marine projects, coupled with synergies harnessed across our global footprint, positions us well as we focus on converting our robust pipeline into order book for future earnings visibility.
“Concurrently, we strive to enhance margins through solid project execution, strategic divestments and continued cost discipline,” says Ong.
For its oil and gas related business, Seatrium notes that rising energy consumption, fueled by data centres and AI, will provide continued strong demand for oil and gas assets.
It has made substantial progress on its floating production storage offloading (FPSO) vessel series-build and integration projects, and floating production units (FPU) for major customers Shell and BP. FPSO and related projects include three vessels for Petrobras and topside modules for Modec’s FPSO Raia.
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For its offshore wind segment, Seatrium delivered a wind turbine installation vessel (WTIV) Charybdis to Dominion Energy and the high voltage alternating current (HVAC) offshore substation (OSS) Greater Changhua 2b and 4 to Ørsted during the quarter. It reported nine ongoing projects to be on track.
The group sees offshore wind emerging as a strategic pillar of national energy policy in Europe and Asia, creating series build opportunities for both HVDC and HVAC platforms. It is actively engaging with transmission system operators and Asian offshore wind developers to pursue these opportunities.
For repairs and upgrades, Seatrium completed 47 repairs and upgrades projects, including works on 12 LNG carriers. Contracts secured for this quarter amounted to $170 million.
Seatrium earlier announced the cancellation of a US$475 (618.5) million vessel building contract by Maersk Offshore Wind and had earlier received a notice of arbitration.
Meanwhile, the company is focused on converting the rest of its pipeline into new order wins and maintains that it is making steady progress toward achieving its 2028 steady-state financial targets.
Seatrium shares closed at $2.16 on Nov 12.
