Seatrium posts $157 million in earnings for 2024, its first full-year profit since 2017

SINGAPORE – Seatrium has returned to a full-year profit for the first time since 2017 and is proposing a dividend of 1.5 cents per share to mark the turning point.

For the year to December 2024, the offshore and marine specialist posted a net profit of $157 million, bouncing back from a net loss of $2 billion a year ago. This came after Seatrium made a net profit of $120.9 million for the second half of the year, versus a net loss of $1.75 billion in the same period a year ago.

Underlying net profit for 2024 was $200 million, reversing an underlying net loss of $28 million in financial year (FY) 2023.

Revenue for FY2024 grew 27 per cent to $9.2 billion, from $7.3 billion a year ago. Turnover was driven mainly by strong project execution and increased business activity in repairs and upgrades, Seatrium said.

The company delivered seven projects in 2024, while also completing 231 upgrading projects.

“We are heartened to have turned the corner, thanks to the continued support of our customers and the hard work of the Seatrium team,” said chief executive officer Chris Ong.

“In FY2024, we capitalised on industry tailwinds to secure new projects, culminating in a strong net order book.”

Ms Lim Siew Khee, head of Singapore research at CGS International, said: “Core profits were in line with our expectations, driven by the company’s efforts in cost optimisation, synergy and, in particular, in reducing debt and financing costs.”

Ms Lim said “gross margins was a miss on higher cost allocation”, although the proposed dividend was “a positive surprise”.

Over 2024, Seatrium secured new orders worth $15.2 billion from new and repeat customers, the highest new order wins in a decade.

Technically, the combined company has been in existence since 2023, following Sembcorp Marine’s acquisition of Keppel Offshore & Marine for $4.5 billion and their subsequent merger.

Ms Lim said that both parties had “brought along strong order books from before the merger”, while the combined entity has continued to achieve sizeable contract wins afterwards.

UOB Kay Hian research head Adrian Loh said that Seatrium’s bottom line was “stronger than my numbers and, yes, it’s sustainable – they are working through their $23 billion order book after all”.

Year to date in 2025, Seatrium’s net order book stands at $23.2 billion, up 43 per cent compared with $16.2 billion in the previous period. This covers 27 projects with deliveries through to 2031.

Projects relating to renewables and green or cleaner solutions amounted to $7.9 billion of net order book, compared with $6.3 billion in the previous period. 

At the results briefing, Mr Ong noted that the combined team has gelled very well and this gives clients the confidence in “placing their contracts with us”.

He expressed some measure of optimism about the year ahead, saying that there is much volatility in an uncertain world but “what we can do is just focus on the fundamentals”, while “having a broad base of varied customers helps”.

Seatrium offers offshore renewables, new energies and cleaner offshore and marine solutions.

Its proposed dividend will be tabled for shareholders’ approval at the company’s upcoming annual general meeting on April 23. If approved, it will be paid to shareholders on May 19.

Seatrium shares closed 12 cents, or 4.8 per cent, lower at $2.38 on Feb 21. This is after the stock gained nearly 16 per cent between Feb 11 and Feb 20.