Seatrium’s order book stands at $16.6 billion in Q3 update, sees sustained demand

SINGAPORE – Seatrium said in its third-quarter business update on Nov 13 that its net order book stood at $16.6 billion as at end-September.

This comprises 24 projects with deliveries extending through 2031, the offshore, marine and energy specialist added.

It also said that Seatrium is pursuing a “robust pipeline of opportunities”.

“Converting pipeline into new order wins remains a strategic focus, with the current healthy net order book offering near-term revenue visibility,” it said.

“The group is committed to delivering profitable growth through series-build projects; execution excellence; and continued improvements to productivity and cost efficiencies,” Seatrium added in a statement, noting that it is making progress towards achieving its 2028 steady-state financial targets.

It also made efforts to unlock value from non-core assets. Seatrium recently divested its surplus yard in the United States and non-core platform supply vessels for an aggregate consideration of above $140 million.

Seatrium chief executive Chris Ong said: “We delivered another strong quarter in the third quarter of 2025, continuing the momentum from the first half of 2025.

“This reflects the strength of our diversified portfolio and strong execution.”

He added that the company is positioned well due to its proven ability to deliver high-quality solutions for complex offshore and marine projects, as well as harness synergies across its global footprint.

“Concurrently, we strive to enhance margins through solid project execution, strategic divestments and continued cost discipline,” he said.

Despite challenges in the market, Mr Ong said at a briefing that sentiment remains “largely positive”.

“We have the trade tariffs, we have certain supply chain challenges, but I think at this present moment, we have a healthy pipeline across all the segments, whether it is oil and gas, offshore wind or even new energy retrofits,” he said.

The key thing is that the long-term structural demand for energy infrastructure will be strong, he added.

This is driven by population growth and growing energy needs as a result of data centres and artificial intelligence (AI) adoption.

“Energy security also becomes a lot more important right now, as countries are taking a look at how they can be self-reliant in terms of energy, which is a fundamental driver of any technology advancements, and any economic ambitions that they need to achieve,” Mr Ong said.

The order outlook for oil and gas remains stable, Seatrium said. It added that it has made substantial progress on floating production storage offloading vessel series-build and integration projects, along with floating production units for Shell and BP.

The company also sees reliable progress across its offshore wind projects, with demand remaining steady in Europe and Asia.

“Offshore wind is emerging as a strategic pillar of national energy policy in Europe and Asia, creating series-build opportunities for both HVDC and HVAC platforms,” Seatrium said.

HVDC platforms refer to high-voltage direct current infrastructure functioning as offshore converter platforms for major renewable energy projects.

HVAC platforms are high-voltage alternating current transmission platforms, also used to collect electricity from wind turbines and transmit it to shore.

Seatrium’s final two HVAC projects for the US are nearing completion and constitute less than 1 per cent of its net order book, the company said, as it deals with the continued uncertainty in US policy around issues such as supply chains and renewables.

Seatrium also continues to operate in the repairs and upgrades space, having completed 47 repair and upgrade projects, including works on 12 liquefied natural gas (LNG) carriers.

During the quarter, Seatrium also secured a contract to convert an LNG carrier into a floating storage regasification unit, alongside other high-value projects amounting to $170 million across various vessel types.

“Singapore’s maritime hub status is gaining momentum from growing cruise operations and a strong commitment to maritime decarbonisation,” Seatrium said.

“The group is leveraging its market leadership, proven track record and strong strategic partnerships to pursue higher-value repair and upgrade activities including those for LNG, cruise ships, offshore and naval vessels.”

Shares in Seatrium gained two cents to close trading at $2.18 on Nov 13.