SEATRIUM’S net order book for the nine months ended September rose to S$24.4 billion, with 30 projects under execution till 2031.
Of the total projects, five are scheduled for delivery this year and they are worth S$107 million in net contract value, said the offshore and marine specialist in a business update on Monday (Nov 11).
Year to date, the company has delivered three projects and completed 192 repair and upgrade projects.
It has also secured S$100 million worth of new contracts under its repairs and upgrades segment in the first nine months of the year.
These projects include a carbon capture and storage retrofit for transport company Mitsui OSK Lines, three offshore refits for an oilfield services company, as well as a major retrofit and refurbishment of a mega yacht from the Middle East.
Separately, Seatrium also announced that it has signed a letter of intent with Japanese construction company, Penta-Ocean Construction, to carry out early engineering work for a heavy lift vessel project.
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The contract is expected to be awarded in the first quarter of 2025, subject to final investment decision by Penta-Ocean.
Looking ahead, Seatrium is positive on the outlook for the offshore and marine industry despite uncertainties in the macroeconomic environment.
“Seatrium achieved a strong order win momentum in the first half, and continues to see a healthy pipeline of which it is working to convert into firm orders,” said the company.
For the rest of the year, the company said it is focused on further improving its financial performance by completing legacy projects and executing its orderbook.
The company’s chief financial officer Adrian Teng had said previously that the completion of legacy projects will allow the company to move on from the past and focus on new orders that have been secured since its formation last year.
Seatrium is a product of the combination of Sembcorp Marine and Keppel Offshore and Marine in February 2023.
In August, Seatrium swung back into the black with a first-half net profit of S$36 million, reversing from a net loss of S$264.4 million in the year-ago period. This comes amid new-build projects, as well as increased repair and upgrade activities, said the group.
Shares of Seatrium closed 2 per cent or S$0.04 higher at S$2 on Friday.
