Seatrium Ltd on Thursday reported SGD 324 million ($256 million), or SGD 9.47 per diluted share, in net profit for 2025, up 106 percent from 2024. EBITDA increased 34 percent to SGD 837 million.
“The improved performance reflects disciplined project execution; as well as margin expansion driven by improved operating leverage and series-build efficiencies, sustained cost discipline and active portfolio optimization following the divestment of non-core assets”, the Singapore-based offshore energy contractor said in an online statement.
The board is proposing to increase Seatrium’s annual dividend per share to 3 Singaporean cents for 2025 from 1.5 Singaporean cents for 2024.
The company also plans to renew a share buyback program of up to 2 percent of its total number of issued shares. Seatrium has a SGD 100 million active repurchase program launched May 2024.
Yearly revenue grew 24.3 percent to SGD 11 billion, driven by the oil and gas and offshore wind segments. Contributions from the segments were boosted by “efficient execution of the Petrobras P-Series FPSO2 and TenneT 2GW HVDC3 projects”, Seatrium said.
“The repairs and upgrades segment, which provides a steady baseload of revenue, continues to pursue higher-value repairs projects and conversions that should translate into higher margins over time”.
Gross profit tripled to SGD 848 million, while gross margin climbed to 7 percent from 3 percent. “The margin expansion was underpinned by better project mix, improved yard utilization, productivity gains and Series Build projects”, Seatrium said. “The repeatability of these Series Build projects reduces risks and enhance cost efficiency”.
Its net order book stood at SGD 18 billion at yearend 2025, about 40 percent of which comes from cleaner energy projects. The net order book comprises a total of 24 projects that provide “revenue visibility through to 2033”, Seatrium said.
“The Group is actively pursuing SGD 32 billion in pipeline deals over the next 24 months”, it added. “These opportunities are diversified across oil and gas, offshore wind and conversions projects, reflecting the ongoing global energy transition and the industry’s evolving needs.
“Seatrium sees robust oil and gas opportunities particularly in South America and the Middle East and Africa regions; while Europe continues to drive demand for the offshore wind segment.
“While oil and gas will continue to be dominant in the near term, momentum is gathering for major offshore wind markets with favorable developments such as the securing of financing and improving cost economics, driven by energy security considerations.
“Oil and gas demand is projected to continue growing, driven by technological advancements such as artificial intelligence. The estimated average breakeven price range for projects in oilfields where Seatrium’s assets could be deployed in are expected to remain well below prevailing oil prices. These trends reinforce sustained demand for Seatrium’s oil and gas production solutions, including FPSOs [floating production, storage and offloading vessels], FPUs [floating production units] and fixed platforms”.
Seatrium ended 2025 with nearly SGD 2 billion in cash and cash equivalent. Current assets totaled around SGD 9 billion. Current liabilities stood at over SGD 7 billion.
To contact the author, email jov.onsat@rigzone.com
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