Seatrium posts S$15.5 billion net order book for Q1

[SINGAPORE] Seatrium reported a net order book of S$15.5 billion across 24 projects for its first quarter ended Mar 31, 2026, with delivery dates till 2033.

According to the business update released on Friday (May 29), during the period, two legacy projects – the trailing suction hopper dredger Frederick Paup to Manson Construction and the wind turbine installation vessel Maersk Viridis to Maersk Offshore Wind – were delivered; while ongoing projects continued to advance in line with expectations.

Seatrium also completed 46 vessel repairs and upgrades during the quarter, comprising one floating storage regasification unit (FSRU) conversion, five liquefied natural gas carriers, seven cruise vessels, 10 offshore vessels and four naval vessels.

Chris Ong, CEO of Seatrium, said: “We continued to carry the momentum gained in FY2025 into the new financial year with steady project execution and margin improvements. With the completion of our announced divestments, we are well-positioned to deliver further gross margin improvements.”

The group stated that its gross margin strengthened.

“Gross margin continued to strengthen due to improved project mix; lower overheads partly contributed by the completed divestments; and lower general and administrative expenses resulting from rigorous risk management, productivity gains and cost control initiatives,” Seatrium said.

“The improving metrics reflect stringent contract selectivity with a preference for series-build projects with progressive milestone payments, pricing discipline and project governance,” the company added.

It also said that its balance sheet remained strong, and that it has made progress in proactively managing its borrowings.

Seatrium noted that it secured its eighth FSRU conversion project, LNGT Karadeniz, from Karpowership, during the first quarter.

This represents the first of three FSRU conversion projects under an earlier letter of intent, which also covers the integration of up to six new-generation powerships.

Pipeline opportunities over the next 24 months are estimated at more than S$28 billion, distributed across oil and gas, offshore wind and conversions.

Seatrium said that while elevated oil prices provide a supportive environment for offshore energy infrastructure investments, any increase in project sanctions or order wins is expected to materialise progressively due to capital discipline among customers.

Shares of Seatrium closed 1.4 per cent or S$0.03 lower at S$2.17 on Thursday.