Seatrium posts S$21.3 billion Q1 net orderbook

[SINGAPORE] Seatrium recorded net orderbook wins amounting to S$21.3 billion as at March, comprising 26 projects with delivery dates till 2031.

Of these, nine are scheduled for delivery in 2025, and they have a contract value of S$387 million, the offshore and marine specialist said on Thursday (May 29) in its Q1 business update.

Projects relating to renewables and green or cleaner solutions had a contract value of S$7.1 billion, it said.

During the quarter, the company completed 45 vessel repairs and upgrades projects. These included two carbon capture and storage retrofits, repairs and upgrades for six cruise ships, two liquefied natural gas carriers and three offshore vessels.

The group had a stable order pipeline for oil and gas projects, driven by an increased focus on energy security and strong energy demand.

It signed a memorandum of understanding with BP Exploration & Production – a subsidiary of BP – for a deepwater floating production unit (FPU) in the Gulf of Mexico, extending its collaboration with BP on an earlier FPU project. Seatrium also secured a contract to supply equipment and a licence to build a jack-up rig in the Middle East and North Africa region.

Offshore commissioning works are underway for the revolution wind offshore substations, with a unit slated to complete by June this year.

In January, it won a contract for engineering, procurement and construction works on a 5,000 tonne heavy lift vessel for Penta-Ocean Construction, marking its maiden entry into the Japanese offshore wind market.

The counter ended Wednesday 0.5 per cent or S$0.01 higher at S$2.06.