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Seatrium (5E2) investor relations material
Seatrium Q3 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 TU earnings summary13 Nov, 2025
Executive summary
Maintained strong operational momentum in Q3 2025 with robust project execution, major offshore wind and oil & gas project deliveries, and enhanced efficiency through divestment of non-core assets.
Cleared key certifications, delivered WTIB and HVAC substations, and completed 47 repairs & upgrades, including LNG carriers and FSRU conversion.
Net order book reached $16.6 billion (S$16.6 billion), covering 24 projects with deliveries through 2031.
Order book replenishment remains a priority, supported by a robust pipeline across oil & gas, renewables, and new energies.
Strategic priorities include margin expansion, cost optimization, and progress toward 2028 financial targets.
Financial highlights
Net order book stands at $16.6 billion, over 1.5x trailing twelve months revenue (excluding R&D), ensuring near-term revenue visibility.
Gross profit margins in H1 2025 more than doubled versus H1 2024, driven by higher-margin projects and cost optimization.
Secured new orders, including a $94 million FLNG upgrade and high-value repairs & upgrades totaling S$170 million.
Cost of debt decreased in Q3 due to lower risk-free rates and improved credit profile, enabling lower borrowing margins.
Completed 47 repairs & upgrades, including 12 LNG carriers and 1 FSRU conversion.
Outlook and guidance
Market outlook remains robust, with strong pipelines in oil & gas and renewables; company well-positioned for global energy transition.
2028 revenue target of $10–12 billion remains on track, supported by diversified project pipeline and ongoing cost discipline.
Management expects to continue adding to the order book as FIDs are secured, with current order book providing comfortable execution runway.
Committed to profitable growth via series-build projects, execution excellence, and productivity improvements.
Pursuing robust pipeline conversion into new order wins for future revenue visibility.
WTIV Sturgeon: When will financial impact be clear?
What are next non-core asset divestment targets?
What is the strategy to convert $30B pipeline?
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Frequently asked questions
Seatrium Limited, formerly known as Sembcorp Marine, is a Singapore-based company that provides engineering solutions for the offshore, marine, and energy industries. The company offers services such as the design, construction, and repair of offshore platforms, specialized vessels, and other marine infrastructure. Seatrium serves a range of sectors, including oil and gas, renewable energy, and shipping, with a focus on sustainable and innovative engineering solutions. The company is headquartered in Singapore, and its shares are listed on the Singapore Exchange.
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