Seatrium (5E2) Q3 2024 TU earnings summary

Executive summary

• Net order book at S$24.4 billion, covering 30 projects with deliveries through 2031.

• Three major project deliveries and 192 Repairs & Upgrades completed year-to-date.

• Strong project milestones in offshore wind and LNG fleet upgrades achieved in 3Q2024.

Financial highlights

• S$100 million in new contracts awarded in October 2024, including CCS retrofit and offshore refits.

• Global Syndicated Bank Guarantee Facility upsized to US$1 billion (S$1.3 billion) to support future projects.

Outlook and guidance

• Offshore & marine industry outlook remains positive despite macroeconomic uncertainties.

• Focus on converting a healthy project pipeline into firm orders and sustaining improved financial performance.

• Emphasis on completing legacy projects, executing order book, and achieving a leaner cost structure.