Seatrium (5E2) Q3 2025 TU earnings summary

Executive summary

• Maintained strong operational momentum in 3Q 2025 with robust project execution, including delivery of WTIV Charybdis, HVAC substations for Greater Changhua 2b and 4, and completion of 47 repairs & upgrades.

• Diversified business across oil & gas, renewables, and new energies, positioning well for the global energy transition.

• Net order book reached SGD 16.6 billion, covering 24 projects with deliveries through 2031.

• Focused on replenishing order book, margin expansion, and disciplined execution, with legacy pre-merger contracts targeted for completion by FY2026.

• Strategic priorities include cost optimization, asset divestments, and driving long-term shareholder returns.

Financial highlights

• Net order book stands at SGD 16.6 billion, above 1.5x trailing 12-month revenue (excluding R&U), ensuring near-term revenue visibility.

• Secured new orders, including a SGD 94 million FLNG upgrade contract and high-value repairs & upgrades totaling SGD 170 million.

• Cost of debt decreased due to lower risk-free rates and improved credit profile, securing low borrowing margins.

• Divested surplus US yard and non-core vessels for over SGD 140 million, generating at least SGD 30 million in annual operating cost savings.

• Completed 47 repairs & upgrades, including 12 LNG carriers and 1 FSRU conversion.

Outlook and guidance

• Market outlook remains robust with a healthy pipeline of SGD 30 billion in targeted future projects (SGD 19 billion oil & gas, SGD 11 billion offshore wind).

• On track to achieve 2028 steady-state financial targets (SGD 10–12 billion revenue), supported by diversified order pipeline and operational efficiency.

• Committed to profitable growth via series-build projects, execution excellence, and productivity improvements.

• Guidance on financial impact of WTIV Sturgeon dispute will be provided when visibility improves.