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Seatrium Ltd: Powering Ahead with Strong Order Book, Sustainable Growth, and Turnkey Achievements

Introduction: Seatrium Ltd’s Strategic Position in Offshore, Marine, and Energy Solutions

Seatrium Ltd has firmly established itself as a global leader in engineering solutions for the offshore, marine, and energy sectors. The company’s comprehensive offerings span rigs and floaters, repairs and upgrades, offshore platform construction, and specialized shipbuilding, serving a diverse international clientele.

Robust Order Book Underscores Growth Momentum

Seatrium’s growth trajectory is underpinned by a powerful net order book of S\$21.3 billion as of March 31, comprising 26 projects with deliveries scheduled through 2031. The company’s strategic focus on renewables and green solutions is evident, with S\$7.1 billion of these orders directly linked to sustainable energy initiatives.

• Order Book Value: S\$21.3 billion as of March 31
• Project Pipeline: 26 projects, deliveries up to 2031
• Renewables & Green Solutions: S\$7.1 billion in projects
• Profitability: Returned to profit in 2024 with net profit of S\$157 million
• Q1 Project Completions: 45 repair and upgrade projects, including cruise ship retrofits and carbon capture upgrades

Despite ongoing global uncertainties, Seatrium maintains a steady stream of oil and gas projects, with notable progress in FPSO (Floating Production Storage and Offloading) construction for both South America and Petrobras. The company’s expansion into offshore renewables is gaining momentum, particularly in Europe, Asia, and Taiwan, even as the US market faces certain headwinds. Management highlights minimal supply chain disruptions and credits the company’s energy transition diversification for its resilience and ongoing success.

Milestone FPSO Delivery to Petrobras Demonstrates Operational Strength

Seatrium has reached a major operational milestone with the successful turnkey delivery of the P-78 FPSO to Petrobras. This vessel, now deployed to the Búzios field—recognized as the world’s largest deepwater oil field—boasts a robust production capacity of 180,000 barrels per day, placing it among the largest FPSOs globally.

• P-78 FPSO: First turnkey project for Petrobras, deployed at Búzios field
• Production Capacity: 180,000 barrels per day
• Global Delivery Footprint: Topsides fabricated in Singapore, China, and Brazil
• Industry Impact: Supports Brazil’s energy infrastructure and job creation

This achievement not only highlights Seatrium’s global delivery capabilities but also cements its reputation as a critical partner in Petrobras’ decarbonisation journey. The P-78 FPSO is the culmination of over 15 years of collaboration with Petrobras, reinforcing Seatrium’s technical leadership in offshore production and its commitment to energy transition.

Deepening Commitment to Sustainability and ESG Leadership

Seatrium continues to integrate environmental, social, and governance (ESG) principles into its core operations. The company recently secured a US\$400 million sustainability-linked revolving credit facility from United Overseas Bank, in line with its sustainable finance framework. Since 2023, Seatrium has secured more than S\$3 billion in sustainability-linked and green financing, reinforcing its commitment to climate-conscious capital strategies.

• ESG Financing: US\$400 million sustainability-linked revolving credit facility
• Green Financing Secured since 2023: Over S\$3 billion
• Sustainability Vision 2030: Focus on energy-efficient offshore and marine infrastructure

These initiatives position Seatrium as a leading sustainable engineering solutions provider, empowering clients with energy-efficient offshore and marine infrastructure and supporting the global decarbonisation push.

1Q25 Business Update: Sustained Performance and Project Pipeline

As of March 31, Seatrium’s order book remains robust, and the company continues to deliver on its ambitious project pipeline. In Q1, the company delivered one FPSO integration project and completed 45 Repairs & Upgrades projects, further demonstrating operational excellence.

• Order Book (as of March 31, 2025): S\$21.3 billion
• Projects in Order Book: 26
• Renewables & Green/Cleaner Solutions: S\$7.1 billion
• Q1 Project Deliveries: 1 FPSO integration, 45 Repairs & Upgrades

Conclusion: Seatrium’s Strategic Outlook Remains Strong

Seatrium Ltd’s solid order book, diversified project pipeline, and deepening commitment to sustainability position it as a front-runner in the offshore, marine, and energy industries. With robust financial performance, strong partnerships, and a proven track record of delivering on complex, global projects, Seatrium is well-placed to capture future growth opportunities and support the accelerating transition toward cleaner energy solutions.