Broker Name: CGS International
Date of Report: November 26, 2025

Excerpt from CGS International report.

Report Summary

• Seatrium Ltd (STM) secured a second consecutive Floating Production Unit (FPU) contract from BP, valued at approximately US\$1 billion, bringing its order book to around S\$17.9 billion. The project will be deployed in the US Gulf of Mexico, with 85% of the Tiber FPU design replicating the prior Kaskida FPU, supporting streamlined execution and improved gross margins estimated at 10-12%.
• CGS International retains an “Add” rating on Seatrium Ltd with a target price of S\$2.67, expecting profit recovery and growth through FY25-27F, driven by the execution of higher-margin orders and a robust pipeline including oil & gas and offshore wind projects. Key risks include cost overruns and project cancellations, while major shareholders like Temasek hold a significant stake.

Above is an excerpt from a report by CGS International. Clients of CGS International can be the first to access the full report from the CGS International website: https://www.cgs-cimb.com