Broker: CGS International
Date of Report: December 22, 2025

Excerpt from CGS International report.

Report Summary

• Seatrium Ltd (STM) resolved its dispute with Maersk, confirming delivery of the wind turbine installation vessel (WTIV) Sturgeon by Feb 2026. STM will receive US\$110m upon delivery, with the remaining US\$250m restructured as a 10-year interest-bearing credit agreement, generating about S\$12m interest income per year over FY26F-27F.
• STM’s vessel construction is nearly complete and on track, so no major provisions are expected. The company’s order book is robust with recent wins, supporting earnings recovery and margin improvement, with a target price of S\$2.67, representing a 25.4% upside. Risks include cost overruns and project cancellations.

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