Broker name: CGS International
Date of report: October 10, 2025
Excerpt from CGS International report.
Report Summary

• Seatrium Ltd (STM) experienced a surprise termination of a US\$475m contract by Maersk for a wind turbine installation vessel (WTIV) nearly completed for Empire Wind 1 in the US, due to instability and reduced returns in the US offshore wind market.
• STM is pursuing claims for wrongful termination and has conservatively lowered its FY25F EPS forecast by 6% to account for provisions, but maintains a positive outlook (“Add” rating) with expectations of core profit growth and margin recovery in FY25F, supported by a strong order book and sustainability initiatives.

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