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

Excerpt from CGS International report.

Report Summary

• Seatrium Ltd (STM) resolved its dispute with Maersk, agreeing to deliver the WTIV Sturgeon vessel by Feb 2026; US\$110m will be paid on delivery and the remaining US\$250m over 10 years as a credit arrangement, generating estimated interest income of about S\$12m per year for STM.
• The quick resolution removes legal uncertainties and STM is expected to see margin recovery and earnings growth from FY25F-27F, with its order book boosted by recent wins, supporting an “Add” recommendation and a target price of S\$2.67.

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/