Latest news with #Seatrium
Business Times
3 days ago
- Business
- Business Times
Seatrium posts S$21.3 billion Q1 net orders
[SINGAPORE] Seatrium recorded net order book wins amounting to S$21.3 billion as at end-March, comprising 26 projects with delivery dates till 2031. Of these, nine are scheduled for delivery in 2025, and they have a contract value of S$387 million, the offshore and marine specialist said on Thursday (May 29) in its Q1 business update. Projects relating to renewables and green or cleaner solutions had a contract value of S$7.1 billion, it said. During the quarter, the company completed 45 vessel repairs and upgrades. These included two carbon capture and storage retrofits and projects for six cruise ships, two liquefied natural gas carriers and three offshore vessels. It also delivered a floating production storage and offloading (FPSO) project to SBM Offshore, after providing topsides fabrication, installation and integration works as well as pre-commissioning and commissioning support. Stable O&G order outlook Seatrium's order pipeline for oil and gas projects was stable for the quarter, driven by an increased focus on energy security and strong energy demand. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Works for several of FPSO projects are in progress, with topside fabrication and integration works underway for two FPSOs bound for Guyana. Commissioning works are in progress for the first of six newbuild FPSOs for Brazilian state-run oil company Petrobras, which is set to depart for Brazil in 2025. The group has also commenced integration work for another Petrobras order. It signed a memorandum of understanding with BP Exploration & Production – a subsidiary of BP – for a deepwater floating production unit (FPU) in the Gulf of Mexico, extending its collaboration with BP on an earlier FPU project. Seatrium also secured a contract to supply equipment and a licence to build a jack-up rig in the Middle East and North Africa region. Opportunities in Apac, Europe offshore wind Seatrium has a 'healthy pipeline' of renewable energy projects, said the company's chief executive Chris Ong in a call with analysts on Thursday morning. This comes even amid macro uncertainties and US President Donald Trump's backlash against clean energy. The company has commissioning works underway for substations of the US offshore wind farm Revolution Wind, with a unit slated to be completed by June 2025. Asked about his outlook for offshore renewable energy, Ong said: 'I don't think that there will be much investment happening in the US market.' But he is optimistic about the outlook for offshore renewables in Europe, where the 'energy ambition is quite heightened' amid concerns about energy security. Ong cited how several tenders are still expected to run in Germany. Asia-Pacific also presents opportunities. In January, Seatrium won a contract for engineering, procurement and construction works on a 5,000 tonne heavy lift vessel for Penta-Ocean Construction, marking its maiden entry into the Japanese offshore wind market. On the repairs and upgrades front, the group recently secured a floating storage regasification unit conversion contract from Norwegian floating energy infrastructure provider Hoegh Evi. Engineering works for the project will begin soon, and will last for about 18 months. Overall, Ong is optimistic about the company's trajectory, with its 'ongoing journey' in cost optimisation. He expects gross margins to improve 'in the right direction'. Asked whether macro uncertainty has made customers push back on pricing, he said: 'We are always under price pressure, but so far, I think that the customers understand the value Seatrium brings to the table.' The counter ended Wednesday 0.5 per cent or S$0.01 higher at S$2.06.
Straits Times
3 days ago
- Business
- Straits Times
Seatrium says net order book at $21.3 billion as of March, shares up 1%
Projects relating to renewables and green or cleaner solutions amounted to $7.1 billion of the net order book. PHOTO: SEATRIUM Seatrium says net order book at $21.3 billion as of March, shares up 1% SINGAPORE - Offshore and marine specialist Seatrium said its net order book stood at $21.3 billion as of March 31, in a business update that the company filed with the Singapore Exchange on May 29. This order book comprises 26 projects with deliveries that extend to 2031, it added. Projects relating to renewables and green or cleaner solutions amounted to $7.1 billion of the total. Seatrium's shares rose 1 per cent to $2.08 as at 9.03am on May 29, after its business update. In the filing, the company said it maintained its focus on operational excellence and cost optimisation amidst an uncertain operating environment, and continued to secure repeat order wins and breakthroughs in new markets. On the oil and gas front, Seatrium noted that there has been steady progress on existing projects. It delivered its fourth floating production storage and offloading (FPSO) project for waters off Guyana, and also has topsides fabrication and integration works underway for two other FPSOs bound for Guyana. FPSOs are a type of floating facility used in the offshore oil and gas industry, used in the processing, transport and storage of oil and gas. Seatrium added that commissioning works are also progressing well for the first of six newbuild FPSOs for multinational corporation Petrobras, set to depart for Brazil later this year. 'The group continues to see a stable order pipeline for oil and gas projects, driven by an increased focus on energy security and strong energy demand,' Seatrium said. It also signed an agreement with BP for a second floating production unit for the Gulf of Mexico, renamed the Gulf of America by US President Donald Trump. Besides oil and gas, Seatrium is also continuing its series-build strategy in renewables, it said. In the first quarter of the year, it hit several milestones in offshore wind projects, such as completing the strike steel for the second of three 2 gigawatt offshore converter platforms for TenneT - a European grid operator delivering energy to the Netherlands and large parts of Germany. Offshore commissioning works are also underway for the Revolution Wind offshore substations off Rhode Island, with a unit slated to complete by June this year, Seatrium said. 'Despite current uncertainties in the US offshore wind market, the group continues to see opportunities in other regions, including Europe and Asia Pacific,' it added. In January, Seatrium entered the Japanese offshore wind market, when it was awarded a contract to carry out the engineering, procurement and construction work of a 5,000-ton heavy lift vessel for Penta-Ocean Construction. Seatrium also completed 45 repairs and upgrades projects in the first quarter of the year. These included a series of six cruise ship retrofits, naval vessels and LNG carriers, as well as the world's first full-scale turnkey carbon capture and storage retrofit for an ethylene carrier by Norwegian shipping company Solvang ASA. 'Seatrium will continue to leverage its favoured customer contracts to secure fleet management for forward capacity planning, as well as higher-value projects,' it said. It recently secured a contract to convert a Floating Storage Regasification Unit from Norwegian company Hoegh Evi. The unit is a specialised vessel designed to store and regasify liquefied natural gas (LNG) at sea. Seatrium has completed 20 successful such conversions since 2007. In February, Seatrium reported that it returned to its first full-year profit since 2017. For the year to December 2024, it posted a net profit of $157 million, bouncing back from a net loss of $2 billion a year ago. Seatrium's shares rose nearly 1 per cent to $2.08 just after market opened at 9.03am, up from its previous close of $2.06. Sue-Ann Tan is a business correspondent at The Straits Times covering capital markets and sustainable finance. Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
3 days ago
- Business
- Business Times
Seatrium posts S$21.3 billion Q1 net orderbook
[SINGAPORE] Seatrium recorded net orderbook wins amounting to S$21.3 billion as at March, comprising 26 projects with delivery dates till 2031. Of these, nine are scheduled for delivery in 2025, and they have a contract value of S$387 million, the offshore and marine specialist said on Thursday (May 29) in its Q1 business update. Projects relating to renewables and green or cleaner solutions had a contract value of S$7.1 billion, it said. During the quarter, the company completed 45 vessel repairs and upgrades projects. These included two carbon capture and storage retrofits, repairs and upgrades for six cruise ships, two liquefied natural gas carriers and three offshore vessels. The group had a stable order pipeline for oil and gas projects, driven by an increased focus on energy security and strong energy demand. It signed a memorandum of understanding with BP Exploration & Production – a subsidiary of BP – for a deepwater floating production unit (FPU) in the Gulf of Mexico, extending its collaboration with BP on an earlier FPU project. Seatrium also secured a contract to supply equipment and a licence to build a jack-up rig in the Middle East and North Africa region. Offshore commissioning works are underway for the revolution wind offshore substations, with a unit slated to complete by June this year. In January, it won a contract for engineering, procurement and construction works on a 5,000 tonne heavy lift vessel for Penta-Ocean Construction, marking its maiden entry into the Japanese offshore wind market. The counter ended Wednesday 0.5 per cent or S$0.01 higher at S$2.06.
Straits Times
5 days ago
- Business
- Straits Times
Singapore shares fall amid mixed regional showing; STI down 0.2%
The benchmark Straits Times Index fell 0.2 per cent or 6.82 points to 3,875.60. PHOTO: ST FILE SINGAPORE - Shares on the Singapore bourse ended lower on May 26, even as regional markets ended mixed. The benchmark Straits Times Index (STI) fell 0.2 per cent or 6.82 points to 3,875.60. Across the broader market, decliners edged out gainers 268 to 220, after 894.4 million securities worth $751.7 million were traded. The top gainer on the index was in-flight caterer Sats, which rose 2.3 per cent or seven cen ts to $3.05. The biggest blue-chip decliner was offshore and marine specialist Seatrium. The counter slid 1.4 per cent or three cents to $2.04. Genting Singapore was the most actively traded counter by volume, with 30.3 million shares worth $21.3 million traded. The counter fell 1.4 per cent or one cent to $0.70. Markets across the region ended mixed. Hong Kong's Hang Seng Index fell 1.4 per cent while Australia's ASX 200 ended flat. South Korea's Kospi and Japan's Nikkei 225 gained 2 per cent and 1 per cent, respectively. In view of the mixed Asian markets, Mr Paul Chew, head of research at Phillip Securities, said the US administration's 'constant flip-flops' in tariffs and policies will keep any business exposed to America hesitant to invest in inventories or capacity. 'The ever-present threat of tariffs only raises the risk premium of any manufacturer exposed to the US markets, especially semiconductor companies,' said Mr Chew. THE BUSINESS TIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
5 days ago
- Business
- Business Times
Singapore shares fall amid mixed regional showing; STI down 0.2%
[SINGAPORE] Shares on the Singapore bourse ended lower on Monday (May 26), even as regional markets ended mixed. The benchmark Straits Times Index (STI) fell 0.2 per cent or 6.82 points to 3,875.60. Across the broader market, decliners edged out gainers 268 to 220, after 894.4 million securities worth S$751.7 million were traded. The top gainer on the index was in-flight caterer Sats , which rose 2.3 per cent or S$0.07 to S$3.05. The biggest blue-chip decliner was offshore and marine specialist Seatrium . The counter slid 1.4 per cent or S$0.03 to S$2.04. Genting Singapore was the most actively traded counter by volume, with 30.3 million shares worth S$21.3 million traded. The counter fell 1.4 per cent or S$0.01 to S$0.70. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Markets across the region ended mixed. Hong Kong's Hang Seng Index fell 1.4 per cent while Australia's ASX 200 ended flat. South Korea's Kospi and Japan's Nikkei 225 gained 2 per cent and 1 per cent, respectively. In view of the mixed Asian markets, Paul Chew, head of research at Phillip Securities, said the US administration's 'constant flip-flops' in tariffs and policies will keep any business exposed to America hesitant to invest in inventories or capacity. 'The ever-present threat of tariffs only raises the risk premium of any manufacturer exposed to the US markets, especially semiconductor companies,' said Chew.
