Seatrium Eyes More New Order Wins; Net Order Book Stands at $16.6 Billion in Q3

Offshore, marine and energy specialist Seatrium on Nov 13 reported that its net order book stood at $16.6 billion as at end-September, comprising 24 projects with deliveries extending until 2031.

In a business update for the third quarter ended September, Seatrium said new orders were mostly from returning customers, and included the upgrading of floating liquefied natural gas (FLNG) vessel FLNG Hilli Episeyo, as well as a series of repairs and upgrades projects.

The group said it successfully completed two projects during the quarter and remains on track to deliver three more by year-end. Its net order book stood at $18.6 billion as at end-June.

Seatrium said it is pursuing a “robust pipeline of opportunities” and is making “steady progress” towards achieving its 2028 financial targets.

“Converting (this) pipeline into new order wins remains a strategic focus, with the current healthy net order book offering near-term revenue visibility,” the group said.

Seatrium added that it anticipates sustained demand for oil and gas assets, driven by rising global energy consumption, especially from data centres and artificial intelligence technologies.

Mr Chris Ong, chief executive officer of Seatrium, said: “Our proven ability in delivering high-quality solutions for complex offshore and marine projects, coupled with synergies harnessed across our global footprint, positions us well as we focus on converting our robust pipeline into order book for future earnings visibility.”