Seatrium - UOB Kay Hian 2023-09-11: Positive Vibes From A Tour Of An FLNG Vessel

Seatrium has changed its code to Seatrium (SGX:5E2) w.e.f. 2024-05-07 due to share consolidation.

Seatrium - Positive Vibes From A Tour Of An FLNG Vessel

Seatrium (SGX:S51) | SGinvestors.ioSeatrium (SGX:S51)
  • Our recent tour to Seatrium and Golar’s floating liquefied natural gas (FLNG) project showed that there continues to be a high level of interest in such vessels from an energy supply and financing standpoint. The imminent completion of this complex vessel underscores Seatrium’s ability to safely and successfully deliver a quality project, which is key to maintaining its competitive edge in winning new orders.
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Another quality project will be safely delivered.

  • We recently had the fortune to visit Golar LNG’s newest floating liquefied natural gas (FLNG) vessel Golar Gimi at Seatrium (SGX:S51)’s (formerly Keppel’s) Benoi yard. The vessel was previously an LNG carrier but through extensive works carried out here in Singapore, it has now been converted into a four-train FLNG vessel capable of processing 2.7mtpa.
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  • industry participants viewing the LNG landscape as being the key growth area in energy in the next decade;
  • Seatrium’s very clear emphasis on safety, which we believe adds to the company’s overall appeal as a constructor of choice for its multinational clients – the Gimi project completed 37mil man hours of work with no lost-time incidents (or >4,200 years of work); and
  • immense complexity of the project which involved the addition of 1,500km of new cables and 44,000 tonnes of steel to the original LNG vessel.

Other background information on Gimi.

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Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @

Adrian LOH UOB Kay Hian Research | 2023-09-11

Read also UOB's most recent report:
2024-03-18 Seatrium - No Surprises At Its Inaugural Investor Day.

Previous report by UOB:
2024-02-28 Seatrium - 2023 Underying EBITDA & Profit Are Encouraging.

Price targets by 3 other brokers at Seatrium Target Prices.

Listing of research reports at Seatrium Analyst Reports.

Relevant links:
Seatrium Share Price History,
Seatrium Announcements,
Seatrium Dividends & Corporate Actions,
Seatrium News Articles


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