Seatrium - OCBC Investment 2024-01-05: Early Stages Of An Offshore CAPEX Cycle

• Seatrium (SGX:S51) started the year with two announcements – one relating to an order win and one relating to a cancellation.

An order win and a cancellation

• - Read this at SGinvestors.io -
• The cancelled contract relates to the 1,260MW Offshore Substation (OSS) Platform valued at more than S$250m which was awarded by Empire Offshore Wind LLC in the middle of last year. The reason for this is due to the “significant macroeconomic conditions” impacting the Empire Wind 2 project. We understand that minimal work had been done on the cancelled project, so we are not incorporating a financial impact to Seatrium from this.

Cancellation not a surprise

• - Read this at SGinvestors.io -

Offshore dayrates in oil and gas recovering amid tightening supply/demand balance

• Read more at SGinvestors.io.

Above is an excerpt from a report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.

Read also OCBC's most recent report:
2024-04-01 Seatrium - Leaving The Past Behind.

Previous report by OCBC:
2024-03-18 Seatrium Investor Day 2024 - Diversified, Resilient & Profitable.

Price targets by other brokers at Seatrium Target Prices.

Listing of research reports at Seatrium Analyst Reports.

Relevant links:
Seatrium Share Price History,
Seatrium Announcements,
Seatrium Dividend Payout Dates & Corporate Actions,
Seatrium News