Seatrium - CGSI Research 2024-02-19: TenneT Third Unit Is In

Seatrium - TenneT Third Unit Is In

Seatrium (SGX:S51) | SGinvestors.ioSeatrium (SGX:S51)
  • Seatrium announced that it has received notification from TenneT TSO B.V. (TenneT) that it plans to commence work on the third 2GW high voltage direct current (HVDC) electrical transmission system on 1 June 2024F.

Notification from TenneT for 3rd HVDC worth €2bn

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  • The third HVDC platform will contribute to TenneT's plan to install 40GW of offshore wind energy in the German and Dutch North Seas and will serve the NWBE (formerly named Nederwiek2 ) offshore wind farm, located ~95km off the coast of Netherlands.

~60% share of work; delivery in 2031

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  • We believe the current unit will be delivered in 2031F, with the first 12-18 months comprising engineering and design work.
  • We estimate Seatrium’s share to be ~60% of the contract or ~S$1.8bn and believe the unit should yield a mid-teens project-level gross margin or high single-digit EBIT margin.

First two units in engineering & design work phase

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LIM Siew Khee CGSI Research | 2024-02-19

Read also CGSI Research's most recent report:
2024-03-28 Seatrium - Final Settlement For Brazil.

Previous report by CGSI Research:
2024-03-15 Seatrium - Can It Achieve Its Targets Before FY28?.

Price targets by 4 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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