Seatrium - CGSI Research 2024-03-28: Final Settlement For Brazil

Seatrium - Final Settlement For Brazil

Seatrium (SGX:S51) | SGinvestors.ioSeatrium (SGX:S51)
  • Seatrium announced it has reached an agreement with Singapore’s Attorney-General’s Chambers (AGC) to pay a financial penalty of US$110m in relation to Brazilian Operation Car Wash on alleged corruption offence in Brazil.

~S$77m settlement with Singapore authorities

  • - Read this at -

3.8% EPS decline in FY23, no impact on FY24F EPS

  • The latest fine will be readjusted to Seatrium’s FY23 financial statements as a material subsequent event. Total loss for FY23 increased from $1.95bn (as set out on 26 Feb 2024) to $2.03bn. Total equity decreased from S$6.492bn to S$6.42bn. As a result, Seatrium's FY23 EPS is restated to S$0.0312 (from S$0.0324). Estimated BVPS at S$0.102 from S$0.104.

ESG controversies removed

  • - Read this at -
  • As Seatrium reached final settlements with authorities in both Brazil and Singapore, it has now closed all past controversies related to pre-merger Sembcorp Marine. In our view, Seatrium is likely to see an uplift in its ESG Controversies Score, which currently stands at B+.

Other FPSOs bidding scene in Brazil

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Above is the excerpt from research report by CGSI Research.
Clients of CGS International may access the full report in PDF @

LIM Siew Khee CGS International Research | 2024-03-28

Previous report by CGSI:
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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