Seatrium 1Q24 Business Update - DBS Research 2024-05-28: Bright Order Outlook

Seatrium 1Q24 Business Update - Bright Order Outlook

Seatrium (SGX:5E2) | SGinvestors.ioSeatrium (SGX:5E2)
  • We estimate that Seatrium (SGX:5E2) generated ~S$2bn revenue in 1Q24 (up 40-50% y-o-y; similar to the pace of S$2.2bn/quarter on average in 2H23).

Operational streamlining and finance cost reduction appear to be progressing well.

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Big wins from Petrobras.

  • Seatrium has recently won the highly anticipated Petrobras FPSO orders – both P-84 and P-85, at 30% higher than expected contract value, totalled ~S$11bn, incorporating more electrification and green features. This lifts the year-to-date wins to S$11.4bn and orderbook to over S$25.8bn (from S$16.2bn as of Feb-24), close to the peak orderbook of S$27.5bn in 2Q13.

Robust order outlook

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  • According to Upstream, Petrobras could issue an invitation to tender in 2H24 to contract a FPSO to revitalise a pair of mature fields in the country’s Campos basin.
  • In addition, Seatrium continues to actively pursue projects in particularly O&G production platforms, as well as HVDC and Wind Turbine Installation Vessels (WTIV) in renewable space.

Share price pullback on MSCI deletion a buying opportunity

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Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @

Pei Hwa HO DBS Group Research | 2024-05-28

Price targets by 2 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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