Seatrium (SGX:5E2) provided a 1Q24 business update. No financials were shared, however, in triangulating its current net order book of S$25.8b, its net order book of S$16.2b as at 31 Dec 2023, and year-to-date order wins of S$11.4b, we derive an implied 1Q24 turnover upwards of S$1.8b (excluding revenue from Repairs & Upgrades), which constitutes 23% of our initial full year forecast.
On 21 May 2024, Seatrium secured a Favoured Customer Contract (FCC) with Hyundai LNG Shipping, which involves the refit of a series of liquefied natural gas (LNG) carriers over the next two years,
On 25 May 2024, Seatrium announced that it had won contracts valued at ~S$11b for the newbuild supply of FPSO platforms P-84 and P-85 from Petrobras – a significant boost to its net order book. Construction will commence in 1Q25, with the final delivery expected to take place in 2029, after which the FPSO platforms will be deployed in Brazil.
Settlement of arbitration with MH Wirth to include US$108m plus US$68m
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/.
Use Trust Referral Code PGKPSWAE to sign up NTUC Link or Trust Link Credit Card or open a Trust Bank savings account this December: ✨Earn up to S$1,000 cashback reward 🎟 and win an XPENG G6 SUV 🚙 !
