Seatrium - OCBC Investment 2024-05-28: Hoist The Sails

Seatrium - Hoist The Sails

Seatrium (SGX:5E2) | SGinvestors.ioSeatrium (SGX:5E2)
  • 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.

Reiterated long-term sustainable targets

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Steady cadence of order wins

  • In leading up to its business update, Seatrium has announced numerous order wins:
    1. - Read this at -
    2. 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,
    3. 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

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Above is the excerpt from report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full report in PDF @

Ada Lim OCBC Investment Research | 2024-05-28

Previous report by OCBC:
2024-05-07 Seatrium - 20-to-1 Share Consolidation & Steady Order Wins.

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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