- Seatrium's 3Q24 revenue estimated to be ~S$2bn, similar to run rate in 1H24, in line.
- Legacy projects on track to be delivered by end of 2024.
- Signed LOI with Japan-based POC for heavy lift vessel, which we estimate could worth S$500-600mil, potentially awarded in 1Q25.
Healthy order pipeline.
- - Read this at SGinvestors.io -
- Seatrium has recently signed a LOI with Japan-based Penta-Ocean Construction (POC) for a 5000-ton Heavy Lift Vessel project, which is pending final investment decision and potentially be awarded in 1Q25. We estimate that the project could worth S$500-600mil, given the much smaller capacity and platform as compared to Heerema project (a 2x 10,000-ton crane semi-submersible worth ~S$1.3bn).
- - Read this at SGinvestors.io -
- Petrobras’ tender for P-86 FPSO has been launched in Oct and due for submission by Apr-2025 with intention for another two FPSOs.
- Based on orderbook drawdown, we estimate that Seatrium's revenue should be ~S$2.0bn in 3Q24, in line with the average revenue run rate in 1H24.
Reiterate our BUY call & target price of S$3
- Read more at SGinvestors.io.
