Seatrium provided a 3Q24 business update – No financials were shared beyond the fact that the company’s net order book stood at S$24.4b as at 30 Sep 2024 (30 Jun 2024: S$26.1b), with deliveries stretching to 2031.
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Steady cadence of project delivery and contract wins
Seatrium achieved several project milestones in 3Q24, including the commencement of fabrication works for high-voltage direct current (HVDC) Offshore Converter Platform IjmuidenVerBeta, and the installation of a 13,000-tonne Offshore Converter Platform at the Sofia Offshore Wind Farm in the UK. Its Repair & Upgrades division also completed 192 projects in 9M24.
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Separately, it has also signed a Letter of Intent (LOI) with Penta-Ocean Construction (POC) to carry out engineering work for a 5,000-ton Heavy Lift Vessel (HLV) project for the Japan wind mark; contract award is expected in 1Q25, subject to POC’s final investment decision (FID).
Management reiterated positive outlook despite macroeconomic uncertainties
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/.
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