Seatrium - UOB Kay Hian 2025-03-21: Well-positioned To Take Advantage Of Growth Opportunities

• Seatrium’s competitive position in Brazil remains strong and we believe that it should be able to take advantage of some of the recent unsuccessful tenders by its competitors.
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• In the medium to long term, earnings growth in its R&U segment could be bolstered by the MRO business.

Still a strong contender in Brazil.

• In 2024, Seatrium (SGX:5E2) demonstrated its strong competitive position in Brazil by winning Petrobras’ P-84 and P-85 FPSO newbuilds, as well as the topsides fabrication and/or integration work for the Errea Wittu and Jaguar FPSOs. Petrobras’ challenges in some of its other tenders due to high bid prices, insufficient local content and limited bidder participation could put Seatrium in a strong position to win more orders in the medium term given Petrobras’ desire to deploy its substantial exploration and production capex plan of US$77b over the 2025-29 period.
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Growing its MRO business.

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Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2026-02-27 Seatrium - Margin Inflection Drives A Step Change In 2025 Earnings.

Previous report by UOB:
2025-11-14 Seatrium - Sailing To Higher Margins But New Order Wins The Key.

Price targets by 3 other brokers at Seatrium Target Prices.

Listing of research reports at Seatrium Analyst Reports.

Relevant links:
Seatrium Share Price History,
Seatrium Announcements,
Seatrium Dividend Payout Dates & Corporate Actions,
Seatrium News