- Seatrium (SGX:5E2) provided a 3Q25 business update – Net order book stood at S$16.6b (1H25: S$18.6b), comprising 24 projects with deliveries extending through 2031.
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Continues strong momentum into 3Q25.
- During the quarter, the group successfully completed two projects – WTIV Charybdis and High Voltage Alternating Current (HVAC) Offshore Substation (OSS) GreaterChanghua2band4 – and is on track to delivering three more by year-end. The company also completed 47 vessel repairs and upgrades.
- Further progress was made in divesting non-core assets, including a surplus yard in the US and Platform Supply Vessels for an aggregate consideration upwards of S$140m.
Unexpected order cancellation a reflection of ongoing volatility in the US offshore market, particularly under the Trump Administration.
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- The project was 98.9% complete and due for delivery in Jan 2026. As this is a legacy contract awarded to Sembcorp Marine in 2022, we think the terms were likely less favourable for Seatrium (i.e. less attractive margins and 20/80 payment terms).
- The company is evaluating legal and commercial options, including discussions with the end-customer, Empire Offshore Wind. The situation remains fluid, and in the interim Seatrium remains committed to on-time delivery of the project.
OperationCarWash not quite in the rearview mirror after all.
- Read more at SGinvestors.io.
