Seatrium (SGX:5E2) delivered a solid 3Q25, supported by the execution of major projects, maintaining a robust S$16.6b orderbook and enhancing margins through S$140m in asset divestments.
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Operational momentum remains strong.
Seatrium delivered a strong 3Q25, reinforcing its operational resilience and execution capabilities across multiple markets. The company reported a robust net orderbook of S$16.6b, covering 24 projects with deliveries through 2031, underscoring healthy visibility of future earnings. Key milestones achieved in 3Q25 include the delivery of:
the Wind Turbine Installation Vessel (WTIV) Charybdis; and
two Taiwanese offshore substations, with both completed on schedule.
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Successful capital recycling with likely more to come.
During 3Q25, Seatrium continued to streamline its asset base through accretive divestments with the two key ones being the S$65m sale of its AmFELS Yard in Brownsville, Texas and the S$77m sale of a Brazilian subsidiary that owned two platform supply vessels.
During the business update briefing, the company stated that it will continue to divest non-core assets in an effort to enhance its capital efficiency and unlock value from surplus assets.
Importantly, the S$140m in proceeds will clearly boost Seatrium’s liquidity and lower yard overheads, with the US yard sale specifically generating annual cost savings of about S$30m.
Repairs & upgrades – Remaining steady.
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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/.
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