- Steady FY25 results with Seatrium's net profit doubling to S$324m, in line with expectation on higher Revenue +24% and GPM +430bps to 7.4% on execution efficiencies
- Orderbook moderated to S$17.8bn, pursuing S$32bn pipeline; legacy US projects near completion, ending onerous provisions.
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Results broadly in line.
- Seatrium (SGX:5E2) doubled FY25 net profit to S$324m (+106% y-o-y), with revenue rising 24% to S$11.5bn from strong Oil & Gas (Petrobras FPSO) and Offshore Wind (TenneT HVDC) execution, tripling gross profit to S$848m via better mix, yard utilisation, series builds, and cost discipline.
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- We noticed S$96.5mil provision for onerous contracts booked in 2H25. Stripping this out, GPM in 2H25 might be closer to 9%, and adjusted net profit ~ S$400mil for FY25.
- On a positive note, legacy US wind/dredger nears completion, putting an end to onerous provisions. Under operating income, Seatrium has also incurred ~S$100mil forex loss and provision for restoration cost for Admiralty yard which is offset by divestment gains.
Seatrium secured over S$4bn orders in FY25.
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