Seatrium - OCBC Research 2026-05-29: Loading... Order Wins

• Seatrium (SGX:5E2) provided a 1Q26 business update. No financials were provided, but the company’s net order book declined from S$17.8b as at 31 Dec 2025 to S$15.5b (across 24 projects, with deliveries till 2033).

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• secured its eighth Floating Storage and Regasification Unit (FSRU) conversion project from Karpowership.

Pending conversion of pipeline into contract wins.

• Ongoing projects remain on track, and management sees pipeline opportunities exceeding S$28b over the next two years. This is lower than the S$32b disclosed at the FY25 results, largely due to Petrobras allocating the final investment decision (FID) for SEAP I to SBM Offshore.

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Gross margins continued to expand.

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Above is an excerpt from a report by OCBC Group Research.
Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.

Previous report by OCBC:
2026-02-27 Seatrium - Optimisation In Progress.

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