SINGAPORE - Seatrium’s net profit for the first half of 2025 swelled on the back of a strong order book and higher margins, the company announced in a filing on the Singapore Exchange on July 31.

Profit for the six months ended June 30 was $144 million, a 301 per cent jump from $36 million for the first half of 2024.

But underlying net profit, which excludes legal and corporate claims, rose 16 per cent to $133 million from $115 million.

No dividend was proposed for the period, the same as for the year-ago period.

Seatrium’s results come a day after the offshore and marine company announced the conclusion of Singapore’s authorities investigation into potential offences in Brazil. The Singapore-listed company was implicated in Operation Car Wash, a major corruption scandal in Brazil, which involved allegations of paying bribes to secure contracts.

Seatrium on July 30 said it will

totalling $241.7 million to settle the long-drawn corruption probe.

As at the end of June, Seatrium’s net order book stood at $18.6 billion, of which $6.3 billion are renewables and cleaner or green solutions. The order book comprises 25 projects with deliveries till 2031.

Chief executive officer Chris Ong said: “Our first half financial results demonstrate the strength of Seatrium’s disciplined execution, as well as the robustness and diversity of our order book.”

He added that this healthy order book also continues to provide revenue visibility.

“Despite a volatile macro environment, rising global energy demand and an increased focus on energy security continue to shape industry priorities and underpin a sizeable pipeline for energy infrastructure assets,” he added.

“We remain confident in delivering long-term value to all our stakeholders by building a profitable and resilient business.”

Seatrium said its gross margin rose to 7.4 per cent from 3.7 per cent in the first half of 2024, due to a favourable mix of higher-margin projects, operational efficiencies, and continued cost optimisation.

Revenue for the first half grew 34 per cent, reflecting the strong execution of its robust order book, it added.

Earnings before interest, taxes, depreciation and amortisation (Ebitda) stood at $407 million, up from $311 million for the year-ago period.  

On its outlook, the company said it has a diversified portfolio of offshore oil and gas, offshore wind solutions, and maritime repairs and upgrades, which positions it favourably to capitalise on long-term energy demand growth.

“The group’s multi-pronged strategy and proven execution have enhanced the resilience of its business at a time of ongoing geopolitical volatility,” Seatrium added.

“Looking ahead, Seatrium remains focused on achieving profitable growth by expanding its franchise of series-build projects, prioritizing execution excellence, enhancing productivity and driving cost efficiencies,” it said.

It also noted that the group is making good progress towards its 2028 financial targets. These targets include growing its Ebitda to over $1 billion and achieving a return on equity of more than 8 per cent.

More on this topic

In February, Seatrium delivered its fourth Floating Production Storage and Offloading vessel (FPSO) project for Guyanese waters, off the coast of South America. An FPSO is a floating vessel used by the offshore oil and gas industry.

It also delivered its 18th FPSO to BW Offshore, which will be deployed in offshore northern Australia. This is among the largest FPSOs ever delivered to the country.

Seatrium also celebrated the sailaway of the first of six newbuild FPSOs to be delivered to multinational oil and gas company Petrobras.

“Global energy demand continues to rise, driven by emerging markets, digitalisation, and energy security priorities,” Seatrium said, adding that it sees stable demand for offshore oil and gas assets, with twelve ongoing projects.

When it comes to offshore wind, Seatrium also made steady progress on its projects, such as working on the second of its three offshore converter platforms for European firm Tennet, which will be deployed in the Dutch North Sea.

It also has three offshore wind projects on track for delivery this year, which will be used in locations such as the North Sea and off the coast of Taiwan. It is also working on a wind turbine installation vessel for use off the coast of Virginia.

“Offshore wind continues to be in demand in Europe and the Asia Pacific, as nations advance energy transition goals,” Seatrium said.

It added that it is actively engaging transmission system operators in Europe and commercial developers in Asia Pacific on their requirements for upcoming offshore wind farms. 

In addition, Seatrium also completed 101 repairs and upgrades projects, supporting maritime decarbonisation goals.

“There is strong interest for Seatrium’s maritime decarbonisation solutions,” it said.

In June 2025, it signed a letter of intent with long-term strategic partner Solvang ASA to install and retrofit carbon capture and storage systems.

Seatrium shares were down 3.3 per cent, or eight cents, to $2.32 as at 9.17am on July 31. They had closed up 0.8 per cent at $2.40 the previous day.

More on this topic