Seatrium swings back to black in FY 2024
The company reversed its losses amidst stronger revenue.
Seatrium has reported a net income of $157m for fiscal year (FY) 2024, its first full-year profit since 2017.
According to a bourse filing, Seatrium’s latest profit reversed the previous year’s net loss of $2b.
Revenue for FY 2024 grew 27% to $9.2b from $7.3b a year ago. The company associated this with strong project execution and increased business activity in repairs and upgrades.
Seatrium CEO Chris Ong also said that in the past year, the company “capitalised on industry tailwinds to secure new projects, culminating in a strong net order book.”
In FY 2024, Seatrium delivered seven projects, including Singapore’s first newbuild membrane-type liquefied natural gas bunker vessel, Brassavola, jack-up rigs Var and Vali, the Salamanca floating production unit (FPU), Pluto Train 2 LNG modules, the Bacalhau floating production storage and offloading (FPSO) unit and a FLNG facilities conversion. In the Repairs and Upgrades business segment, the company completed 231 projects.
It has so far secured new orders worth $15.2b from new and repeat customers in FY 2024, its highest new order wins in a decade. Year-to-date 2025, Seatrium’s net order book stood at $23.2b, up 43% from $16.2b in the previous period.
Meanwhile, projects related to renewables and green/cleaner solutions amounted to $7.9b of net order book from $6.3b in the previous period.
The company is proposing a dividend of 1.5 cents per share.
“Looking ahead, Seatrium will continue to seek profitable growth in oil & gas, offshore wind, repairs & upgrades and new energies,” the company said.
