Recently, Singapore-based offshore engineering vessel manufacturer Seatrium released its business update for the third quarter ended 30 September 2025 (“3Q2025”).
In 3Q2025, Seatrium’s net order book stood at S$16.6 billion (approximately US$12.726 billion), comprising 24 projects with deliveries extending through 2031. The Group successfully completed two projects and remains on track to deliver three more by year-end. New orders, mostly from returning customers, consist of the upgrading of FLNG Hilli Episeyo and a series of repairs and upgrades projects.
To continuously enhance operational efficiency and unlock value from non-core assets, Seatrium recently sold its AmFELS shipyard in Brownsville, Texas, USA, for S$65 million, and disposed of two non-core platform supply vessels (PSVs) for S$77.4 million. The total proceeds from these asset disposals exceeded S$140 million (approximately US$107 million).
Oil and Gas: Strong operational momentum; Stable order outlook
The Group made substantial progress on Floating Production Storage Offloading (“FPSO”) vessel series-build and integration projects, along with Floating Production Units (“FPU”) for Shell and bp. Petrobras’ FPSOs P-80, P-82 and P-83 are currently berthed at Tuas Boulevard Yard, where integration works are underway. FPU Kaskida achieved the strike steel milestone and commenced construction in 3Q2025. The topside modules under fabrication for Modec’s FPSO Raia, destined for Brazil, remain on schedule for delivery by year-end.
Seatrium anticipates sustained demand for oil and gas assets, driven by rising global energy consumption especially from data centres and artificial intelligence technologies.
Offshore Wind: Reliable progress across projects; Demand in Europe and Asia
The Wind Turbine Installation Vessel (“WTIV”) Charybdis and the High Voltage Alternating Current (“HVAC”) Offshore Substation (“OSS”) Greater Changhua 2b and 4 were completed and officially handed over to customers, Dominion Energy and Ørsted, respectively, in 3Q2025. Nine ongoing projects, including three units of two gigawatt (“2GW”) High Voltage Direct Current (“HVDC”) Offshore Converter Platforms (“OCP”) for TenneT, are progressing in line with milestones. The handover of HVDC OCP Sofia to RWE is targeted at year-end.
Offshore wind is emerging as a strategic pillar of national energy policy in Europe and Asia, creating seriesbuild opportunities for both HVDC and HVAC platforms. Seatrium is actively engaging with Transmission System Operators and Asian offshore wind developers to pursue opportunities. The Group’s final two HVAC OSS projects for the U.S. are nearing completion and constitute less than 1% of Seatrium’s net order book, demonstrating steady progress despite market headwinds.
Repairs and Upgrades: Strategic partnerships driving higher-value works
The Group completed 47 repairs and upgrades projects, including works on 12 LNG carriers. During the quarter, Seatrium secured a Floating Storage Regasification Unit (“FSRU”) conversion contract; alongside other high-value projects amounting to S$170 million across various vessel types. The Group also signed a Letter of Intent with a longstanding partner, Karpowership, to carry out the integration of New Generation Powerships and FSRU conversions.
Singapore’s maritime hub status is gaining momentum from growing cruise operations and a strong commitment to maritime decarbonisation. The Group is leveraging its market leadership, proven track record, and strong strategic partnerships to pursue higher-value repair and upgrade activities including those for LNG, cruise ships, offshore and naval vessels.
Seatrium is pursuing a robust pipeline of opportunities backed by its strong track record of safe and reliable project execution. Converting pipeline into new order wins remains a strategic focus, with the current healthy net order book offering near-term revenue visibility.
The Group is committed to delivering profitable growth through series-build projects; execution excellence; and continued improvements to productivity and cost efficiencies. Seatrium is making steady progress toward achieving its 2028 steady-state financial targets.
“We delivered another strong quarter in 3Q2025, continuing the momentum from 1H2025. This reflects the strength of our diversified portfolio and strong execution. Our proven ability in delivering high-quality solutions for complex offshore and marine projects, coupled with synergies harnessed across our global footprint, positions us well as we focus on converting our robust pipeline into order book for future earnings visibility. Concurrently, we strive to enhance margins through solid project execution, strategic divestments and continued cost discipline,” commented Mr Chris Ong, Chief Executive Officer of Seatrium.