Recently, Singapore-based offshore vessel manufacturer Seatrium released its 2025 annual results report. As of December 31, 2025, Seatrium achieved a net profit of S$323.6 million (approximately US$253 million), a 106% increase compared to S$156.8 million in 2024.
Seatrium believes that the improvement in 2025 performance stems from rigorous project execution, coupled with margin expansion driven by optimized operational leverage, enhanced batch production efficiency, sustained cost control, and proactive portfolio optimization following the divestiture of non-core assets.
The report indicates that in 2025, Seatrium achieved operating revenue of S$11.5 billion (approximately US$8.988 billion), representing a 24% increase from S$9.2 billion in 2024; The company’s net order backlog stands at S$17.8 billion (approximately US$13.912 billion), encompassing 24 projects scheduled through 2033. Approximately 40% of these projects involve renewable energy and clean/green solutions, ensuring the portfolio’s resilience across the energy cycle.
Seatrium noted that revenue growth was primarily driven by strong performance in the oil and gas and offshore wind power segments. The maintenance and upgrade business segment provided stable base revenue, with ongoing progress on high-value maintenance projects and retrofitting initiatives expected to gradually improve margins.
In 2025, Seatrium achieved a gross profit of S$848 million (approximately US$663 million), representing a significant increase of approximately 343% from S$291 million in 2024. The gross profit margin rose from 3.1% to 7.4%. The margin expansion resulted from portfolio optimization, enhanced shipyard utilization, improved production efficiency, and scaled construction projects. The repeatability of scaled construction projects reduces risks and enhances cost efficiency.
Regarding the divestment of non-core assets, Seatrium anticipates that the previously announced strategic asset divestment (expected to be completed in the first half of 2026) will achieve annualized cost savings exceeding S$50 million (approximately US$39.08 million). By fiscal year 2028, with additional strategic asset disposals and the return of the naval shipyard to the government, Seatrium’s annualized cost savings will exceed S$100 million (approximately US$78 million).
Seatrium noted in its annual report that the company is actively pursuing potential projects valued at S$32 billion (approximately US$25.011 billion) over the next 24 months, spanning oil and gas, offshore wind power, and conversion projects. This reflects the global energy transition and evolving industry demands.
Seatrium believes that South America, the Middle East, and Africa present robust opportunities in the oil and gas sector, while Europe remains the primary demand market for offshore wind power. Although oil and gas will continue to dominate in the short term, major offshore wind markets are poised for growth—driven by energy security considerations, positive developments such as improved financing certainty and enhanced cost-effectiveness are emerging.
Seatrium stated that driven by technological advancements such as artificial intelligence (AI), oil and gas demand is projected to continue growing. The average breakeven price range for Seatrium’s deployable assets in oilfield projects is expected to remain below current oil price levels. This will reinforce sustained market demand for Seatrium’s oil and gas production solutions, including production equipment such as FPSOs, FPUs, and fixed platforms.
Data shows that Seatrium, formerly known as Sembcorp Marine, is headquartered in Singapore and possesses over 60 years of experience in the design and construction of drilling rigs, floating facilities, offshore platforms, and specialized vessels, as well as in the repair, upgrade, and conversion of various types of ships. Its core business encompasses oil and gas newbuilds and conversions, offshore renewable energy, ship repair and upgrading, and new energy sectors. The company is increasingly focusing on sustainable solutions to drive global energy transition and maritime decarbonization.
Currently, Seatrium operates yards, engineering technology centers, and related facilities in Singapore, China, Brazil, India, Indonesia, Japan, Malaysia, the Philippines, Norway, Saudi Arabia, the United Arab Emirates, and other countries.