Seatrium Limited has released its business update for the first quarter ended March 31, 2026, (“1Q2026”), reporting steady project execution and net order book of S$15.5 billion across 24 projects with deliveries through 2033. Two legacy projects, TSHD1 Frederick Paup and WTIV1 Maersk Viridis, were delivered; while ongoing projects continued to advance in line with expectations.
Mr. Chris Ong, Chief Executive Officer of Seatrium Limited, said, “We continued to carry the momentum gained in FY2025 into the new financial year with steady project execution and margin improvements. With the completion of our announced divestments, we are well-positioned to deliver further gross margin improvements. Amid an evolving geopolitical landscape, our diversified business across traditional, transition and clean energy aligns with energy transition and security priorities; while our global presence offers agility and resilience as we aggressively pursue robust pipeline opportunities.”
Gross margin continued to strengthen due to improved project mix; lower overheads partly contributed by the completed divestments; and lower G&A expenses resulting from rigorous risk management, productivity gains and cost control initiatives. The improving metrics reflect stringent contract selectivity with a preference for Series Build projects with progressive milestone payments, pricing discipline and project governance.
Balance sheet remained strong in 1Q2026. The Group also made progress in proactively managing its borrowings. In April 2026, Seatrium successfully established a S$3 billion Multicurrency Debt Issuance Programme. Its inaugural issuance of S$400 million 2.95% senior unsecured notes due 2031 met with strong institutional investor demand. The funds raised will be used to diversify the Group’s funding sources and lengthen maturities.
Robust Order Book and Pipeline
In 1Q2026, Seatrium secured its eighth FSRU conversion project, LNGT Karadeniz, from
Karpowership. This marks the first of three FSRU conversion projects from an earlier letter of intent (“LOI”), which also comprised the integration of up to six new-generation Powerships.
As of March 31, 2026, Seatrium’s net order book stood at S$15.5 billion, comprising 24 projects and providing revenue visibility through to 2033.
Pipeline opportunities remain robust at >S$28 billion over the next 24 months, diversified across Oil & Gas, Offshore Wind and Conversions. Themes around energy security and energy transition have become more prominent arising from uncertainties in the Middle East. While elevated oil prices provide a supportive environment for offshore energy infrastructure investments, any increase in project sanctions or order wins is expected to materialize progressively. Customers remain disciplined in their capital deployment, placing strong emphasis on capital efficiency, risk‑sharing arrangements and project economics.
Leveraging its market leadership and proven capabilities, with a global presence rooted in Singapore – Seatrium is well-positioned to capture these identified pipeline opportunities.
Outlook
Seatrium remains focused on converting pipeline opportunities to grow its order book, prioritizing higher-quality projects for world-class customers. The Group is also focused on strengthening its margin profile for long-term business resilience by pursuing higher value projects; optimizing its cost structure through financial discipline and strategic divestments; and ensuring operational and execution discipline. This will enable Seatrium to drive long-term total shareholder returns by delivering sustainable growth.
1 TSHD refers to Trailing Suction Hopper Dredger. WTIV refers to Wind Turbine Installation Vessel.
