Seatrium posts 15.5 billion Singapore dollars order book and stronger margins in 1Q2026 update

SGX Filings05-29

Seatrium Limited announced on May, 29 2026 that its net order book stood at 15.5 billion Singapore dollars across 24 projects with scheduled deliveries through 2033, following the hand-over of the trailing suction hopper dredger Frederick Paup and the wind turbine installation vessel Maersk Viridis during the quarter ended Mar, 31 2026.

The group reported further gross-margin improvement, attributing the gain to a better project mix, lower overheads and tighter cost control. Management said the completion of previously announced non-core asset disposals is expected to unlock more than 50 million Singapore dollars in annualised operating cost savings and generate more than 330 million Singapore dollars in cash.

Seatrium added that it bolstered its capital structure in Apr, 2026 by setting up a 3 billion Singapore dollars multicurrency debt issuance programme. The first drawdown was a 400 million Singapore dollars 2.95 % senior unsecured note due 2031, which the company said was well received by institutional investors.

New business wins in the first quarter included the LNGT Karadeniz project, Seatrium’s eighth floating storage and regasification unit (FSRU) conversion contract, awarded by Karpowership. The company put its prospective order pipeline at more than 28 billion Singapore dollars over the next 24 months, spanning oil and gas, offshore wind, and conversion work.

Looking ahead, Seatrium said it will focus on converting high-quality opportunities to firm contracts, improving its project margin profile and maintaining disciplined capital management to support long-term shareholder returns.

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