Seatrium Says It Has Net Order Book of $24.4 Bil in 3QFY2024 Business Update

Seatrium says it has a net order book of $24.4 billion as at Sept 30 in its business update for the 3QFY2024 ended September. The group’s net order book comprises 30 projects with deliveries till 2031.

Year to date, Seatrium has delivered three projects to its customers including the fourth newbuild jackup rig to Borr Drilling as well as a refurbished floating production unit (FPU) to Salamanca FPS Infra.

According to the group, its repairs and upgrades segment continued to do well in the 3QFY2024 and the 9MFY2024. During the nine month period, Seatrium completed 192 repairs & upgrades projects, including Asia Vision, the first in a series of four liquefied natural gas (LNG) fleet upgrades for Chevron. The group completed 59 repairs and upgrades in the 3QFY2024 alone.

On the same day, Seatrium announced that it signed a letter of intent (LOI) with Japan-based Penta-Ocean Construction (POC) to carry out early engineering work for a 5,000 ton fully-revolving heavy lift v (HLV) vessel project for the Japan wind market. The full engineering, procurement and construction (EPC) contract award is expected to take place in 1Q2025, subject to POC’s final division.

“We are excited to announce the signing of a LOI with POC that marks the start of our close collaboration with our esteemed partner and our very first project for the Japanese offshore wind market,” says William Gu, executive vice president of Seatrium Energy (International).

“It is a great honour to embark on this journey to jointly develop a wind foundation installation vessel with one of the heaviest lifting capacity vessel in the world. The project underscores Seatrium’s commitment to work closely with our partners to provide innovative and cost-effective solutions that help accelerate the energy transition,” he adds.

According to Tetsunori Ohshimo, senior managing executive officer, head of POC’s offshore wind construction business divisions group, the HLV is “essential for the installation of increasingly heavy monopile foundations due to larger wind turbines”.

“We expect the HLV to make a significant contribution to the development of offshore wind in Japan,” he says.

Shares in Seatrium closed 4 cents higher or 2.04% up at $2 on Nov 8.