Seatrium 1H2026 Net Profit Grows 158% to S$373 Million,
Marking Shift from Recovery to Value Creation
• Profitability mainly driven by margin expansion; net profit excluding divestment gains
grew 54% year-on-year (“YoY”)
• S$13.3 billion net order book with improving project mix: >95% consisting of Series
Build projects and declining proportion of lower-margin legacy, non-FPSO projects
• Shift from recovery to value creation, supported by sustained earnings growth,
improving margins and disciplined execution
Singapore, 31 July 2026 – Seatrium Limited (“Seatrium” or the “Group”) has delivered net profit of
S$373 million for the first six months ended 30 June 2026 (“1H2026”), compared to S$144 million for
1H2025. Excluding divestment gains, net profit grew 54% year-on-year to S$212 million, reflecting the
Group's strengthening earnings quality and improving operational leverage.
1H2026 revenue grew 4.7% to S$5.6 billion, up from S$5.4 billion in 1H2025, underpinned by steady
execution of the Group's order book. Gross margin improved to 8.6% from 7.4% in 1H2025. Key
margin drivers include a growing mix of higher-margin projects; and reduced indirect overheads from
improved productivity, strategic divestments and ongoing cost discipline. 1H2026 EBITDA, excluding
divestment gains, rose 20% to S$479 million.
As at 30 June 2026, Seatrium's net order book stood at S$13.3 billion, comprising 24 projects with
deliveries through to 2033. With the completion of three projects, the proportion of lower-margin
legacy, non-FPSO projects has declined to about 1% of the net order book. Over 95% of the order
book comprises Series Build projects that provide greater execution certainty and efficiency. Ongoing
projects largely remain on schedule, with mega-projects such as the P-80 and P-82 FPSOs for
Petrobras and Shell Sparta FPU1 on track for sailaway in 2H2026.
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