Seatrium has posted a net profit of SG$157 million (US$117 million) for the financial year ended December 31, 2024 (FY2024), its first full-year profit since 2017, and a reversal from a net loss of SG$2 billion (US$1.5 billion) for FY2023.
FY2024 Underlying net profit was SG$200 million (US$), up from an underlying net loss of S$28 million for FY2023.
Revenue for FY2024 grew 27 per cent to SG$9.2 billion (US$6.9 billion), up from SG$7.3 billion (US$5.5 billion) a year ago. Turnover was primarily driven by strong project execution and increased business activity in repairs and upgrades.
During the year, Seatrium continued to implement its cost optimisation and restructuring initiatives. Driven by revenue growth, reduced overheads, and divestment of non-core assets, EBITDA rose to SG$627 million (US$469 million) for FY2024 from SG$236 million (US$177 million) for FY2023.
In view of the group’s return to profitability, Seatrium is proposing a dividend of 1.5 cents per share.
The proposed dividend will be tabled for shareholders’ approval at the upcoming Annual General Meeting on April 23, 2025 and, if approved, will be paid to shareholders on May 19, 2025.
Seatrium delivered seven projects in FY2024, including Singapore’s first newbuild membrane-type LNG bunker vessel, Brassavola, jackup rigs Var and Vali, the Salamanca floating production unit (FPU), Pluto Train 2 LNG modules, the Bacalhau floating production storage and offloading (FPSO) unit and a FLNG facilities conversion.
In the repairs and upgrades business segment, the group successfully completed 231 projects.
Seatrium secured new orders worth SG$15.2 billion (US$11.4 billion) from new and repeat customers in FY2024, ending the year with the highest new order wins in a decade.
Year-to-date 2025, its net order book stood at SG$23.2 billion (US$17.4 billion), an increase of 43 per cent compared with SG$16.2 billion (US$12.1 billion) in the previous period. Projects relating to renewables and green/cleaner solutions amounted to SG$7.9 billion (US$5.9 billion) of net order book compared to SG$6.3 billion (US$4.7 billion) in the previous period.