Seatrium has reported its first half financial results for the period ended June 30, 2026.
The group grew its net profit to SG$373 million (US$291 million), up 150 per cent year-on-year, with net profit excluding divestment gains rising 54 per cent – reflecting stronger earnings quality driven by margin expansion and disciplined execution.
"Our solid H1 2026 results reinforce the consistent progress we are making towards building a resilient and more profitable Seatrium," said company CEO Chris Ong. "In an increasingly volatile macroeconomic environment, disciplined execution and stronger margins are key for long-term earnings resilience. Our focus on structural cost optimisation has unlocked value and started to yield tangible results.
"Global pipeline opportunities remain robust – we are actively engaged across every major energy market and expect the momentum of FID to accelerate in subsequent quarters. We remain steadfast in our key strategic priorities, and are on track to achieve our FY2028 steady-state targets that will enhance total shareholder returns."
Seatrium said it has shifted from recovery to value creation, underpinned by sustained earnings growth, improving profitability and structural cost optimisation, reinforcing the resilience of its business model amid a volatile macroeconomic environment.
Seatrium's SG$13.3 billion (US$10.6 billion) net order book has transitioned to a higher-quality project mix, with over 95 per cent comprising series build projects and proportion of lower-margin legacy, non-FPSO projects reduced to around one per cent, providing greater execution certainty and supporting long-term margin expansion.
H1 2026 revenue grew 4.7 per cent to SG$5.6 billion (US$4.4 billion), up from SG$5.4 billion (US$4.2 billion) in H1 2025, underpinned by steady execution of the group's order book.
Gross margin improved to 8.6 per cent from 7.4 per cent in H1 2025. Key margin drivers include a growing mix of higher-margin projects; and reduced indirect overheads from improved productivity, strategic divestments and ongoing cost discipline.
H1 2026 gross operating profit, excluding divestment gains, rose 20 per cent to SG$479 million (US$373 million).
