Seatrium Limited reported net profit of S$323.6 million for 2025. The figure represents a 106% increase from S$156.8 million in 2024.
Revenue rose 24% to S$11.5 billion from S$9.2 billion. The Oil & Gas and Offshore Wind segments drove the growth. Efficient execution of Petrobras P-Series FPSO and TenneT 2GW HVDC projects lifted performance.
Gross profit tripled to S$848 million from S$291 million. Gross margin improved to 7.4% from 3.1%. Better project mix, improved yard utilization, productivity gains and series build projects underpinned the margin expansion.
The net order book stood at S$17.8 billion as of December 31, 2025. The book comprises 24 projects providing revenue visibility through 2033. Renewables and cleaner solutions account for about 40% of the order book.
Seatrium is pursuing S$32 billion in pipeline deals over the next 24 months. Opportunities span Oil & Gas, Offshore Wind and conversion projects. South America and the Middle East and Africa show robust Oil & Gas opportunities. Europe continues to drive Offshore Wind demand.
Net operating cash generated increased 46% to S$142 million. Free cash flow was positive at S$145 million. The net leverage ratio improved to 0.8x. The company maintains S$3.1 billion in cash and undrawn committed facilities.
Seatrium expects over S$50 million in annualized cost savings from strategic divestments completing by first half 2026. Total annualized cost savings should reach over S$100 million by 2028.
The Board proposed a final dividend of 3.0 cents per share for 2025. The figure doubles from 1.5 cents per share for 2024. The Board also proposed to renew the share buyback mandate of up to 2% of issued shares. The company will continue its S$100 million share buyback program launched in May 2024.
CEO Chris Ong said the results validate transformation efforts to strengthen fundamentals. The company is progressing steadily to deliver FY2028 steady-state targets.
