Seatrium recorded a net order book of S$15.5 billion as of March 31, 2026, covering 24 projects with delivery schedules extending to 2033 [1, 2, 3, 4]. The company secured eight floating storage regasification unit (FSRU) conversion contracts from Turkish firm Karpowership during the quarter, including LNGT Karadeniz, the first of three projects under a prior letter of intent [1, 2, 3, 4].
During Q1 2026, Seatrium completed delivery of two legacy vessels: the trailing suction hopper dredger Frederick Paup to Manson Construction and the wind turbine installation vessel Maersk Viridis to Maersk Offshore Wind [2, 3, 4]. The firm also executed 46 vessel repairs and upgrades, covering one FSRU conversion, five liquefied natural gas carriers, seven cruise vessels, ten offshore vessels, and four naval vessels [2, 3].
Seatrium’s gross margin strengthened due to an improved project mix combined with lower overheads supported by completed divestments, rigorous risk management, productivity gains, and tight cost control, CEO Chris Ong said. "We continued to carry the momentum gained in FY2025 into the new financial year with steady project execution and margin improvements," he added [1, 2, 3].
The company maintained a strong balance sheet supported by a multi-currency debt issuance program worth S$4 billion established in April 2026. It issued initial bonds valued at S$400 million with a 2.95% coupon maturing in 2031 [1].
Seatrium estimates its project pipeline opportunities over the next 24 months at more than S$28 billion, spanning oil and gas, offshore wind, and conversion projects [1, 2, 3, 4]. Rising oil prices and Middle East geopolitical tensions have increased focus on energy security and transition themes, creating a supportive environment for offshore energy infrastructure investments, Ong said [1, 4]. He noted the heightened ambition around renewables, especially in Europe, driven by both energy security and transition considerations [4].
The company is pursuing new contract opportunities across South America, Africa, the Middle East, and offshore wind substations in Europe and Asia [4]. More than 95% of its net order book consists of series-build projects, which help improve margins and reduce execution risk [4]. Ong stated, "We've established our global leadership in complex conversion projects, which will position [us] well to capture these high-value projects." [4]
Seatrium will continue executing its active order book and pursue the robust project pipeline, with deliveries scheduled through 2033 [1, 2, 3, 4].
