- Disciplined project execution and divestment of non-core assets
- Decade-high net order book of S$23.2 billion(1); 27 projects with deliveries through to 2031
- Proposes dividend of 1.5 Singapore cents/share
Seatrium has posted a net profit of S$157 million for the financial year ended 31 December 2024 ('FY2024'), its first full-year profit since 2017, and a reversal from a net loss of S$2.0 billion for FY2023. FY2024 Underlying net profit was S$200 million, up from an underlying net loss of S$28 million for FY2023.
Revenue for FY2024 grew 27% to S$9.2 billion, up from S$7.3 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 S$627 million for FY2024 from S$236 million for FY2023.
Returning Value to Shareholders
In view of the Group’s return to profitability, Seatrium is proposing a dividend of 1.5 cents per share. This dividend reaffirms Seatrium’s continued focus on generating long-term sustainable growth, while maintaining a prudent approach to capital management.
The proposed dividend will be tabled for shareholders’ approval at the upcoming Annual General Meeting on 23 April 2025 and, if approved, will be paid to shareholders on 19 May 2025.
Mr Chris Ong, CEO of Seatrium, said, 'We are heartened to have turned the corner, thanks to the continued support of our customers and the hard work of the Seatrium team. In FY2024, we capitalised on industry tailwinds to secure new projects, culminating in a strong net order book. Our ability to deliver operational excellence is underpinned by the success of the One Seatrium Global Delivery Model, which has enabled us to scale our business successfully. We will continue to work towards building a profitable and resilient business to deliver sustainable value to all our stakeholders.'
Focus on Project Execution
Seatrium delivered seven projects in FY2024, including Singapore’s first newbuild membrane-type liquefied natural gas bunker vessel, Brassavola, jack-up 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.
Disciplined Capital Management Seatrium strengthened its balance sheet during the year, with active loan repayments and refinancing, including a three-year S$1.3 billion committed global syndicated bank guarantee facility. These, along with increased business activity, contributed to net current assets of S$554 million as at 31 December 2024, compared to S$55 million as at 31 December 2023. Net leverage ratio improved to 1.1 times as at 31 December 2024, compared to 3.2 times last year. Outlook The need to address energy security while transitioning towards cleaner energy globally is likely to present significant market opportunities, despite near-term geopolitical volatility. Seatrium’s focus on oil & gas and renewables solutions, as well as maritime upgrades, positions it favourably to capitalise on the energy market tailwinds, ultimately driving sustainable growth. Supported by a diversified portfolio and multi-pronged strategy, the Group is making good progress towards its 2028 financial targets.
Looking ahead, Seatrium will continue to seek profitable growth in oil & gas, offshore wind, repairs & upgrades and new energies. With a strong order win momentum in FY2024, the Group will stay focused on executing its robust order book, which underpins revenue and cashflow visibility over the next few years.
Source: Seatrium
