SEATRIUM LIMITED Registration Number: 196300098Z CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2025 & RELATED ANNOUNCEMENT TABLE OF CONTENTS
  1. Condensed interim consolidated income statement 1
  2. Condensed interim consolidated statement of 2 comprehensive income
  3. Condensed interim balance sheets 3
  4. Condensed interim statements of changes in equity 4
  5. Condensed interim consolidated statement of cash flows 6
  6. Notes to the condensed interim financial statements 7
  7. Other information required by Listing Rule Appendix 7.2 23


SEATRIUM LIMITED

Registration Number: 196300098Z

UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2025

  1. CONDENSED INTERIM CONSOLIDATED INCOME STATEMENT

    Group




    Note

    1H 2025

    $'000

    1H 2024

    $'000

    + / (-)

    %

    Revenue

    3

    5,367,254

    4,014,744

    33.7

    Cost of sales

    4

    (4,972,130)

    (3,867,402)

    28.6

    Gross profit

    395,124

    147,342

    n.m.



    Other operating income, net

    5

    3,926

    137,279

    (97.1)

    General and administrative expenses

    6

    (160,142)

    (170,023)

    (5.8)

    Operating profit

    238,908

    114,598

    n.m.

    Finance income

    7

    36,354

    76,102

    (52.2)

    Finance costs

    7

    (90,209)

    (132,524)

    (31.9)

    Non-operating item

    8

    14,046

    -

    n.m.

    Share of results of associates and joint ventures, net of tax

    (1,948)

    14,713

    n.m.

    Profit before tax

    197,151

    72,889

    n.m.

    Tax expense

    10

    (55,596)

    (38,152)

    45.7

    Profit for the period

    141,555

    34,737

    n.m.



    Profit attributable to:

    Owners of the Company

    144,368

    35,972

    n.m.

    Non-controlling interests

    (2,813)

    (1,235)

    n.m.

    Profit for the period

    141,555

    34,737

    n.m.

    Earnings per ordinary share (cents

    )

    Basic

    12

    4.26

    1.05

    n.m.

    Diluted

    4.23

    1.05

    n.m.

    n.m.: not meaningful

  2. CONDENSED INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

    Group




    1H 2025

    $'000

    1H 2024

    $'000

    + / (-)

    %

    Profit for the period

    141,555

    34,737

    n.m.

    Other comprehensive income

    Items that may be reclassified subsequently to profit or loss:

    Foreign currency translation differences for foreign operations

    22,063

    (10,878)

    n.m.

    Net change in fair value of cash flow hedges

    142,920

    (66,848)

    n.m.

    Net change in fair value of cash flow hedges transferred to profit or loss

    (49,587)

    5,733

    n.m.

    115,396

    (71,993)

    n.m.

    Items that may not be reclassified subsequently to profit or loss:

    Net change in fair value of equity investments at fair value through other comprehensive income (FVOCI)

    3,222

    2,265

    42.3

    Other comprehensive income for the period, net of tax

    118,618

    (69,728)

    n.m.

    Total comprehensive income for the period

    260,173

    (34,991)

    n.m.

    Total comprehensive income attributable to:

    Owners of the Company

    260,431

    (31,483)

    n.m.

    Non-controlling interests

    (258)

    (3,508)

    (92.6)

    Total comprehensive income for the period

    260,173

    (34,991)

    n.m.

  3. CONDENSED INTERIM BALANCE SHEETS

    Group Company




    Non-current assets

    Note

    As at

    30-Jun-2025

    $'000



    As at

    31-Dec-2024

    $'000



    As at

    30-Jun-2025

    $'000



    As at

    31-Dec-2024

    $'000



    Property, plant and equipment

    13

    3,888,318

    3,923,175

    186

    253

    Right-of-use assets

    13

    505,420

    539,658

    -

    -

    Investment properties

    -

    -

    216

    862

    Investments in subsidiaries

    14

    -

    -

    9,642,684

    8,959,228

    Interests in associates and joint ventures

    189,431

    191,956

    -

    -

    Other financial assets

    65,352

    42,329

    -

    -

    Trade and other receivables

    219,191

    319,287

    479,466

    -

    Intangible assets

    4,027,359

    4,076,069

    133

    133

    Deferred tax assets

    198,255

    251,835

    -

    -

    9,093,326

    9,344,309

    10,122,685

    8,960,476

    Current assets

    Inventories

    176,074

    232,350

    -

    -

    Trade and other receivables

    1,731,689

    2,410,452

    392,162

    1,607,175

    Contract costs

    70

    1,587

    -

    -

    Contract assets

    4,797,066

    3,528,985

    -

    -

    Tax recoverable

    43,667

    8,117

    -

    -

    Assets held for sale

    -

    227

    -

    227

    Other financial assets

    97,149

    15,756

    -

    -

    Cash and cash equivalents

    1,547,724

    1,941,555

    7,640

    26,879



    8,393,439

    8,139,029

    399,802

    1,634,281

    Total assets

    17,486,765

    17,483,338

    10,522,487

    10,594,757

    Current liabilities

    Trade and other payables

    5,728,206

    4,726,832

    177,234

    187,894

    Contract liabilities

    975,513

    1,635,097

    -

    -

    Provisions

    595,395

    745,218

    56,413

    82,790

    Other financial liabilities

    21,704

    111,603

    -

    -

    Current tax payable

    90,020

    65,606

    14,850

    12,167

    Interest-bearing borrowings

    16

    406,645

    257,477

    -

    -

    Lease liabilities

    43,236

    43,358

    -

    -

    7,860,719

    7,585,191

    248,497

    282,851

    Net current assets

    532,720

    553,838

    151,305

    1,351,430

    Non-current liabilities

    Deferred tax liabilities

    60,631

    68,706

    31

    38

    Provisions

    588,487

    588,283

    -

    -

    Other financial liabilities

    35,720

    80,566

    -

    -

    Interest-bearing borrowings

    16

    1,958,392

    2,373,627

    -

    -

    Lease liabilities

    432,242

    444,878

    -

    -

    Other long-term payables

    1,388

    1,290

    -

    -

    3,076,860

    3,557,350

    31

    38

    Total liabilities

    10,937,579

    11,142,541

    248,528

    282,889

    Net assets

    6,549,186

    6,340,797

    10,273,959

    10,311,868

    Equity attributable to owners of the

    Company

    Share capital

    17

    8,753,920

    8,753,920

    8,753,920

    8,753,920

    Other reserves

    (157,330)

    (271,506)

    (56,135)

    (55,327)

    Revenue reserve

    (2,050,239)

    (2,144,902)

    1,576,174

    1,613,275

    6,546,351

    6,337,512

    10,273,959

    10,311,868

    Non-controlling interests

    2,835

    3,285

    -

    -

    Total equity

    6,549,186

    6,340,797

    10,273,959

    10,311,868

  4. CONDENSED INTERIM STATEMENTS OF CHANGES IN EQUITY

    1. Statements of Changes in Equity of the Group

      Attributable to owners of the Company

      Reserve

      Currency

      Share-based

      Non-

      Share

      for own

      Capital

      translation

      payments

      Hedging

      Fair value

      Revenue

      controlling

      Total

      capital

      shares

      reserves

      reserve

      reserve

      reserve

      reserve

      reserve

      Total

      interests

      equity

      1H 2025

      $'000

      $'000

      $'000

      $'000

      $'000

      $'000

      $'000

      $'000

      $'000

      $'000

      $'000

      At 1 January 2025

      8,753,920

      (45,895)

      1,729

      (87,940)

      (12,480)

      (130,422)

      3,502

      (2,144,902)

      6,337,512

      3,285

      6,340,797

      Total comprehensive income

      Profit/(loss) for the period

      -

      -

      -

      -

      -

      -

      -

      144,368

      144,368

      (2,813)

      141,555

      Other comprehensive income

      Foreign currency translation

      differences for foreign operations

      -

      -

      -

      19,508

      -

      -

      -

      -

      19,508

      2,555

      22,063

      Net change in fair value of cash flow hedges

      -

      -

      -

      -

      -

      142,920

      -

      -

      142,920

      -

      142,920

      Net change in fair value of cash

      flow hedges transferred to

      profit or loss

      -

      -

      -

      -

      -

      (49,587)

      -

      -

      (49,587)

      -

      (49,587)

      Net changes in fair value of equity investment at FVOCI

      -

      -

      -

      -

      -

      -

      3,222

      -

      3,222

      -

      3,222

      Realisation of reserve upon

      disposal of other financial asset

      -

      -

      -

      -

      -

      -

      (1,079)

      1,079

      -

      -

      -

      Total other comprehensive income

      -

      -

      -

      19,508

      -

      93,333

      2,143

      1,079

      116,063

      2,555

      118,618

      Total comprehensive income - - - 19,508 - 93,333 2,143 145,447 260,431 (258) 260,173 Transactions with owners of the

      Company, recognised directly in equity

      Purchase of treasury shares

      -

      (14,728)

      -

      -

      -

      -

      -

      -

      (14,728)

      -

      (14,728)

      Issue of treasury shares

      -

      13,988

      -

      -

      (13,166)

      -

      -

      -

      822

      -

      822

      Share-based payments

      -

      -

      -

      -

      13,098

      -

      -

      -

      13,098

      -

      13,098

      Dividends paid at $0.015 per share

      -

      -

      -

      -

      -

      -

      -

      (50,784)

      (50,784)

      (192)

      (50,976)

      Total transactions with owners

      -

      (740)

      -

      -

      (68)

      -

      -

      (50,784)

      (51,592)

      (192)

      (51,784)

      At 30 June 2025

      8,753,920

      (46,635)

      1,729

      (68,432)

      (12,548)

      (37,089)

      5,645

      (2,050,239)

      6,546,351

      2,835

      6,549,186

      1H 2024

      At 1 January 2024

      8,753,920

      (2,693)

      (2,041)

      (37,217)

      (25,995)

      11,279

      (2,246)

      (2,300,381)

      6,394,626

      20,936

      6,415,562

      Total comprehensive income

      Profit/(loss) for the period

      -

      -

      -

      -

      -

      -

      -

      35,972

      35,972

      (1,235)

      34,737

      Other comprehensive income

      Foreign currency translation

      differences for foreign operations

      -

      -

      -

      (8,605)

      -

      -

      -

      -

      (8,605)

      (2,273)

      (10,878)

      Net change in fair value of cash flow hedges

      -

      -

      -

      -

      -

      (66,848)

      -

      -

      (66,848)

      -

      (66,848)

      Net change in fair value of cash

      flow hedges transferred to profit or loss

      -

      -

      -

      -

      -

      5,733

      -

      -

      5,733

      -

      5,733

      Net changes in fair value of equity investment at FVOCI

      -

      -

      -

      -

      -

      -

      2,265

      -

      2,265

      -

      2,265

      Total other comprehensive income

      -

      -

      -

      (8,605)

      -

      (61,115)

      2,265

      -

      (67,455)

      (2,273)

      (69,728)

      Total comprehensive income - - - (8,605) - (61,115) 2,265 35,972 (31,483) (3,508) (34,991)

      Transactions with owners of the Company, recognised directly in equity

      Purchase of treasury shares

      -

      (7,662)

      -

      -

      -

      -

      -

      -

      (7,662)

      -

      (7,662)

      Issue of treasury shares

      -

      274

      -

      -

      -

      -

      -

      -

      274

      -

      274

      Share-based payments

      -

      -

      -

      -

      1,931

      -

      -

      -

      1,931

      -

      1,931

      Total transactions with owners

      -

      (7,388)

      -

      -

      1,931

      -

      -

      -

      (5,457)

      -

      (5,457)

      At 30 June 2024

      8,753,920

      (10,081)

      (2,041)

      (45,822)

      (24,064)

      (49,836)

      19

      (2,264,409)

      6,357,686

      17,428

      6,375,114

      1. CONDENSED INTERIM STATEMENTS OF CHANGES IN EQUITY (Cont'd)

        Share capital

        Reserve for own shares

        Capital reserves

        Share-based payments

        reserve

        Revenue reserve

        Total equity

        1H 2025

        $'000

        $'000

        $'000

        $'000

        $'000

        $'000

        At 1 January 2025 8,753,920

        (45,895)

        960

        (10,392)

        1,613,275

        10,311,868

        Total comprehensive income

        Profit for the period -

        Other comprehensive income

        -

        -

        -

        13,683

        13,683

        Total other comprehensive income -

        -

        -

        -

        -

        -

        Total comprehensive income -

        -

        -

        -

        13,683

        13,683

        directly in equity

        Purchase of treasury shares -

        (14,728)

        -

        -

        -

        (14,728)

        Issue of treasury shares -

        13,988

        -

        (13,166)

        -

        822

        Share-based payments -

        -

        -

        1,592

        -

        1,592

        subsidiaries -

        -

        -

        11,506

        -

        11,506

        Dividends paid at $0.015 per share -

        -

        -

        -

        (50,784)

        (50,784)

        Total transactions with owners -

        (740)

        -

        (68)

        (50,784)

        (51,592)

        At 30 June 2025 8,753,920

        (46,635)

        960

        (10,460)

        1,576,174

        10,273,959

    2. Statements of Changes in Equity of the Company

Transactions with owners of the Company, recognised

Cost of share-based payment issued to employees of

1H 2024

At 1 January 2024

8,753,920

(2,693)

960

(23,907)

1,504,514

10,232,794

Total comprehensive income

Profit for the period

-

-

-

-

38,763

38,763

Other comprehensive income

Total other comprehensive income

-

-

-

-

-

-

Total comprehensive income

-

-

-

-

38,763

38,763

Transactions with owners of the Company, recognised

directly in equity

Purchase of treasury shares

- (7,662)

-

-

-

(7,662)

Issue of treasury shares

- 274

-

-

-

274

Share-based payments

- -

-

238

-

238

Cost of share-based payment issued to employees of

subsidiaries

- -

-

1,693

-

1,693

Total transactions with owners

- (7,388)

-

1,931

-

(5,457)

At 30 June 2024

8,753,920 (10,081)

960

(21,976)

1,543,277

10,266,100

  1. CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS

    Cash flows from operating activities:

    Profit for the period Adjustments for:

    Finance income Finance costs

    Depreciation of property, plant and equipment, and right-of-use assets Amortisation of intangible assets

    Share of results of associates and joint ventures, net of tax Gain on disposal of property, plant and equipment, net Loss/(gain) on termination of lease liabilities

    Gain on disposal of assets held for sale Changes in fair value of financial instruments Share-based payment expenses

    Provision for onerous contracts, net Write-back of provision for legal claim

    Write-back of provision for restoration costs, net Property, plant and equipment written off

    (Write-back)/write-down of inventories, net

    (Write-back of) impairment losses on trade receivables and contract assets, net Tax expense

    Operating profit before working capital changes

    Changes in:

    Inventories Contract costs Contract assets Contract liabilities

    Trade and other receivables Trade and other payables

    Cash generated from/(used in) operations Provisions utilised

    Interest income received Interest paid

    Tax paid

    Group 1H 2025 1H 2024 $'000 $'000

    141,555

    (36,354)

    90,209

    120,624

    48,769

    1,948

    (3,115)

    2

    (3,666)

    (62,409)

    13,098

    42,829

    (14,046)

    (157)

    45

    (1,376)

    (536)

    55,596

    393,016

    57,652

    1,517

    (1,268,081)

    (659,584)

    781,570

    961,787

    267,877

    (189,048)

    34,178

    (76,235)

    (36,790)

    34,737

    (76,102)

    132,524

    139,362

    54,667

    (14,713)

    (34,774)

    (1,747)

    (307)

    (10,545)

    1,931

    69,935

    -

    -154

    2,225

    13,149

    38,152

    348,648

    (28,075)

    (37,888)

    (1,530,435)

    940,746

    (1,094,625)

    610,651

    (790,978)

    (163,987)

    36,428

    (98,262)

    (17,710)

    Net cash used in operating activities (18) (1,034,509)

    Cash flows from investing activities:

    (67,947)

    59,604

    3,188

    (505)

    (359)

    23,497

    1,902

    647

    (105)

(31,846)

14,997

3,893

(58)

-1,527

2,433

3,903

(283)

Purchase of property, plant and equipment Proceeds from sale of property, plant and equipment Proceeds from disposal of assets held for sale Purchase of intangible assets

Acquisition of a subsidiary, net of cash acquired Dividends received

Proceeds from capital reduction of associate Distribution from other investments Purchase of other investments

Net cash (used in)/generated from investing activities (5,434) 19,922

1,538,003

(1,130,952)

(7,662)

(23,137)

-

-

150,000

(387,004)

(14,728)

(18,513)

(50,784)

(192)

Cash flows from financing activities:

Proceeds from borrowings Repayment of borrowings Purchase of treasury shares Payment of lease liabilities

Dividends paid to owners of the Company

Dividends paid to non-controlling interests of subsidiaries

Net cash (used in)/generated from financing activities (321,221) 376,252

Net decrease in cash and cash equivalents (326,673) (638,335)

Cash and cash equivalents at beginning of the period 1,941,555 2,270,240 Effect of exchange rate changes on balances held in foreign currencies (67,158) 5,874 Cash and cash equivalents at end of the period1,547,724 1,637,779

  1. NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

    1. Domicile and activities

      Seatrium Limited is a company incorporated in the Republic of Singapore and has its registered office at 80 Tuas South Boulevard, Singapore 637051, and whose shares are publicly traded on the Mainboard of the Singapore Exchange. These condensed interim financial statements as at and for the period ended 30 June 2025 comprise the Company and its subsidiaries (together referred to as the "Group") and the Group's interests in associates and joint ventures.

      The principal activities of the Company are investment holding and the provision of management services. The principal activities of the Group are the provision of innovative engineering solutions to the global offshore, marine and energy industries.

    2. Basis of preparation
      1. Going concern basis of accounting

        The condensed interim financial statements have been prepared on a going concern basis, which assumes that the Group will be able to meet its debt obligations as and when they fall due within the next twelve months.

        As at 30 June 2025, the Group recorded net current assets of $532,720,000 (31 December 2024: $553,838,000).

        With more than $3.5 billion of cash and undrawn credit facilities available on aggregated basis, the Group has adequate liquidity to settle current borrowings as they fall due.

        The continuing use of going concern assumption in the preparation of the financial statements is appropriate.

      2. Statement of compliance

        The condensed interim financial statements are prepared in accordance with Singapore Financial Reporting Standards (International) (SFRS(I)s) and International Financial Reporting Standards (IFRSs). SFRS(I)s are issued by the Accounting Standards Council, which comprise standards and interpretations that are equivalent to IFRSs issued by the International Accounting Standards Board. All references to SFRS(I)s and IFRSs are subsequently referred to as SFRS(I)s in these condensed interim financial statements unless otherwise specified.

        The condensed interim financial statements for the six months ended 30 June 2025 have been prepared in accordance with SFRS(I) 1-34 Interim Financial Reporting. The condensed interim financial statements do not include all the information required for a complete set of financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance of the Group since the last annual financial statements for the year ended 31 December 2024.

        Except as disclosed in Note 2.3 below, the Group has applied the same accounting policies and methods of computation in the preparation of the financial statements for the current period as the most recent audited financial statements for the year ended, and as at, 31 December 2024.

        The condensed interim financial statements are presented in Singapore dollars which is the Company's functional currency. All financial information presented in Singapore dollars has been rounded to the nearest thousand ($'000), unless otherwise stated.

        2. Basis of preparation (Cont'd)
      3. New and amended standards

        The Group has applied the following SFRS(I)s, amendments to and interpretations of SFRS(I) for the first time for the annual period beginning on 1 January 2025:

        - Amendments to SFRS (I) 1-21: Lack of Exchangeability

        The adoption of the above standards does not have any significant impact on the financial statements.

      4. Use of estimates and judgements

        In preparing the condensed interim financial statements, management has made judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

        The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those described in the last annual financial statements as at and for the year ended 31 December 2024.

    3. Segment and revenue information

      The Group has two reportable segments. They are: (i) rigs & floaters, repairs & upgrades, offshore platforms and specialised shipbuilding; and (ii) ship chartering. The business units are managed separately because of their different business activities. The results of all projects related to shipbuilding and repairs are reviewed as a whole and form the basis for resource allocation decisions of the shipyard activities.

      Inter-segment sales and transfers are carried out on an arm's length basis. Segment assets consist primarily of property, plant and equipment, intangible assets, current assets and exclude inter-segment balances. Segment liabilities comprise mainly operating liabilities and exclude inter-segment balances. Performance is measured based on segment profit before tax, as included in the internal management reports that are reviewed by the Chief Operating Decision Maker, which is defined to be the Group's CEO and senior leadership team. Segment profit is used to measure performance as management believes that such information is the most relevant in evaluating the results of certain segments relative to other entities that operate within these industries.

      Other ancillary operations include bulk trading in marine engineering related products, provision of harbour tug services to port users, collection and treatment of used copper slag, and the processing and distribution of copper slag for blast cleaning purposes.

      The Group operates in 21 (31 December 2024: 21) countries with its principal operation in the Republic of Singapore. In presenting information on the basis of geographical segments, segment revenue is based on the geographical location of customers. Segment assets are based on the geographical location of the assets.

      3. Segment and revenue information (Cont'd)

      3.1. Operating segments

      (i) Business segments

      Rigs &

      floaters,

      Repairs &

      upgrades,

      Offshore

      platforms and

      Specialised

      Ship

      shipbuilding

      chartering

      Others

      Elimination

      Total

      $'000

      $'000

      $'000

      $'000

      $'000

      1H 2025

      Revenue

      Sales to external parties

      5,336,978

      29,146

      1,130

      -

      5,367,254

      Inter-segment sales

      (2,116)

      13,871

      -

      (11,755)

      -

      Total

      5,334,862

      43,017

      1,130

      (11,755)

      5,367,254

      Results

      Segment results

      210,009

      7,640

      21,259

      -

      238,908

      Finance income

      24,044

      8

      108,697

      (96,395)

      36,354

      Finance costs

      (110,555)

      (911)

      (75,138)

      96,395

      (90,209)

      Non-operating item

      14,046

      -

      -

      -

      14,046

      Share of results of associates and joint ventures,

      net of tax

      145

      -

      (2,093)

      -

      (1,948)

      Profit before tax

      137,689

      6,737

      52,725

      -

      197,151

      Tax expense

      (47,790)

      (695)

      (7,111)

      -

      (55,596)

      Profit for the period

      89,899

      6,042

      45,614

      -

      141,555

      Capital expenditure

      31,904

      -

      -

      -

      31,904

      Significant non-cash items

      Depreciation and amortisation

      162,115

      6,759

      519

      -

      169,393

      Changes in fair value of financial instruments

      (21,075)

      -

      (41,334)

      -

      (62,409)

      Provision for onerous contracts, net

      42,829

      -

      -

      -

      42,829

      Write-back of provision for legal claim

      (14,046)

      -

      -

      -

      (14,046)

      Write-back of provision for restoration costs, net

      (157)

      -

      -

      -

      (157)

      Property, plant and equipment written off

      45

      -

      -

      -

      45

      Write-back of inventories, net

      (1,376)

      -

      -

      -

      (1,376)

      Write-back of impairment losses on trade receivables and contract assets, net

      (536)

      -

      -

      -

      (536)

      As at 30-Jun-2025

      Assets

      Segment assets

      15,975,064

      212,692

      5,265,190

      (4,397,534)

      17,055,412

      Interests in associates and joint ventures

      9,875

      -

      179,556

      -

      189,431

      Deferred tax assets

      193,833

      2,380

      2,042

      -

      198,255

      Tax recoverable

      43,667

      -

      -

      -

      43,667

      Total assets

      16,222,439

      215,072

      5,446,788

      (4,397,534)

      17,486,765

      Liabilities

      Segment liabilities

      12,228,601

      73,203

      2,882,658

      (4,397,534)

      10,786,928

      Deferred tax liabilities

      60,631

      -

      -

      -

      60,631

      Current tax payable

      62,550

      2,796

      24,674

      -

      90,020

      Total liabilities

      12,351,782

      75,999

      2,907,332

      (4,397,534)

      10,937,579

      3. Segment and revenue information (Cont'd)

      3.1. Operating segments (Cont'd)

      (i) Business segments (Cont'd)

      Rigs &

      floaters,

      Repairs &

      upgrades,

      Offshore

      platforms and

      Specialised

      Ship

      shipbuilding

      chartering

      Others

      Elimination

      Total

      $'000

      $'000

      $'000

      $'000

      $'000

      1H 2024

      Revenue

      Sales to external parties

      3,999,473

      14,680

      591

      -

      4,014,744

      Inter-segment sales

      -

      -

      730

      (730)

      -

      Total

      3,999,473

      14,680

      1,321

      (730)

      4,014,744

      Results

      Segment results

      97,719

      (4,048)

      20,927

      -

      114,598

      Finance income

      105,494

      32

      94,669

      (124,093)

      76,102

      Finance costs

      (144,176)

      (1,255)

      (111,186)

      124,093

      (132,524)

      Share of results of associates and joint ventures,

      net of tax

      268

      -

      14,445

      -

      14,713

      Profit/(loss) before tax

      59,305

      (5,271)

      18,855

      -

      72,889

      Tax expense

      (33,015)

      (2,322)

      (2,815)

      -

      (38,152)

      Profit/(loss) for the period

      26,290

      (7,593)

      16,040

      -

      34,737

      Capital expenditure

      65,792

      2,921

      -

      -

      68,713

      Significant non-cash items

      Depreciation and amortisation

      184,352

      8,268

      1,409

      -

      194,029

      Changes in fair value of financial instruments

      (2,046)

      -

      (8,499)

      -

      (10,545)

      Provision for onerous contracts, net

      69,935

      -

      -

      -

      69,935

      Property, plant and equipment written off

      154

      -

      -

      -

      154

      Write-down of inventories, net

      2,222

      -

      3

      -

      2,225

      Impairment losses on trade receivables and contract assets, net

      12,278

      -

      871

      -

      13,149

      As at 31-Dec-2024

      Assets

      Segment assets

      17,024,282

      255,700

      5,662,779

      (5,911,331)

      17,031,430

      Interests in associates and joint ventures

      10,288

      -

      181,668

      -

      191,956

      Deferred tax assets

      248,385

      2,394

      1,056

      -

      251,835

      Tax recoverable

      8,117

      -

      -

      -

      8,117

      Total assets

      17,291,072

      258,094

      5,845,503

      (5,911,331)

      17,483,338

      Liabilities

      Segment liabilities

      12,656,623

      89,562

      4,173,375

      (5,911,331)

      11,008,229

      Deferred tax liabilities

      68,706

      -

      -

      -

      68,706

      Current tax payable

      45,949

      2,115

      17,542

      -

      65,606

      Total liabilities

      12,771,278

      91,677

      4,190,917

      (5,911,331)

      11,142,541

      3. Segment and revenue information (Cont'd)

      3.1. Operating segments (Cont'd)

      (ii) Geographical segments

      Revenue

      from

      external customers

      Capital expenditure

      Non-current assets (1)

      Total assets

      As at

      As at

      1H 2025

      $'000

      1H 2025

      $'000

      30-Jun-2025

      $'000

      30-Jun-2025

      $'000

      Singapore

      130,040

      12,559

      6,999,641

      14,190,546

      Rest of Asia, Australia & India

      339,660

      5,208

      287,728

      696,324

      Rest of Middle East & Africa

      112,346

      8

      11,466

      52,977

      United Kingdom

      29,957

      3

      3,719

      56,347

      Norway

      39,534

      18

      116,217

      127,385

      The Netherlands

      867,240

      -

      49,364

      78,860

      Rest of Europe

      250,495

      53

      268

      2,461

      Brazil

      3,177,798

      14,042

      1,322,515

      2,134,271

      U.S.A.

      411,583

      13

      38,237

      147,011

      Other countries

      8,601

      -

      519

      583

      Total

      5,367,254

      31,904

      8,829,674

      17,486,765

      As at

      As at

      1H 2024

      1H 2024

      31-Dec-2024

      31-Dec-2024

      $'000

      $'000

      $'000

      $'000

      Singapore

      247,849

      48,321

      7,412,563

      14,339,719

      Rest of Asia, Australia & India

      319,627

      2,517

      90,764

      546,835

      Rest of Middle East & Africa

      46,175

      4

      11,643

      50,373

      United Kingdom

      84,739

      9

      3,709

      50,491

      Norway

      34,679

      77

      110,682

      121,096

      The Netherlands

      183,299

      2,921

      90,948

      121,342

      Rest of Europe

      240,726

      165

      221

      2,679

      Brazil

      2,291,471

      14,217

      1,286,107

      2,114,837

      U.S.A.

      562,692

      482

      42,907

      135,246

      Other countries

      3,487

      -

      559

      720

      Total

      4,014,744

      68,713

      9,050,103

      17,483,338

      (1)Non-current assets presented consist of property, plant and equipment, right-of-use assets, investments in associates and joint ventures, trade and other receivables and intangible assets.

      3. Segment and revenue information (Cont'd)

      3.2. Disaggregation of revenue

      Rigs & floaters,

      Repairs &

      upgrades,

      Offshore

      platforms and

      Specialised

      shipbuilding

      Ship chartering

      Others

      Elimination

      Total

      $'000

      $'000

      $'000

      $'000

      $'000

      1H 2025

      Revenue

      Sales to external parties 5,336,978

      29,146

      1,130

      -

      5,367,254

      Inter-segment sales (2,116)

      13,871

      -

      (11,755)

      -

      Total 5,334,862

      43,017

      1,130

      (11,755)

      5,367,254

      Major product and service lines

      Ship and rig building or

      conversion 3,583,405

      -

      -

      -

      3,583,405

      Repair, maintenance and related

      services

      432,528

      -

      -

      -

      432,528

      Offshore platforms

      1,168,052

      -

      -

      -

      1,168,052

      Specialised shipbuilding

      46,556

      -

      -

      -

      46,556

      Charter hire

      -

      29,146

      -

      -

      29,146

      Sale of goods

      -

      -

      1,130

      -

      1,130

      Others

      106,437

      -

      -

      -

      106,437

      Total

      5,336,978

      29,146

      1,130

      -

      5,367,254

      Timing of revenue recognition

      Control transferred over time

      5,283,135

      29,146

      -

      -

      5,312,281

      Control transferred at a point in

      time

      53,843

      -

      1,130

      -

      54,973

      Total

      5,336,978

      29,146

      1,130

      -

      5,367,254

      1H 2024

      Revenue

      Sales to external parties

      3,999,473

      14,680

      591

      -

      4,014,744

      Inter-segment sales

      -

      -

      730

      (730)

      -

      Total

      3,999,473

      14,680

      1,321

      (730)

      4,014,744

      Major product and service lines

      Ship and rig building or

      conversion

      2,800,067

      -

      -

      -

      2,800,067

      Repair, maintenance and related

      services

      517,127

      -

      -

      -

      517,127

      Offshore platforms

      616,259

      -

      -

      -

      616,259

      Specialised shipbuilding

      18,976

      -

      -

      -

      18,976

      Charter hire

      -

      14,680

      -

      -

      14,680

      Sale of goods

      -

      -

      591

      -

      591

      Others

      47,044

      -

      -

      -

      47,044

      Total

      3,999,473

      14,680

      591

      -

      4,014,744

      Timing of revenue recognition

      Control transferred over time

      3,972,556

      14,680

      -

      -

      3,987,236

      Control transferred at a point in

      time

      26,917

      -

      591

      -

      27,508

      Total

      3,999,473

      14,680

      591

      -

      4,014,744

    4. Cost of sales

      Group

      1H 2025 1H 2024

      $'000 $'000

      Cost of sales

      (4,972,130) (3,867,402)

      Included in cost of sales:

      Depreciation and amortisation

      (163,365) (181,393)

      Write-back/(write-down) of inventories, net

      1,376 (2,225)

      Property, plant and equipment written off

      (14) (73)

    5. Other operating income, net

      Note

      Group

      1H 2025 1H 2024

      $'000 $'000

      Included in other operating income, net:

      Changes in fair value of financial instruments (i)

      Foreign currency exchange (loss)/gain, net (ii)

      Gain on disposal of property, plant and equipment, net (iii) Write-back of provision for restoration costs, net

      Gain on disposal of assets held for sale (iv)

      Other income (v)

      Other expenses

      62,409 10,545

      (90,233) 2,451

      3,115 34,774

      157 -

      3,666 307

      26,157 89,711

      (1,345) (509)

      3,926 137,279

      1. Changes in fair value of financial instruments were mainly due to mark-to-market adjustments of foreign currency forward contracts used for managing the Group's foreign currency exposures.

      2. Foreign currency exchange loss in 1H 2025 and foreign exchange gain in 1H 2024 were mainly due to revaluation of assets and liabilities denominated in United States dollar to Singapore dollar.

      3. The gain on disposal of property, plant and equipment in 1H 2025 and 1H 2024 was mainly from sale of non-core assets.

      4. The gain in 1H 2025 arose from the sale of investment properties, while the gain in 1H 2024 was from the sale of a marine vessel.

      5. Other income in 1H 2025 dropped due to less miscellaneous income and scrap sale. The higher other income in 1H 2024 was mainly due to settlement of certain obligations and claims.

    6. General and administrative expenses

      Group

      1H 2025 1H 2024

      $'000 $'000

      General and administrative expenses

      (160,142)

      (170,023)

      Included in general and administrative expenses:

      Depreciation and amortisation

      (6,028)

      (12,636)

      Write-back of (impairment losses) on trade receivables and contract assets, net

      536

      (13,149)

      Property, plant and equipment written off

      (31)

      (81)

    7. Finance income and finance costs

      Note

      Group

      1H 2025 1H 2024

      $'000 $'000

      Finance income

      (i)

      36,354

      76,102

      Finance costs

      (ii)

      (90,209)

      (132,524)

      (53,855)

      (56,422)

      Included in finance income/(costs):

      Interest income

      36,353

      55,584

      Dividend income from debt and equity investments

      1

      20,518

      Interest paid and payable to bank and note holders

      (59,773)

      (95,703)

      Amortisation of loans transaction costs

      (7,113)

      (10,569)

      Unwinding of discount on site restoration costs

      (9,688)

      (11,149)

      Interest expense on lease liabilities

      (13,635)

      (15,103)

      (53,855)

      (56,422)

      1. Lower finance income in 1H 2025 was mainly due to less interest income from a customer on deferred payment arrangement and reduced dividend income.

      2. Lower finance costs in 1H 2025 was mainly due to reduced interest expense from borrowings.

    8. Non-operating item

      Group

      1H 2025 1H 2024

      $'000 $'000

      Write-back of provision for legal claim

      14,046 -

      In February 2024, the Company reached in-principle settlement agreements with the Brazilian authorities in relation to the Car Wash investigations where the Company agreed in principle to a settlement payment totalling BRL670,699,731.73.

      In March 2024, the Company agreed to enter into a deferred prosecution agreement (the "DPA") with the Singaporean authorities.

      For the financial year ended 31 December 2023 ("FY2023"), the Company made provisions of S$182,430,000 and S$76,500,000 for the Brazilian in-principle settlement and the financial penalty to the Singapore authorities respectively. For the financial year ended 31 December 2024 ("FY2024") the Company maintained the same level of provisions.

      In June 2024, the Monetary Authority of Singapore ("MAS") and the Commercial Affairs Department ("CAD") informed that they were conducting a joint investigation into offences potentially committed by the former Sembcorp Marine Ltd ("SCM") and/or its officers in connection with Operation Car Wash.

      On 30 July 2025, the Company signed a leniency agreement with the Public Prosecutor's Office in Brazil (the "MPF") in relation to the Operation Car Wash investigations. The Company expects to sign an equivalent leniency agreement with the Brazilian Attorney-General's Office (the "AGU") and the Comptroller General of the Union ("CGU") in the next few days. Under the terms of the leniency agreements with MPF and AGU/CGU, the Company will make a final settlement payment totalling BRL728,933,258.58(1)(equivalent to approximately S$168,384,000) on the due date for payment.

      On 30 July 2025, the Company also finalised and signed the DPA with the Singapore authorities. The DPA is subject to the approval of the General Division of the High Court in Singapore. Under the terms of the DPA, the Company is required to pay a financial penalty of US$110,000,000. The Attorney-General's Chambers ("AGC") has agreed for up to a maximum of US$53,000,000 of the payments to be made by the Company to the Brazilian authorities to be credited against the financial penalty. Accordingly, the amount payable by the Company to the Singapore authorities under the DPA will be US$57,000,000 (equivalent to approximately S$73,302,000(2)).

      In addition, MAS and CAD have informed the Company that they have concluded their joint investigations into potential offences under the Securities and Futures Act 2001, the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992, and all previous versions of the said Acts and no action will be taken against the Company and/or its officers.

      1. Non-operating item (Cont'd)

        For the financial period ended 30 June 2025, the Company has reversed a provision of S$14,046,000, following the finalised agreements with the Brazilian and Singapore authorities to take into account the finalised settlement payment and financial penalty, current exchange rates and other expenses.

        (1)On 26 February 2024, the Company announced that it had agreed in-principle to a settlement payment totalling BRL670,699,731.73, subject to both inflation and currency adjustment until the date of the Company's payment of the settlement amount. The current agreed settlement payment totalling BRL728,933,258.58 takes into account an adjustment for inflation from 26 February 2024. The S$ equivalent is based on a BRL:S$ conversion rate of BRL1.00=S$0.231. If the settlement amount is not paid within 60 days from 30 July 2025, the settlement amount will be subject to both inflation and currency adjustment until the date of the Company's payment of the settlement amount.

        (2)Conversion between US$ and S$ is based on US$1.00=S$1.286.

      2. Seasonality of operations

        The Group's businesses are not affected significantly by seasonal or cyclical factors during the financial period.

      3. Tax expense

        The Group calculates the period income tax expense using the tax rate that would be applicable to the expected total annual earnings. The major components of income tax expense in the condensed interim consolidated income statement are:

        Group

        1H 2025 1H 2024

        $'000 $'000

        Current tax (expense)/credit

        Current year

        Over provided in prior years

        Deferred tax (expense)/credit Movements in temporary differences Under provided in prior years

        Tax expense

        (38,317) (43,142)

        12,452 2,065

        (29,590) 3,242

        (141) (317)

        (55,596) (38,152)

        During 1H 2025, the Group recognised deferred tax expense of $29,731,000 (1H 2024: deferred tax credit of

        $2,925,000) relating to unutilised tax losses, investment allowances and deductible temporary differences. The deferred tax credit was recognised only to the extent that it was probable that the related tax benefit would be realised.

      4. Dividend

        There was no dividend recommended for the period ended 30 June 2025 (1H 2024: nil).

      5. Earnings per ordinary share

        Group

        1H 2025 1H 2024

        (i) Based on the weighted average number of shares (cents)

        4.26

        1.05

        - Weighted average number of shares ('000)

        3,385,306

        3,410,854

        (ii) On a fully diluted basis (cents)

        4.23

        1.05

        - Adjusted weighted average number of shares ('000)

        3,412,169

        3,415,036

      6. Property, plant and equipment ("PPE"), Right-of-use assets ("ROU") and Leases

        During the six months ended 30 June 2025, additions to PPE amounted to $31,846,000 (1H 2024: $68,050,000, of which $103,000 was due to acquisition of Seatrium Digital Pte. Ltd. described in Note 20).

        The Group leases assets including land and buildings and tugboats. During the six months ended 30 June 2025, the Group recognised ROU assets amounted to $683,000 (1H 2024: $2,791,000).

        As at 30 June 2025, the Group considered events in the period and found no impairment required according to Group's assessment of market conditions.

      7. Investments in subsidiaries

        Impairment assessment of the Company's investment in subsidiaries

        As at 30 June 2025, the Group considered events in the period and found no impairment required according to Group's assessment of market conditions.

      8. Net asset value

        Net asset value per ordinary share based on issued share capital at the end of the financial

        period/year (cents)

        Group

        30-Jun-2025 31-Dec-2024

        Company

        30-Jun-2025 31-Dec-2024

        193.34 187.17

        303.43 304.54

      9. Group's borrowings and debt securities

        Interest-bearing borrowings:

        As at 30-Jun-2025

        $'000

        As at 31-Dec-2024

        $'000

        (i) Amount repayable in one year or less, or on demand

        Unsecured

        400,533

        250,284

        Secured

        6,112

        7,193

        406,645

        257,477

        (ii) Amount repayable after one year

        Unsecured

        1,910,383

        2,320,747

        Secured

        48,009

        52,880

        1,958,392

        2,373,627

      10. Share capital
        1. Issued and paid up capital

          As at 30 June 2025, the Company's issued and paid up capital, excluding treasury shares, comprises 3,385,885,626 (31 December 2024: 3,386,055,583) ordinary shares.

          1. Share capital (Cont'd)
        2. Treasury shares

          Number of shares

          2025 2024

          At 1 January

          25,803,331

          1,005,131

          Treasury shares purchased

          7,960,000

          4,702,000

          Treasury shares issued pursuant to RSP

          (7,790,043)

          (133,800)

          At 30 June

          25,973,288

          5,573,331

          During 1H 2025, the Company acquired 7,960,000 (1H 2024: 4,702,000) ordinary shares in the Company by way of on-market purchases. There were 7,790,043 (1H 2024: 133,800) treasury shares issued pursuant to the Company's Restricted Share Plan ("RSP") in 1H 2025.

          As at 30 June 2025, 25,973,288 (30 June 2024: 5,573,331) treasury shares were held that may be issued upon the vesting of performance shares and restricted shares under the Company's Performance Share Plan ("PSP") and RSP respectively.

        3. Performance shares

          Number of shares

          2025 2024

          At 1 January

          6,310,000

          -

          Conditional performance shares awarded

          2,505,000

          6,310,000

          At 30 June

          8,815,000

          6,310,000

          During 1H 2025, there were 2,505,000 (1H 2024: 6,310,000) performance shares awarded under the PSP.

          The total number of performance shares in awards granted conditionally and representing 100% of targets to be achieved, but not released as at 30 June 2025 was 8,815,000 (30 June 2024: 6,310,000). Based on the multiplying factor, the actual release of the awards could range from zero to a maximum of 13,222,500 (30 June 2024: 9,465,000) performance shares.

        4. Restricted shares

      Number of shares

      2025 2024

      At 1 January

      18,820,800

      -

      Conditional restricted shares awarded

      9,154,000

      19,089,000

      Additional restricted shares awarded arising from targets met

      5,606,100

      -

      Conditional restricted shares released

      (7,332,743)

      -

      Conditional restricted shares lapsed

      (684,642)

      -

      Restricted shares awarded to non-executive directors ("NED")

      323,500

      133,800

      Restricted shares released to NED

      (457,300)

      (133,800)

      At 30 June

      25,429,715

      19,089,000

      During 1H 2025, there were 9,154,000 (1H 2024: 19,089,000) restricted shares awarded under the RSP, an additional 5,606,100 (1H 2024: nil) restricted shares awarded for the over-achievement of the performance targets for the performance period 2024, 7,332,743 (1H 2024: nil) restricted shares released and 684,642 (1H 2024: nil) restricted shares that lapsed. During 1H 2025, there were 457,300 (1H2024: 133,800) restricted shares released to non-executive directors as part of their directors' fees.

      The total number of restricted shares outstanding, including awards achieved but not released, as at 30 June 2025 was 25,429,715 (30 June 2024: 19,089,000). Of this, the total number of restricted shares in awards granted conditionally and representing 100% of targets to be achieved, but not released as at 30 June 2025 was 9,140,000 (30 June 2024: 19,089,000). Based on the multiplying factor, the actual release of the conditional awards could range from zero to a maximum of 11,882,000 (30 June 2024: 24,815,700) restricted shares.

      1. Related parties 18a. Related party transactions

        The Group had the following outstanding balances and significant transactions with related parties during the period:

        Outstanding balances Significant transactions 30-Jun-2025 31-Dec-2024 30-Jun-2025 30-Jun-2024

        Related corporations

        $'000

        $'000

        $'000

        $'000

        Sales

        369

        377

        1,997

        1,637

        Purchases

        (1,809)

        (3,101)

        (8,495)

        (5,926)

        Others

        -

        -

        117

        4

        Associates and joint ventures

        Sales

        9,914

        9,905

        202

        866

        Purchases

        (4,024)

        (3,249)

        (4,850)

        (18,400)

        Rental income

        -

        -

        81

        125

        Finance income

        366

        -

        745

        834

        Others

        (53)

        (30) 265 39

        18b. Compensation of key management personnel Changes to key management personnel

        As at 30 June 2025, the Group considers the directors of the Company (including the Chief Executive Officer), the Chief Financial Officer, the Chief Operating Officer, the Chief Risk Officer, the Executive Vice President, Seatrium Energy (International) and the Executive Vice President, Seatrium Energy (Fixed Platforms) of the Company to be key management personnel in accordance with SFRS(I) 1-24 Related Party Disclosures.

        There were no changes to the compensation scheme in 1H 2025.

      2. Fair value measurements

        The Group classifies financial assets and liabilities measured at fair value using a fair value hierarchy that prioritises the inputs used to measure fair value. The three levels of the fair value input hierarchy are as follows:

        • Level 1 - Fair values are measured based on quoted prices (unadjusted) from active markets for identical financial instruments.

        • Level 2 - Fair values are measured using inputs, other than those used for Level 1, that are observable for the financial instruments either directly (prices) or indirectly (derived from prices). These include forward pricing and swap models utilising present value calculations using inputs such as observable foreign exchange rates (forward and spot rates), interest rate curves and forward rate curves and discount rates that reflects the credit risks of various counterparties.

        • Level 3 - Fair values are measured using inputs which are not based on observable market data (unobservable input).

      Securities

      The fair value of financial assets at fair value through profit or loss, and fair value through other comprehensive income, are based on quoted market prices (bid price) in an active market at the balance sheet date without any deduction for transaction costs. If the market for a quoted financial asset is not active, and for unquoted financial assets, the Group establishes fair value by using other valuation techniques.

      Derivatives

      The fair value of forward exchange contracts is accounted for based on the difference between the contractual price and the current market price.

      The fair value of interest rate swaps is the indicative amount that the Group is expected to receive or pay to terminate the swap with the swap counterparties at the balance sheet date.

      Non-derivative non-current financial assets and liabilities

      Fair values determined for non-derivative non-current financial assets and liabilities are calculated based on discounted expected future principal and interest cash flows at the market rate of interest at the reporting date. This includes determination for fair value disclosure purpose as well.

      Other financial assets and liabilities

      The carrying amounts of financial assets and liabilities with a maturity of less than one year (including trade and other receivables, cash and cash equivalents, and trade and other payables) are assumed to approximate their fair values because of the short period to maturity. All other financial assets and liabilities are discounted to determine their fair values.

      For financial instruments that are not actively traded in the market, the fair value is determined by independent third party or using valuation techniques where applicable. The Group may use a variety of methods and make assumptions that are based on existing market conditions at each balance sheet date. Quoted market prices or dealer quotes for similar instruments are used to estimate the fair value for medium term notes for disclosure purpose. Other techniques, such as estimated discounted cash flows, are used to determine the fair value for the remaining financial instruments. Where discounted cash flow techniques are used, the management will estimate the future cash flows and use relevant market rate as the discount rate at the balance sheet date.

      19. Fair value measurements (Cont'd)

      Financial assets and liabilities carried at fair value

      Group At 30 June 2025

      Financial assets at fair value through other

      Fair value measurement using: Level 1 Level 2 Level 3 Total $'000 $'000 $'000 $'000

      comprehensive income 866

      -

      29,340

      30,206

      Derivative financial assets -

      132,295

      -

      132,295

      Derivative financial liabilities -

      (57,424)

      -

      (57,424)

      Total 866

      74,871

      29,340

      105,077

      At 31 December 2024

      Financial assets at fair value through other comprehensive income

      705

      -

      29,899

      30,604

      Derivative financial assets

      -

      27,481

      -

      27,481

      Derivative financial liabilities

      -

      (192,169)

      -

      (192,169)

      Total

      705

      (164,688)

      29,899

      (134,084)

      At 30 June 2025 and 31 December 2024, there were no transfers between the different levels of the fair value hierarchy.

      Assets and liabilities not carried at fair value but for which fair values are disclosed*

      Group At 30 June 2025 Fair value measurement using: Level 1 Level 2 Level 3 Total $'000 $'000 $'000 $'000

      Interest-bearing borrowings - (1,954,708) - (1,954,708)

      At 31 December 2024

      Interest-bearing borrowings - (2,363,480) - (2,363,480)

      * Excludes financial assets and liabilities whose carrying amounts measured on the amortised cost basis that approximate their fair values due to their short-term nature, frequent repricing, and/or where the effect of discounting is immaterial.

      1. Fair value measurements (Cont'd)

        The fair values of financial assets and liabilities, together with the carrying amounts shown in the balance sheets are as follows:

        Financial assets at amortised

        cost

        Other financial liabilities

        Total carrying amount

        Fair value

        Group

        $'000

        $'000

        $'000

        $'000

        At 30 June 2025

        Cash and cash equivalents

        1,547,724

        -

        1,547,724

        1,547,724

        Trade and other receivables*

        1,432,502

        -

        1,432,502

        1,400,932

        2,980,226

        -

        2,980,226

        2,948,656

        Trade and other payables**

        -

        5,647,258

        5,647,258

        5,647,258

        Interest-bearing borrowings

        - Short-term borrowings

        -

        406,645

        406,645

        403,398

        - Long-term borrowings - 1,958,392 1,958,392 1,954,708

        -

        8,012,295

        8,012,295

        8,005,364

        At 31 December 2024

        Cash and cash equivalents

        1,941,555

        -

        1,941,555

        1,941,555

        Trade and other receivables*

        2,185,364

        -

        2,185,364

        2,150,503

        4,126,919

        -

        4,126,919

        4,092,058

        Trade and other payables**

        -

        4,664,651

        4,664,651

        4,664,651

        Interest-bearing borrowings

        - Short-term borrowings

        -

        257,477

        257,477

        257,198

        - Long-term borrowings - 2,373,627 2,373,627 2,363,480

        -

        7,295,755

        7,295,755

        7,285,329

        Company

        At 30 June 2025

        Cash and cash equivalents

        7,640

        -

        7,640

        7,640

        Trade and other receivables*

        866,291

        -

        866,291

        866,291

        873,931

        -

        873,931

        873,931

        Trade and other payables**

        -

        177,202

        177,202

        177,202

        At 31 December 2024

        Cash and cash equivalents

        26,879

        -

        26,879

        26,879

        Trade and other receivables*

        1,602,003

        -

        1,602,003

        1,602,003

        1,628,882

        -

        1,628,882

        1,628,882

        Trade and other payables**

        -

        187,862

        187,862

        187,862

        * Excludes Goods and Services Tax.

        ** Excludes deposits received, advance payment from customers, Goods and Services Tax, deferred grant income and long-term employee benefits.

      2. Acquisition of a subsidiary

      On 28 June 2024, the Group acquired 100% interests in Seatrium Digital Pte. Ltd.

      Details of the consideration transferred, the fair values of the assets acquired and liabilities assumed, and the effects on cash flows of the Group, at the acquisition date, are as follows:

      1H/FY 2024 $'000 Effect on cash flows of the Group

      Cash paid (400)

      Cash and cash equivalents in subsidiary acquired 41

      Cash outflow on acquisition (359)

      Identifiable assets acquired and liabilities assumed1

      Property, plant and equipment 103

      Trade and other receivables 42

      Contract assets 850

      Cash and cash equivalents 41

      Total assets 1,036

      Trade and other payables 897

      Total liabilities 897 Total identifiable net assets 139

      Add: Goodwill acquired 261

      Consideration transferred for the businesses 400

      1The above fair values of identifiable assets acquired and liabilities assumed previously and determined on provisional basis as of 31 December 2024 were finalised during the year without further adjustments.

  2. OTHER INFORMATION REQUIRED BY LISTING RULE APPENDIX 7.2

    1. Audit

      The figures have not been audited or reviewed by the Company's auditors.

    2. Auditors' report

      Not applicable.

    3. Review of performance of the Group
3a. Condensed interim consolidated income statement
  1. Revenue

    Revenue for 1H 2025 increased mainly due to strong execution and achievement of production milestones for projects.

  2. Gross profit

    Higher gross profit for 1H 2025, compared with 1H 2024 was mainly due to higher contribution from higher revenue recognition and savings in overheads.

  3. Profit attributable to Owners of the Company ("Net profit")

Net profit for 1H 2025 increased mainly due to higher contribution from higher revenue recognition and lower net finance cost, offset by higher tax expense.

3b. Condensed interim consolidated statement of comprehensive income

The movement in foreign currency translation differences for foreign operations arose primarily from the consolidation of entities whose functional currencies are United States dollars.

Net change in fair value of cash flow hedges was due to the mark-to-market adjustments of foreign currency forward contracts and interest rate swaps.

Net change in fair value of cash flow hedges transferred to profit or loss relates to reclassification to profit or loss upon realisation of cash flow hedges.

  1. Review of performance of the Group (Cont'd) 3c. Condensed interim balance sheets
    1. Group

      Non-current assets

      'Other financial assets' increased mainly due to fair value adjustments on foreign currency forward contracts.

      'Trade and other receivables' decreased mainly due to payment received from customers on deferred delivery payment terms.

      'Deferred tax assets' decreased mainly due to the movements in temporary differences.

      Current assets

      'Inventories' decreased mainly due to consumption for projects.

      'Trade and other receivables' decreased mainly due to receipts from customers for ongoing projects. 'Contract costs' decreased mainly due to recognition of costs incurred during the period.

      'Contract assets' increased mainly due to revenue recognised during the period and timing of billings to customers.

      'Tax recoverable' increased mainly due to adjustment made for an overseas subsidiary and payment made during the period.

      'Assets held for sale' decreased upon completion of sale of investment properties.

      'Other financial assets' increased mainly due to fair value adjustments on foreign currency forward contracts.

      'Cash and cash equivalents' decreased mainly due to working capital requirements, mitigated by receipts from ongoing projects.

      Current liabilities

      'Trade and other payables' increased mainly due to higher accrued operating expenses. 'Contract liabilities' decreased mainly due to revenue recognition during the period.

      'Provisions' decreased mainly due to utilisation of site restoration, onerous contracts provision and write-back of provision for legal claim.

      'Other financial liabilities' decreased mainly due to fair value adjustments on foreign currency forward contracts. 'Current tax payable' increased mainly due to provision made during the period.

      'Interest-bearing borrowings' increased mainly due to the reclassification of long-term borrowings approaching maturity within the next 12 months.

      Non-current liabilities

      'Deferred tax liabilities' decreased mainly due to the movements in temporary differences.

      'Other financial liabilities' decreased mainly due to fair value adjustments on foreign currency forward contracts.

      'Interest-bearing borrowings' decreased mainly due to reclassification to current borrowings, in line with the maturity profile.

      Total equity

      'Other reserves' deficit decreased mainly due to fair value adjustments on foreign currency forward contracts and lower foreign currency translation loss for foreign operations.

      3. Review of performance of the Group (Cont'd) 3c. Condensed interim balance sheets (Cont'd)
    2. Company

Non-current assets

'Property, plant and equipment' and 'Investment properties' decreased mainly due to depreciation charge for the period.

'Trade and other receivables' increased mainly due to the reclassification of short-term loans to a subsidiary to long-term, in line with repayment terms.

Current assets

'Trade and other receivables' decreased mainly due to the novation of an intercompany loan from the Company to another subsidiary and reclassification of loans to a subsidiary to long-term loans.

'Assets held for sale' decreased upon completion of sale of investment properties. 'Cash and cash equivalents' decreased mainly due to working capital requirements. Current liabilities

'Provisions' decreased mainly due to the utilisation of the restoration provision during the period. 'Current tax payable' increased mainly due to provision made during the period.

Non-current liabilities

'Deferred tax liabilities' decreased mainly due to the movements in temporary differences.

  1. Review of performance of the Group (Cont'd) 3d. Condensed interim consolidated statement of cash flows

    1. Cash and cash equivalents

      Cash and cash equivalents in the consolidated statement of cash flows comprise the following balance sheet amounts:

      30-Jun-2025

      $'000

      30-Jun-2024

      $'000

      Fixed deposits

      1,259,701

      901,378

      Cash and bank balances

      288,023

      736,401

      Cash and cash equivalents

      1,547,724

      1,637,779

      Cash flows generated from operating activities before changes in working capital were $393 million in 1H 2025. Net cash used in operating activities for 1H 2025 at $18,000 was mainly due to working capital for existing projects.

      Net cash used in investing activities for 1H 2025 was $5 million, mainly due to purchase of property, plant and equipment, offset by proceeds from sale of non-core assets.

      Net cash used in financing activities for 1H 2025 was $321 million. It relates mainly to net repayment of borrowings and dividends paid.

  2. Variance from prospect statement

    None.

  3. Prospects

    Seatrium's diversified portfolio of offshore oil and gas, offshore wind solutions, and maritime repairs and upgrades positions it favourably to capitalise on long-term energy demand growth.

    The Group's multi-pronged strategy and proven execution have enhanced the resilience of its business at a time of ongoing geopolitical volatility.

    Looking ahead, Seatrium remains focused on achieving profitable growth by expanding its franchise of series-build projects, prioritizing execution excellence, enhancing productivity and driving cost efficiencies. The Group is making good progress towards its 2028 financial targets.

    This release may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, exchange rate movement, cost of capital and capital availability, competition from other companies and venues for the sale and distribution of goods and services, shifts in customer demands, customers and partners, changes in operating expenses, including employee wages, benefits and training, governmental and public policy changes. You are cautioned not to place undue reliance on these forward-looking statements, which are based on current view of management on future events.

  4. Interested person transactions

    Name of Interested Person

    Nature of Relationship

    Aggregate value of all interested person transactions during the financial year under review (excluding transactions less than $100,000 and transactions conducted under shareholders'

    mandate pursuant to Rule 920)

    Aggregate value of all interested person transactions conducted under shareholders' mandate pursuant to Rule 920 of the SGX-ST Listing Manual (excluding transactions less than

    $100,000)

    1H 2025

    $'000

    1H 2024

    $'000

    1H 2025

    $'000

    1H 2024

    $'000

    Transaction for the Sales of Goods and Services

    ST Engineering Marine Ltd.

    Associate of Temasek Holdings (Private) Limited, the largest shareholder of the Company.

    -

    -

    218

    -

    Transaction for the Purchase of Goods and Services

    Certis CISCO Protection Services Pte. Ltd.

    Associate of Temasek Holdings (Private) Limited, the largest shareholder of the Company.

    -

    -

    -

    104

    Element Geotechnical Testing (S) Pte. Ltd.

    Associate of Temasek Holdings (Private) Limited, the largest shareholder of the Company.

    -

    -

    119

    -

    NCS Pte. Ltd.

    Associate of Temasek Holdings (Private) Limited, the largest shareholder of the Company.

    -

    -

    145

    109

    Surbana Jurong Consultants Pte. Ltd.

    Associate of Temasek Holdings (Private) Limited, the largest shareholder of the Company.

    -

    -

    102

    -

    Surbana Jurong Infrastructure Pte. Ltd.

    Associate of Temasek Holdings (Private) Limited, the largest shareholder of the Company.

    -

    -

    -

    225

    Sygnia Pte. Ltd.

    Associate of Temasek Holdings (Private) Limited, the largest shareholder of the Company.

    -

    -

    -

    328

    Total Interested Person Transactions

    -

    -

    584

    766

  5. Confirmation that the issuer has procured undertakings from all its directors and executive officers (in the format set out in Appendix 7.7) under Rule 720(1)

    The Company confirms that it has procured undertakings from all its directors and executive officers in the format set out in Appendix 7.7 under Rule 720(1) of the Listing Manual.

  6. Confirmation pursuant to the Rule 705(5) of the Listing Manual

The Board of Directors hereby confirms that, to the best of its knowledge, nothing has come to its attention which may render the six months ended 30 June 2025 unaudited financial statements to be false or misleading in any material aspect.

BY ORDER OF THE BOARD LOOI LEE HWA COMPANY SECRETARY 30 JULY 2025

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Seatrium Ltd. published this content on July 31, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on July 31, 2025 at 07:03 UTC.