62nd
Annual General Meeting
23 April 2025
2028 Strategy: Towards profitable and resilient growth
Significant progress towards 2028 targets
Jun'24 | Feb'25 | |
Achieved first- | Announced first dividend | |
half profitability | 1.5 cents per share | |
Apr'24 | Dec'24 | |
S$100m share | ||
Dec'23 | First full-year profitability | |
buyback program | ||
Sustainability | ||
Vision 2030 | Jun'24 | |
Decade-high net | ||
orderbook of >S$26b | ||
Mar'23 | Mar'24 | |
Investor Day | ||
Completion of | ||
2024 | ||
Merger | ||
2028 Targets
≥ S$1.0b | ≥8.0% | c. 2.0-3.0x |
EBITDA | Return on Equity | Net Debt/EBITDA |
3
Achieved strong revenue growth and turnaround in profitability in 2024
Revenue | Net Profit | ||
S$'b | S$'m | ||
Turned | |||
+27% | Positive | ||
9.2 | 157 | ||
7.3 | |||
-2,017 | |||
FY23 | FY24 | FY23 | FY24 |
S$200m
Underlying Net Profit1
- Strong execution
- Leaner cost structure
S$300m
Synergies and recurring annual savings by end-2025
Note 1. 2024 Underlying figures exclude legal & corporate claims. 2023 Underlying figures exclude write-downs, provision for onerous contracts, legal & corporate claims, and merger expenses. | 4 |
Building financial resiliency to support business growth
Net Current Assets
S$'m | ||
554 | ||
NCL to NCA1 | ||
55 | ||
-1,451 | ||
1H23 | FY23 | FY24 |
1.1x
Net debt/EBITDA ratio
S$3.5b+
Cash and undrawn facilities
S$1.3b
Committed global syndicated bank guarantee facility
S$200m+
Generated from monetisation of non-core assets/investments to-date
Construction of P-series FPSOs will be carried out across our yards in
Brazil, China and Singapore
Note 1. NCL denotes net current liabilities and NCA denotes net current assets | 5 |
Customers' continued trust in our ability to execute
Secured record S$15.2b new order wins1, S$11b from P-84 & P-85
Net Order Book
S$'b
+43% | Secured series-build projects | |
23.2 | P-84 & P-85 | |
▪ | FPSOs | |
#5 & #6 P-series EPC FPSO from Petrobras | ||
16.2 | ▪ | Offshore Wind Substations |
#3 HVDC from TenneT 2GW HVDC2 program | ||
▪ | Floating Production Units | |
#1 & #2 FPU from bp in Kaskida & Tiber3 | ||
and #3 FPU from Shell in Sparta | ||
FY23 | FY24 |
TenneT Nederwiek 2
bp Kaskida FPU
Note 1: New order wins from FY24 to YTD'25
Note 2: Seatrium & GE Vernova awarded third contract for TenneT's 2GW HVDC program in Netherlands worth Euro 2 bil6
Note 3: As of Apr'25, only MOU has been signed - contract not yet awarded to Seatrium
Reinforcing our franchise in repairs & upgrades
Operating with 22 Favoured Customer Contracts to date
… including 6 new FCCs signed/renewed in 2024
Provides revenue & operational visibility
Clipper Eris - World's 1st onboard CCS retrofit
Fortescue Green Pioneer - World's 1st green ammonia powered vessel
7
Driving design & technological developments
Building capabilities for the future
Low Carbon Energy Production Solutions
- Launched Green/Blue Ammonia FPSO at GasTech 20241
Blue Ammonia FPSO - launched at GasTech
Carbon Capture & Storage (CCS)
▪ Developed SEARA Onboard Carbon Capture System
- Delivered CO2 liquefaction unit for Capsol Technologies' carbon capture demonstration unit in Germany & Sweden1
- Designing the world's first CO2 Handling Hub for CCB Energy in Norway1
Offshore Floating Wind
- Received Approval in Principle (AiP) for our Floating Wind Semi-Sub(FWSS) & Small Waterplane Area Cylindrical Hull (SWACH) foundation designs
8
Floating Wind Semi-Sub (FWSS) - AiP from DNV
Note 1: Projects by Seatrium's technology company, Aragon
Receiving recognition in what we do
Received 'A' rating, upgraded from 'BBB' - Reflects Seatrium's
management of financially relevant ESG risks & opportunities
Received 2 merit awards for integrating sustainability into our operations, products and solutions
Recognition for securing a US$500m credit facility with sustainability conversion option, aligning with Sustainability-Linked Loan Principles
Clinched 37 awards for outstanding Workplace, Safety and Health performance in 2024
Note: Select awards in 2024 | 9 |
Summary
Achieved turnaround in profitability and strengthened financial position
Exceeding our
customers' trust in delivering excellence while growing our business
Enhancing resilience with disciplined execution and diversified portfolio
Progressing towards 2028 targets and enhancing shareholder returns
P-78 FPSO at Singapore Benoi yard | 10 |
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Seatrium Ltd. published this content on April 23, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 23, 2025 at 23:58 UTC.
