UOB Kay Hian (UOBKH) analyst Adrian Loh maintains his “buy” rating and $3.15 target price in his June 2 report. Describing Seatrium’s 1QFY2026 as “solid”, Loh notes management’s guidance for higher gross margins due to a better project mix and completion of non-core divestments.
Multiple analysts have mostly maintained their confident outlook in offshore and marine giant Seatrium after an uneventful first quarter in which the company didn’t garner any new significant contract wins, but continued its steady execution of projects and balance sheet strengthening while hunting a pipeline of around $30 billion in opportunities.
In a business update on May 29, Mainboard-listed Seatrium reported a net order book of $15.5 billion across 24 projects with deliveries through 2033. For reference, Seatrium’s order book was $17.8 billion as at Dec 31, 2025, implying that more than $2 billion in revenue was recognised during 1QFY2026 ended March 31. In addition, the firm won major contracts including Kaskida floating production unit and Balwin 5 in 4QFY2025.
