From the start of the year to Feb 21, Seatrium’s order book stood at $23.7 billion, up from $16.2 billion, with 27 projects with deliveries through 2031. In FY2024 alone, the company secured new orders worth $15.2 billion from its new and repeat customers.
After seven years of losses, Seatrium has returned to profitability. In FY2024 ended Dec 31, 2024, the offshore and marine (O&M) group reported earnings of $156.8 million, reversing the $2.02 billion loss in FY2023.
Full-year revenue was up 27% y-o-y to $9.23 billion, mainly from strong project execution and higher activity in its repairs and upgrades segment. Ebitda also surged by around 2.65 times or 166% y-o-y to $627 million in FY2024 due to revenue growth, lower overheads and divestment of non-core assets.
