“We continued to carry the momentum gained in FY2025 into the new financial year with steady project execution and margin improvements,” says CEO Chris Ong. “With the completion of our announced divestments, we are well-positioned to deliver further gross margin improvements,” he adds.
Multiple analysts have mostly maintained their confident outlook on offshore and marine giant Seatrium after an uneventful first quarter in which the company did not secure any significant new contract wins, but continued its steady execution of projects and balance sheet strengthening while hunting for 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 the Kaskida floating production unit and Balwin 5 in 4QFY2025.
