The improved bottom line for 1HFY2024 was due to the group’s higher revenue, which rose 39.1% y-o-y to $4.01 billion. The revenue growth was mainly due to progressive revenue recognition from newbuild projects and higher repairs & upgrades activities. The revenue uplift was also due to Seatrium’s P-series projects, contributing about 55% to its overall revenue.
On Aug 2, Seatrium reported earnings of $36 million in 1HFY2024, which ended June 30. This is the first set of profitable half-year results since the completion of its combination with Keppel Offshore & Marine (O&M), now Seatrium O&M, in 2023.
Before its merger and name change, which also took place in 2023, Seatrium, then known as Sembcorp Marine (SGX:S51
) (SembMarine), suffered six consecutive half-year losses since 1HFY2018. SembMarine also reported five consecutive full-year losses since FY2018.
