Of course, turning profitable for one year will not do. In an interview with The Edge Singapore in December 2024, Ong stressed that he is “very focused” on building a resilient business.
Since Seatrium was formed through the merger between Keppel Offshore & Marine (Keppel O&M) and Sembcorp Marine (SembMarine), the enlarged entity has made significant strides on the back of improved industry dynamics.
Under CEO Chris Ong, the company appears to be on track to report a full-year profit in FY2024 ended Dec 31, 2024. This puts behind the woes of a prolonged industry downturn that started in 2015, tipping SembMarine into half-year and full-year losses since 1HFY2018 and FY2018.
