Seatrium Maintains $12.8B Order Book on Renewables and FPSO Progress

Three FPSOs, P-80, P-82 and P-83, in Seatrium's Tuas Boulevard Yard (Credit: Seatrium)

Singapore-based engineering group Seatrium has reported strong execution in the third quarter ended September 30, 2025, bolstered by major offshore and wind project deliveries, a high-value order book and strategic asset sales.

The group’s net order book stood at about $12.8 billion (S$16.6 billion), covering 24 projects slated for delivery through 2031. During the third quarter of 2025 the company completed the wind turbine installation vessel Charybdis and the offshore substations Greater Changhua 2b and 4, together with 47 repairs and upgrades projects.

New orders, primarily from returning customers, included the upgrade of FLNG Hilli Episeyo and several repair and conversion works. The company said it had also divested a U.S. surplus yard and non-core platform supply vessels for more than $108 million (S$140 million) as part of its asset-optimization drive.

 “We delivered another strong quarter in 3Q2025, continuing the momentum from 1H2025. This reflects the strength of our diversified portfolio and strong execution. Our proven ability in delivering high-quality solutions for complex offshore and marine projects, coupled with synergies harnessed across our global footprint, positions us well as we focus on converting our robust pipeline into order book for future earnings visibility. Concurrently, we strive to enhance margins through solid project execution, strategic divestments and continued cost discipline,” said Chris Ong, Seatrium’s Chief Executive Officer.

Seatrium is progressing its floating production storage and offloading (FPSO) and floating production unit (FPU) work for clients such as Shell and BP, while integration continues on Petrobras’ FPSOs P-80, P-82 and P-83 at its Tuas Boulevard yard.

Construction on the FPU Kaskida advanced during the quarter, and topside modules for MODEC’s FPSO Raia bound for Brazil remain scheduled for delivery by year-end.

In offshore wind, the handover of Charybdis and Greater Changhua 2b/4 confirmed its wind-serving credentials. The group is also working on nine ongoing turnkey projects including three 2-gigawatt HVDC offshore converter platforms for TenneT, with the HVDC Sofia platform for RWE targeted by year-end.

In the repairs and upgrades business the group completed 47 projects, including works on 12 LNG carriers, secured an FSRU conversion contract and additional high-value awards totaling about US$131 million (S$170 million). It also signed a Letter of Intent with Karpowership to integrate new-generation Powerships and FSRU conversions.

The company said it remains focused on converting its opportunity pipeline into order wins, executing its series-build program, improving productivity and cost efficiency, and delivering profitable growth en route to its 2028 steady-state targets.