The group said it is making &lsquo steady progress&rsquo toward achieving its 2028 financial targets.

 

[SINGAPORE] Offshore, marine and energy specialist Seatrium on Thursday (Nov 13) reported that its net order book stood at S$16.6 billion as at end-September, comprising 24 projects with deliveries extending through 2031. 

 

In a business update for the third quarter ended September, Seatrium said new orders were mostly from returning customers, and included the upgrading of floating liquefied natural gas (FLNG) vessel FLNG Hilli Episeyo, as well as a series of repairs and upgrades projects.  

 

The group said it successfully completed two projects during the quarter and remains on track to deliver three more by year-end. Its net order book stood at S$18.6 billion as at end-June.

 

Seatrium said it is pursuing a &ldquo robust pipeline of opportunities&rdquo and is making &ldquo steady progress&rdquo toward achieving its 2028 financial targets. .

 

&ldquo Converting (this) pipeline into new order wins remains a strategic focus, with the current healthy net order book offering near-term revenue visibility,&rdquo the group said.

 

Seatrium added that it anticipates sustained demand for oil and gas assets, driven by rising global energy consumption, especially from data centres and artificial intelligence technologies. 

Chris Ong, chief executive officer of Seatrium, said: &ldquo 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.&rdquo