Singapore shipyard group Seatrium reported a 106% increase in net profit to SGD323.6 million ($256.25 million) up from SGD158.6 million a year earlier.
Revenues for Singapore-listed Seatrium were up 24% at SGD11.5 billion in 2025 compared to SGD9.2 billion in 2024.Chris Ong, CEO of Seatrium, said, “We have delivered a strong set of numbers, validating our transformation efforts to strengthen our fundamentals from which we will accelerate our growth.”
Seatrium said that the main drivers of increased revenues were oil and gas and offshore wind highlighting the Petrobras P-Series FPSO2 and TenneT 2GW HVDC3 projects. The repair and upgrades segment continues to provide steady revenue and the group said it, “continues to pursue higher-value repairs projects and conversions that should translate into higher margins over time”.
As of the end of 2025 Seatrium’s net orderbook stood at SGD17.8 billion from 24 projects with work through to 2033. The group is pursuing a pipeline of deals worth SGD32 billion over the next 24 months.
“With clear earnings visibility through our strong order book; a robust pipeline of opportunities; optimisation of our cost structure; and continued execution discipline – we are progressing steadily to deliver our FY2028 steady-state targets and drive long-term shareholder returns,” Ong said.
Seatrium is continuing to make divestments and will return it Admiralty yard to the authorities by 2028.
Earlier this week Seatrium announced a number of divestments including a fleet of 17 tugboats and its shipyard in Karimun Island, Indonesia from which it expects to realise over SGD50 million in annual cost savings.
Looking ahead Seatrum said: “The Group expects to achieve annualised cost savings of over S$100 million in total by FY2028 when it completes its additional strategic divestments and the return of Admiralty Yard to the authorities.”
The Admiralty yard was previously known as Sembawang Shipyard and one of Singapore’s oldest having been converted from a British naval dockyard. According to Singapore’s Urban Redevelopment Authority (URA) the shipyard will be redeveloped as a mixed-use waterfront lifestyle district.