Top Page
Seatrium Limited
(SGX:5E2)
Seatrium Limited (5E2) vs. iShares MSCI Singapore ETF (EWS)
Seatrium Limited Business Overview & Revenue Model
Seatrium Limited Earnings Call Summary
Seatrium Limited Financial Statement Overview
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.58B | 11.47B | 9.23B | 7.29B | 1.95B | 1.86B |
| Gross Profit | 538.41M | 765.73M | 290.68M | -209.34M | -141.96M | -1.11B |
| EBITDA | 673.38M | 849.39M | 833.52M | -1.27B | 101.95M | -954.83M |
| Net Income | 265.23M | 323.62M | 156.84M | -2.02B | -261.14M | -1.17B |
Balance Sheet | ||||||
| Total Assets | 17.49B | 18.10B | 17.48B | 16.23B | 9.10B | 9.30B |
| Cash, Cash Equivalents and Short-Term Investments | 1.64B | 1.93B | 1.96B | 2.27B | 2.13B | 1.11B |
| Total Debt | 2.84B | 3.38B | 3.12B | 3.55B | 3.36B | 3.35B |
| Total Liabilities | 10.94B | 11.19B | 11.14B | 9.81B | 5.31B | 5.27B |
| Stockholders Equity | 6.55B | 6.91B | 6.34B | 6.39B | 3.77B | 4.00B |
Cash Flow | ||||||
| Free Cash Flow | 1.07B | 26.60M | -4.26M | 484.45M | 1.01B | -637.23M |
| Operating Cash Flow | 1.13B | 148.25M | 97.35M | 600.80M | 1.04B | -589.09M |
| Investing Cash Flow | 94.55M | -3.64M | 119.91M | 654.35M | -26.21M | -44.22M |
| Financing Cash Flow | -1.22B | -237.77M | -524.11M | -1.07B | -20.66M | 964.16M |
Seatrium Limited Technical Analysis
Seatrium Limited Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | S$15.64B | 9.94 | 30.76% | 3.46% | 0.42% | 40.48% | |
77 Outperform | S$612.38M | 10.45 | 27.61% | 0.60% | -0.58% | 23.33% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
63 Neutral | S$66.88M | 12.26 | 28.37% | 2.11% | -4.17% | -54.26% | |
61 Neutral | S$329.29M | 10.70 | ― | 0.78% | ― | ― | |
56 Neutral | S$7.62B | 28.77 | 4.07% | 0.70% | 25.68% | ― | |
53 Neutral | S$537.42M | 45.38 | 1.18% | ― | 6.34% | 160.00% |
Seatrium Limited Corporate Events
Seatrium Limited has delivered a next-generation wind turbine installation vessel (WTIV) to Maersk Offshore Wind, following successful sea trials and final readiness checks at its Tuas Boulevard Yard in Singapore. Custom-engineered to install 15+MW-class turbines, the vessel features a 1,900-tonne main crane with a 180-metre hook height and has undergone rigorous validation by international classification societies.
The WTIV incorporates a feeder-based, Jones Act-compliant installation design with stabilising systems that allow component transfers in high sea states, extending the operational weather window and reducing overall cost and time of installation. It is scheduled to sail in March 2026 for its first assignment at the Empire Wind project offshore New York, underscoring Seatrium’s growing role in offshore wind infrastructure while highlighting its strong safety performance with zero Lost Time Injuries during construction.
By expanding its portfolio across offshore substations, floating foundations, zero-emission vessels and specialised installation assets, Seatrium is strengthening its competitive position in the global offshore wind value chain. The successful delivery of this first-of-its-kind WTIV reinforces the company’s engineering credentials and its strategic importance as a partner to major developers in scaling renewable energy infrastructure worldwide.
The most recent analyst rating on (SG:5E2) stock is a Buy with a S$2.96 price target. To see the full list of analyst forecasts on Seatrium Limited stock, see the SG:5E2 Stock Forecast page.
Seatrium Limited is intensifying its asset portfolio optimisation strategy by divesting non-core assets to streamline operations and strengthen its cost structure. The group operates a network of shipyards and engineering facilities and is shifting toward a leaner, more focused asset base to bolster long-term competitiveness and value creation.
The company expects to achieve more than S$50 million in annualised operational cost savings by early 2026 through recent and planned divestments, including the sale of its AmFELS yard in Texas, GNL platform supply vessels, a fleet of 17 tugboats in Singapore for S$104 million, and the Can-Do 2 floating dock for about S$16.9 million. Seatrium is also moving towage needs to an outsourced model via a towage services agreement with KST Maritime, aiming to secure continuity of services while realising long-term cost efficiencies and freeing management to focus on core businesses.
The most recent analyst rating on (SG:5E2) stock is a Buy with a S$2.96 price target. To see the full list of analyst forecasts on Seatrium Limited stock, see the SG:5E2 Stock Forecast page.
Seatrium’s Jurong Shipyard unit has initiated arbitration proceedings in London against Petrobras Netherlands over a legacy contract for the P-54 FPSO conversion, originally signed in 2004 and later amended to address cost increases. A 2008 settlement had set a close-out payment of US$152.3 million, of which US$55.7 million was withheld pending a Brazilian audit, with Jurong reserving its right to claim that withheld amount through arbitration.
Following the Brazilian Federal Court of Accounts’ final decision in November 2023, Seatrium argues that the basis for withholding the US$55.7 million no longer applies, yet Petrobras continues to retain the funds and has instead demanded a net US$79.6 million, alleging overpayments under the contract. Seatrium is seeking to enforce full payment under the settlement and block further recovery attempts, and while it currently carries no balance sheet exposure to the disputed sum, the ultimate financial impact will depend on the outcome of the arbitration, which remains at a preliminary stage.
The most recent analyst rating on (SG:5E2) stock is a Buy with a S$2.96 price target. To see the full list of analyst forecasts on Seatrium Limited stock, see the SG:5E2 Stock Forecast page.
Seatrium Limited, a leading global offshore, marine and energy engineering group based in Singapore, specialises in the design and construction of rigs, floaters, offshore platforms and specialised vessels, as well as ship repair, upgrading and conversion, with a diversified portfolio that increasingly targets offshore renewables and low‑carbon energy solutions across its international network of yards and technology centres. The company has clarified that the completion date of its divestment of the AmFELS Yard was 30 January 2026, correcting an earlier typographical error that had stated 30 January 2025, a rectification that ensures accurate disclosure around the timing of this asset sale but does not alter the substance of the divestment itself.
The most recent analyst rating on (SG:5E2) stock is a Buy with a S$2.96 price target. To see the full list of analyst forecasts on Seatrium Limited stock, see the SG:5E2 Stock Forecast page.
Seatrium Limited has completed the divestment of its AmFELS yard in Brownsville, Texas, as of 30 January 2025, marking an operational exit from that U.S. facility. All projects at the yard were finished and delivered before completion of the sale, indicating a planned and orderly transition that allows the group to redeploy resources in line with its strategic focus on offshore renewables, new energies and cleaner offshore and marine solutions across its global network of shipyards and engineering centres.
The most recent analyst rating on (SG:5E2) stock is a Buy with a S$2.96 price target. To see the full list of analyst forecasts on Seatrium Limited stock, see the SG:5E2 Stock Forecast page.
Seatrium’s subsidiary Seatrium New Energy Limited and its consortium partner Aibel AS have commenced arbitration proceedings over their consortium agreement for the DolWin 5 project, a 900MW offshore converter platform serving the DolWin cluster in the German North Sea for end-customer TenneT Offshore GmbH. Despite disputes over alleged breaches of contract, allocation of responsibilities, and the distribution of revenue and costs for both direct and joint scopes of work, the parties continue to work on the project, which sailed from Seatrium’s Singapore yard to Aibel’s Norwegian facility in October 2023 and remains on track for delivery in 2026; financial exposure from the largest cross-claims over direct scopes, nominally around EUR180 million and EUR113 million respectively, is expected to be largely limited to reserved consortium funds of about EUR5 million, while additional contested joint-scope claims of approximately EUR17 million are being challenged by Seatrium in the arbitration.
The most recent analyst rating on (SG:5E2) stock is a Buy with a S$2.50 price target. To see the full list of analyst forecasts on Seatrium Limited stock, see the SG:5E2 Stock Forecast page.
Seatrium Limited has resolved its dispute with Phoenix II A/S, an affiliate of Maersk Offshore Wind, over a contract for the construction of a wind turbine installation vessel, reaffirming the existing contract and avoiding prolonged arbitration. Under the agreement, Seatrium Energy (International) will deliver the nearly completed vessel by 28 February 2026, with the buyer to pay the remaining US$360 million contract balance, including US$250 million financed through a 10-year, interest-bearing credit facility from Seatrium (SG) Pte. Ltd., secured by a mortgage and first-priority rights over the vessel and related bank accounts; all legal proceedings between the parties will be discontinued, and the company does not expect any material impact on its 2025 net tangible assets or earnings per share.
The most recent analyst rating on (SG:5E2) stock is a Buy with a S$2.96 price target. To see the full list of analyst forecasts on Seatrium Limited stock, see the SG:5E2 Stock Forecast page.
Seatrium Limited, in collaboration with GE Vernova, has secured a significant contract from TenneT to develop the BalWin5 offshore grid connection. This project, a 2.2-gigawatt HVDC grid connection, will transmit electricity from offshore wind farms in the German North Sea to Germany’s onshore network, supporting the country’s energy transition and climate goals. The project is expected to power approximately 2.75 million households, marking a crucial step in enhancing Germany’s electricity infrastructure and energy security. This contract is part of a broader five-year Framework Cooperation Agreement with TenneT and represents the consortium’s first win for TenneT’s German 2 GW projects. GE Vernova will deliver the HVDC technology and converter stations, while Seatrium will handle the design, construction, and installation of the offshore converter platform.
The most recent analyst rating on (SG:5E2) stock is a Buy with a S$2.96 price target. To see the full list of analyst forecasts on Seatrium Limited stock, see the SG:5E2 Stock Forecast page.
Seatrium Limited has initiated arbitration proceedings against Phoenix II A/S, an affiliate of Maersk, following a contractual dispute over the construction of a Wind Turbine Installation Vessel intended for the Empire Wind 1 offshore project. The dispute arose after Maersk’s affiliate issued a notice of termination, which Seatrium rejected, claiming wrongful termination and asserting that the buyer breached the contract. Seatrium is pursuing legal action to resolve the dispute, indicating significant implications for its operations and stakeholder relationships in the offshore wind sector.
The most recent analyst rating on (SG:5E2) stock is a Buy with a S$2.96 price target. To see the full list of analyst forecasts on Seatrium Limited stock, see the SG:5E2 Stock Forecast page.
Seatrium Limited has initiated arbitration against Phoenix II A/S, an affiliate of Maersk, following a contractual dispute over the construction of a Wind Turbine Installation Vessel intended for the Empire Wind 1 offshore project. The dispute arose after Maersk’s affiliate issued a notice of termination, which Seatrium rejected, claiming wrongful termination and breach of contract. Seatrium has taken legal steps to resolve the matter through arbitration in London, asserting that the buyer has shown an intention to abandon the contract.
The most recent analyst rating on (SG:5E2) stock is a Buy with a S$2.96 price target. To see the full list of analyst forecasts on Seatrium Limited stock, see the SG:5E2 Stock Forecast page.