Seatrium CEO in positive mood as order book swells to $24.4 billion

Firm has also cut cost of project funding, strengthened ability to collect payment

- Ven Sreenivasan

After years of struggles amid an energy market slump, Seatrium is seeing a strong pick-up in business, bringing down its debt and raising fresh funds for projects, the company's top management said.

Its net order book stands at $24.4 billion comprising 30 projects with deliveries till 2031, as at end-September. Gross orders totalled almost $38 billion, to be delivered over the rest of the decade.

Seatrium has also reduced the cost of project funding and strengthened its ability to collect payment from customers, chief executive officer Chris Ong and chief financial officer Adrian Teng said on Nov 11.

In a business update on Seatrium's third-quarter results, Mr Ong told The Straits Times that his team has done a "tremendous job" in turning the company around and setting it on the path to sustained growth and profitability.

"After many difficult years, the trend is in the right direction," he said. "We now have to ramp up and deliver. Our business is multifaceted, our pipeline of projects is healthy and we have many customers inquiring to partner with us. Things are looking very positive."

Seatrium has delivered three projects to customers to date in 2024, including the fourth new-build jack-up rig to Borr Drilling and a refurbished floating production unit to Salamanca FPS Infra.

Another five projects are scheduled for delivery in 2024, worth $107 million in net contract value.

Seatrium has also continued to make headway in its new energies business, it said.