Seatrium reported net profit of S$373 million for the first half of 2026, an increase of 158% from S$144 million in the same period a year earlier.
The result included divestment gains. Excluding those gains, net profit rose 54% year-on-year to S$212 million during the January-to-June 2026 period.
Revenue increased 4.7% to S$5.6 billion from S$5.4 billion in 1H2025 as the group continued work on its existing order book. Gross margin improved to 8.6% from 7.4%.
The company attributed the margin increase to a larger share of higher-margin projects, lower indirect overheads, improved productivity, strategic divestments and cost controls.
EBITDA excluding divestment gains rose 20% to S$479 million.
As of 30 June 2026, Seatrium had a net order book of S$13.3 billion covering 24 projects scheduled for delivery through 2033. More than 95% of the order book consisted of Series Build projects.
Lower-margin legacy non-FPSO projects represented about 1% of the order book after the completion of three projects.
The P-80 and P-82 FPSOs for Petrobras, along with the Shell Sparta FPU, remained scheduled for sailaway in the second half of 2026.
Seatrium also reported a pipeline of more than S$32 billion in potential opportunities over the next 24 months. This comprised approximately S$21 billion in oil and gas, S$9 billion in offshore wind and S$2 billion in conversion projects.
Brazil remained the company’s main market for deepwater FPSOs. Demand for newbuilds, conversions and upgrades was also reported in Guyana, West Africa and Southeast Asia.
The company operates three yards in Brazil that can support local-content requirements for upcoming FPSO tenders, including projects with full engineering, procurement, construction and commissioning scopes similar to the six P-Series projects in its order book.
In the gas segment, Seatrium secured a new FSRU conversion contract during 1H2026. It also identified opportunities involving FLNG, FSRU and other gas conversion and newbuild projects.
Its offshore wind activities cover offshore substations, heavy lift vessels, wind turbine installation vessels and floating wind foundations.
For the full year, Seatrium expects the factors supporting its first-half margins to continue. Including one-off divestment gains, the company expects FY2026 net profit to be materially higher than in FY2025.
