Seatrium Limited · SGX:5E2
Seatrium — H1 2025 Earnings Presentation
26 slides from Seatrium's earnings presentation, Jul 31, 2025
Slide 1: 1H 2025 Results Presentation
1H 2025 Results Presentation 31 July 2025
Slide 2: Disclaimer
DISCLAIMER The material in this Presentation has been prepared by Seatrium Limited and contains general background information about the Company’s activities as at the date of this Presentation. No representation, warranty, or undertaking, express or implied, is made as to, and no reliance should be
Slide 3: Agenda
Agenda 1 1H 2025 Highlights and pipeline Chris Ong, CEO 2 1H 2025 Financial review Stephen Lu, CFO 3 Priorities and outlook Chris Ong, CEO FPSO P-78 Sailaway 3
Slide 4: 1H 2025 Highlights and pipeline
1 1H 2025 Highlights and pipeline Chris Ong, CEO Seatrium Angra yard 4
Slide 5: 1H 2025 Performance highlights
1H 2025 Performance highlights 1 Achieved stronger financial performance despite a volatile macro environment • Expanded gross margin and improved net profit 2 Laser-focused on project execution, safety and quality; Leveraging our One Seatrium Global Delivery Model • 25 ongoing projects: Steady prog
Slide 6: 1H 2025 Financial highlights
1H 2025 Financial highlights 1H25 vs 1H24 Revenue S$5,367 million 34% Net Profit S$144 million 301% EBITDA S$407 million 31% Return on Equity1 4.5 % 340bps Net Debt/EBITDA1 1.0 X 1.9x FPSO BW Opal arrived at Barossa field, successfully hooked up to subsea facilities (Credits: BW Offshore) 6 Note: 1.
Slide 7: Oil and Gas
Oil and Gas Focused execution of robust order book Stable demand for offshore production assets • Driven by 6 FPSOs for Petrobras, and FPUs for Shell and bp • Rising global energy demand driven by emerging economies, data centres and artificial intelligence • Delivered 2 projects: FPSOs BW Opal and
Slide 8: Offshore Wind
Offshore Wind Steady progress on project key milestones • Revenue driven by 3x 2GW HVDC OCPs for TenneT • 11 ongoing projects: 5 OCP, 3 OSS and 3 WIV • 3 projects on track for delivery in 2H25: - HVDC OCP Sofia and HVAC OSS Greater Changhua 2b and 4 undergoing offshore commissioning - WTIV Charybdis
Slide 9: Repairs and Upgrades
Repairs and Upgrades Supporting maritime decarbonisation goals; Higher-value works Revenue • Delivered 101 projects: 1 FSRU conversion, 15 LNG carriers, 2 CCS retrofits, S$’m -19% 10 cruise/yacht vessels, 3 offshore vessels and 10 navy vessels 517 418 • Global shipping impacted by short term challen
Slide 10: CCS and New Energies
CCS and New Energies Carbon Capture and Storage (CCS) • Approval in Principle (AiP) received from DNV for LCO2 carriers1 LMG Marin LCO2 carrier with dual fuel LNG/MDO propulsion systems and Type C containment • SMDTech2 holds designs for large-scale3 LCO2 carriers Ammonia Bunker Vessels (ABV) • Secu
Slide 11: Historical event Operation Car Wash update
Historical event Operation Car Wash update Recap: Highlights from 2024 Update: Finalization of legal agreements on 30 July 2025 and impact • 26 February 2024: Reached in- • Leniency agreements have been finalised with Brazilian authorities principle settlement agreements with • MPF Leniency Agreemen
Slide 12: 1H 2025 Financial review
2 1H 2025 Financial review Stephen Lu, CFO DolWin epsilon (HVDC offshore converter platform) leaving Haugesund (Credits: Aibel, TenneT) 12
Slide 13: 1H 2025: Stronger core financial performance
1H 2025: Stronger core financial performance 1 Revenue growth reflects strong execution of robust order book • Achieved revenue of S$5.4b (34% higher vs 1H24) on back of decade-high net order book at end-2024 2 Improved core performance and margin expansion driven by project mix and operational effi
Slide 14: Income statement highlights
Income statement highlights S$ million 1H25 1H24 % Revenue 34% Revenue 5,367 4,015 34 • Driven by Oil and Gas, and Offshore Wind solutions Gross profit 395 147 168 Other operating income, net 4 137 (97) Gross margin % 370 basis points to 7.4% General and administrative (160) (170) (6) • Favourable m
Slide 15: Revenue breakdown
Revenue breakdown S$ million 1H25 1H24 % Oil and Gas 26% Oil and Gas 3,631 2,871 26 • Increase attributed to FPSOs P-84 and P-85 Offshore Wind 1,120 545 106 Offshore Wind 106 % Repairs and Upgrades 418 517 (19) • Driven by 2GW HVDCs Beta, Gamma and Others 198 82 141 Nederwiek 2 TOTAL REVENUE 5,367 4
Slide 16: Cash flow highlights
Cash flow highlights S$ million 1H25 1H24 Operating profit before working capital changes 393 349 Operating activities Changes in working capital1 (314) (1,303) • Receipts from ongoing projects Interest and tax (79) (80) • Offset by working capital requirements - Higher contract assets due to timing
Slide 17: Optimising debt to lower costs
Optimising debt to lower costs Gross debt Weighted average debt cost1 S$’m % Deleveraging and refinancing -50bps • Deleveraged to reduce higher-cost debt -10% 4.9% 2,631 • Lower debt costs during refinancing due 2,365 4.4% to improved credit profile Floating 42% 37% Adequate liquidity Dec-24 Jun-25
Slide 18: Order book underpins revenue visibility
Order book underpins revenue visibility Net order book1 in S$ million Oil and Gas Offshore Wind Others S$18.6 billion net order book • 25 projects with deliveries till 2031 Dec-24 75% 24% 23,217 • S$6.3 billion (34%) are renewables and -4,580 green/cleaner solutions Jun-25 74% 26% 18,637 > S$30 bill
Slide 19: Priorities and Outlook
3 Priorities and Outlook Chris Ong, CEO Artist impression of Penta-Ocean Construction HLV 19
Slide 20: Priorities
Priorities Convert pipeline to Expand margins with Progress towards order book while series-build projects 2028 targets and delivering excellence and disciplined enhance total and exceeding our execution shareholder returns customers’ trust FPSO BW Opal arrived at Barossa field (Credits: BW Offshore
Slide 21: Outlook
Outlook Seatrium’s diversified portfolio of offshore oil and gas, offshore wind solutions, and maritime repairs and upgrades positions it favourably to capitalise on long-term energy demand growth. The Group’s multi-pronged strategy and proven execution have enhanced the resilience of its business a
Slide 22: Question & answer
1H 2025 Results Presentation Question & answer FPSO P-78 Sailaway 22
Slide 23: Appendix
1H 2025 Results Presentation Appendix 23 Dominion Energy Charybdis, first Jones Act-Compliant Wind Turbine Installation Vessel
Slide 24: Order book: Project information
Order book1: Project information No Products / Services Clients Solution Awarded No Products / Services Clients Solution Awarded type2 year type2 year For delivery in 2025 For delivery in 2027 1 TSHD Frederick Paup Manson Construction Others 2020 15 FPSO P-80 Petrobras O&G 2022 2 WTIV Charybdis Domi
Slide 25: Glossary
Glossary 1H First half FPSO Floating production storage and offloading unit MDO Marine diesel oil 2H Second half FPU Floating production unit MOU Memorandum of Understanding ABV Ammonia bunker vessel FSRU Floating storage regasification unit O&G Oil and gas AGC Attorney-General’s Chambers FX Foreign
Slide 26: Engineering Our Future Together
Engineering Our Future Together