Seatrium Limited · SGX:5E2
Seatrium — FY2024 Earnings Presentation
26 slides from Seatrium's earnings presentation, Feb 21, 2025
Slide 1: FY2024 Results Presentation
FY2024 RESULTS PRESENTATION 21 February 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 ▪ Address by CEO ▪ Address by CFO ▪ Q&A 3
Slide 4: Achieves First Full Year Profit
ACHIEVES FIRST FULL YEAR PROFIT ▪ Revenue of S$9.2 billion ( 27% y-o-y) ▪ Underlying EBITDA1 at S$771 million ( 23% y-o-y) ▪ Underlying Net Profit1 of S$200 million ( S$228 million y-o-y) PROPOSES FINAL CASH DIVIDEND OF 1.5 CENTS/SHARE P-78 FPSO under construction in Singapore 4 Note 1. 2024 Underly
Slide 5: 2024 Highlights
2024 HIGHLIGHTS OPERATIONAL STRONGER SHAREHOLDER EXCELLENCE BALANCE SHEET RETURN ✓ Revenue > S$9b ✓ Reduced gross debt ✓ Achieved first full year profitability ✓ Delivered 7 newbuild/ ✓ Positive free cashflow ✓ Proposed dividend integration projects ✓ Divested non-core assets ✓ Completed 231 Repairs
Slide 6: Decade High Order Book Underpinning Revenue Visibility
DECADE HIGH ORDER BOOK UNDERPINNING REVENUE VISIBILITY Net Order Book at S$23.2 billion ▪ S$15.2 billion New Orders in FY2024 and YTD 2025 ▪ FPU Sparta for Shell +43% S$23.2b ▪ FPSO Errea Wittu for Offshore Frontier Solutions (MODEC) ▪ FPSO Jaguar for SBM Offshore S$16.2b ▪ FPSOs P84 & P85 for Petro
Slide 7: A Franchise of Series-Build Projects
A FRANCHISE OF SERIES-BUILD PROJECTS Repeatability enhances operational efficiencies 2024 new orders Offshore Accelerate Converter transition & Platforms position for floating wind Beta Gamma Ned 2 Offshore Installation Vessels Sleipnir SSCV Charybdis WTIV Maersk WTIV Penta-Ocean HLV Reinforce FPSOs
Slide 8: Supported by the One Seatrium Global Delivery Model
SUPPORTED BY THE ONE SEATRIUM GLOBAL DELIVERY MODEL Only player capable of end-to-end global delivery with ability for capacity scale up Integrates our global assets and workforce onto an efficient operating platform: ▪ Centralised & coordinated execution model ▪ Optimise asset base ▪ Enhance operat
Slide 9: P-78 FPSO Integration at Seatrium Benoi Yard
P-78 FPSO INTEGRATION AT SEATRIUM BENOI YARD P-78 FPSO last modules delivery by Seatrium Angra Yard in Brazil to Singapore for integration 9
Slide 10: TenneT 2GW HVDC Offshore Converter Platform (OCP)
TENNET 2GW HVDC OFFSHORE CONVERTER PLATFORM (OCP) Beta 2GW HVDC OCP topside Strike Steel ceremony in Sep 2024 Artist impression of TenneT 2GW HVDC Offshore Converter Platform (Source: TenneT) 10
Slide 11: Repairs and Upgrades
REPAIRS AND UPGRADES Grow baseload of high value works Revenue +7% S$1.10b S$1.03b 2023 2024 ▪ Higher revenue per vessel ▪ Completed 231 vessels (vs 291 in 2023) ▪ 22 Favoured Customer Contracts (FCCs) ▪ 6 FCCs signed/renewed in 2024 ▪ Build revenue resiliency, facilitate forward capacity planning a
Slide 12: Making Headway into Decarbonisation
MAKING HEADWAY INTO DECARBONISATION LCO2 tank WORLD’S FIRST FULL SCALE ONBOARD CCS RETROFIT PROJECTS ▪ Seatrium successfully delivered world’s first full-scale turnkey CCS retrofit project, Clipper Eris, from Solvang ASA ▪ Second project, Nexus Victoria, from Mitsui O.S.K. Lines is in progress 12
Slide 13: Advancing Technology Development
ADVANCING TECHNOLOGY DEVELOPMENT Leading through Innovation and Partnership CO2 Capture Module Carbon Capture & Storage (CCS) ▪ Developing SEARA Onboard Carbon Capture System ▪ Delivered, installed, and commissioned a CO2 liquefaction unit for Capsol Technologies’ carbon capture demonstration unit i
Slide 14: Capitalising on the Rig MRO Market
Seatrium B-Class design jack-up rig undergoing CAPITALISING ON THE RIG MRO MARKET jacking trials ▪ About two-thirds of the world’s jack-up rigs are Seatrium’s designs ▪ Opened new office in Al Khobar, Saudi Arabia to provide equipment, design, and aftersales capabilities for the drilling rig market
Slide 15: Driving Sustainability in Our Business
DRIVING SUSTAINABILITY IN OUR BUSINESS Rated “A” (2023: “BBB”) Index Constituent for the 7th Consecutive Year ENVIRONMENT SOCIAL GOVERNANCE Engineering a Sustainable Future Caring for our People and Operating a Responsible Business Communities Contributed over S$2.9 Achieved a single ISO 37001 34% o
Slide 16: Outlook
OUTLOOK The need to address energy security while transitioning towards cleaner energy globally is likely to present significant market opportunities, despite near-term geopolitical volatility. Seatrium’s focus on oil & gas and renewables solutions, as well as maritime upgrades, positions it favoura
Slide 17: Agenda
AGENDA ▪ Address by CEO ▪ Address by CFO ▪ Q&A 17
Slide 18: FY2024 Financial Summary
FY2024 FINANCIAL SUMMARY REVENUE REVENUE EBITDA NET PROFIT NET CURRENT ASSETS S$’m S$’m S$’m S$’m + 27% Underlying + S$499m 9,231 + S$228m 200 Net Profit1 554 7,291 + 23% Underlying 157 771 EBITDA1 628 (28) 627 236 (2,017) 55 2023 2024 2023 2024 2023 2024 2023 2024 ▪ Revenue of S$9.2 billion, a 27%
Slide 19: Income Statement Highlights
INCOME STATEMENT HIGHLIGHTS S$ million unless otherwise stated 2H2024 2H2023 +/(-) % FY2024 FY2023 +/(-) % Revenue 5,216 4,406 18 9,231 7,291 27 Gross Profit/(Loss) 143 (59) n.m. 291 (209) n.m. General & Administrative (G&A) (151) (212) (29) (321) (365) (12) EBITDA 316 201 57 627 236 166 Underlying
Slide 20: Realising Synergies & Savings
REALISING SYNERGIES & SAVINGS Target Key Initiatives On-Track S$300m p.a. ▪ Standardised pricing with customers to achieve target Synergies & ▪ Reduction in overheads recurring run-rate overheads savings ▪ Asset rationalisation savings by end-2025 S$200m ▪ Improved supply chain management Procuremen
Slide 21: Capital Management
CAPITAL MANAGEMENT S$ million unless otherwise stated 31 Dec 2024 31 Dec 2023 +/(-) % Shareholders’ Equity 6,338 6,395 (1) Net Debt 689 747 (8) Net Current Assets 554 55 907 Net Leverage Ratio1 1.1 3.2 n.m. Net Gearing Ratio2 0.1 0.1 n.m. Net Asset Value Per Share (cents) 187.2 187.5 - Net Tangible
Slide 22: Free Cash Flow
FREE CASH FLOW S$ million FY2024 FY2023 +/(-) % Operating Profit before working capital changes 669 484 38 Working capital changes (423) 122 n.m. Interest income received 102 270 (62) Interest paid (199) (252) (21) Tax paid (52) (23) 126 Net cash from operating activities 97 601 (84) Capex (100) (11
Slide 23: Debt Profile
DEBT PROFILE As at 31 Dec 2024 Borrowing Profile Fixed/Floating Profile ✓ Achieved Other Corporate Borrowings Gross Green and Sustainability- Linked Floating 42% Target 50% debt 50% S$2.6b Borrowings 50% Fixed 58% of borrowings to be sustainability-linked/ green to anchor our ESG commitments Weighte
Slide 24: Order Book: Projects & Delivery Schedules
ORDER BOOK1 : PROJECTS & DELIVERY SCHEDULES Contract Value Products / Services (S$ million) Clients Gross Net2 ▪ New orders of S$15.2 billion For delivery in 2025 secured in 2024 & YTD 2025 1 TSHD / 2 FPSO Integrations 6,003 658 Manson Construction / BW Offshore / SBM Offshore 2 WTIVs / 2 Offshore S
Slide 25: Agenda
AGENDA ▪ Address by CEO ▪ Address by CFO ▪ Q&A 25
Slide 26: Engineering Our Future Together
Engineering Our Future Together