Seatrium Reports Impressive Net Order Book

In a striking business update for the third quarter of FY2024, Seatrium has reported an impressive net order book totaling $24.4 billion as of September 30. The company's forward momentum is underscored by a diverse portfolio of 30 projects set for delivery through 2031, positioning Seatrium favorably in the competitive landscape of the maritime and offshore energy sectors.

Year-to-Date Achievements

Year-to-date achievements include the successful delivery of three significant projects. These highlights comprise a new jackup rig delivered to Borr Drilling and a refurbished floating production unit (FPU) handed over to Salamanca FPS Infra. This illustrates Seatrium's ability to meet its commitments and maintain customer satisfaction amidst fluctuating market conditions.

Strong Performance in Repairs and Upgrades

Moreover, Seatrium's repairs and upgrades segment has shown robust performance, culminating in a total of 192 projects completed in the nine-month period ending September 2024. Notably, the third quarter alone saw the completion of 59 repair and upgrade projects. A standout achievement within this timeframe was the upgrade of a liquefied natural gas (LNG) fleet for Chevron, indicating Seatrium's strategic focus on enhancing operational efficiency in the energy transition.

New Ventures in Offshore Wind Market

Adding to its growing portfolio, Seatrium has announced a letter of intent (LOI) with Japan-based Penta-Ocean Construction (POC) to kickstart early engineering work on a groundbreaking 5,000-ton fully-revolving heavy lift vessel (HLV) for the Japanese offshore wind market. The collaboration marks Seatrium's first venture into this lucrative sector and demonstrates a commitment to innovative solutions amid an evolving global energy landscape. The comprehensive engineering, procurement, and construction (EPC) contract is anticipated to be awarded in the first quarter of 2025, pending final approval from POC.

Comments from Company Executives

William Gu, the executive vice president of Seatrium Energy (International), expressed enthusiasm about the partnership, stating, "We are thrilled to embark on this journey with POC, paving the way for groundbreaking advancements in the Japanese offshore wind domain." This project, equipped with one of the heaviest lifting capacities in the world, represents Seatrium's ambition to drive the energy transition forward with ingenuity and collaboration at its core.

Adding to this momentum, Tetsunori Ohshimo, senior managing executive officer at POC, highlighted the importance of the HLV in accommodating the installation of larger monopile foundations necessitated by the trend toward increasingly heavy wind turbines. "We anticipate that this vessel will play a vital role in advancing offshore wind development in Japan," he said.

Stock Market Performance

As of November 8, Seatrium's stock price rose by 2.04%, closing at $2 per share, signaling investor confidence in the company's strategic direction and future prospects. With projects lined up and a focus on sustainable energy initiatives, Seatrium is poised to make significant strides in its industry, challenging competitors while contributing meaningfully to the global energy transition.