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Latest Forum Topics / Seatrium Ltd    Last:1.94    -0.02  Post Reply
SEATRIUM LTD. - ROCKETING TO THE MOON BY 2028 !!!!
Login20
Master
18-Jun-2024 16:45     
 
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 Alert Admin 		Currently in brief, seem is only Singapore sides is seeking a closure, hopefully for it, and to uphold Singapore high reputation of zero tolerance on corruption.

Login20      ( Date: 18-Jun-2024 16:16) Posted:

Operation Car Wash - Wikipedia

The operation car wash is bigger than we thought, it doesn' t only refer to just Seatrium situations with it.

The Brazil side might have accepted the proposal by Seatrium on the Fines, that result in Seatrium recent win on 2 FPSOs huge contracts. If this is in order.

But the Singapore sides is not closed for investigation to get hold of the culprits. Let hope this time is 1 and for all, clean them up before the GE.
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JessTrang
Veteran
18-Jun-2024 16:37     
 
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 Alert Admin 		Dump too fierce already, this price is quite safe, even though it might go lower but will move back up again.
if the situation is so serious, why would they still able to get these contracts?
This dumping is definitely an opportunity to create fear..
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Login20
Master
18-Jun-2024 16:16     
 
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 Alert Admin 		Operation Car Wash - Wikipedia

The operation car wash is bigger than we thought, it doesn' t only refer to just Seatrium situations with it.

The Brazil side might have accepted the proposal by Seatrium on the Fines, that result in Seatrium recent win on 2 FPSOs huge contracts. If this is in order.

But the Singapore sides is not closed for investigation to get hold of the culprits. Let hope this time is 1 and for all, clean them up before the GE.
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mav1ryan
Veteran
18-Jun-2024 15:28     
 
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 Alert Admin 		Nvdia is 1 split 10 and chionging to the next highest level...
Seatrium is 10 merge 1, and than possibly drop to original price again..
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Aceking
Member
18-Jun-2024 15:26     
 
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 Alert Admin 		This is totally insane! Drop until like no tomorrow! F the management! Give us back my money! 
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Login20
Master
18-Jun-2024 14:38     
 
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 Alert Admin 		If that happens, probably all old guards will be replaced for a clean slate company instead of dragging on operation car wash or other, seem never ending old story

Rover88      ( Date: 18-Jun-2024 14:33) Posted:

Management should consider liquidating the company since book value far exceeds market  price. Close shop and go home and sleep!

n3wbie      ( Date: 18-Jun-2024 13:38) Posted:

DBS update - but support broken:
  • Seatrium has been informed by MAS and CAD of a joint investigation into offences potentially committed by the company and/or its officers related to &ldquo Operation Car Wash&rdquo
  • Last update on this probe (on 28 March) noted that Seatrium has entered into a  deferred prosecution agreement (DPA)  with the Singapore authorities
    • Seatrium could pay a penalty of USD57mn (c.1.14% of BV) after considering the USD53mn offset
    • Seatrium had already made a provision for this in its FY23 results, hence no impact for FY24
  • Stock likely to see a negative reaction to the news, with near-term support at SGD1.58
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Rover88
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18-Jun-2024 14:33     
 
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 Alert Admin 		Management should consider liquidating the company since book value far exceeds market  price. Close shop and go home and sleep!

n3wbie      ( Date: 18-Jun-2024 13:38) Posted:

DBS update - but support broken:
  • Seatrium has been informed by MAS and CAD of a joint investigation into offences potentially committed by the company and/or its officers related to &ldquo Operation Car Wash&rdquo
  • Last update on this probe (on 28 March) noted that Seatrium has entered into a  deferred prosecution agreement (DPA)  with the Singapore authorities
    • Seatrium could pay a penalty of USD57mn (c.1.14% of BV) after considering the USD53mn offset
    • Seatrium had already made a provision for this in its FY23 results, hence no impact for FY24
  • Stock likely to see a negative reaction to the news, with near-term support at SGD1.58
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kt3152
Supreme
18-Jun-2024 14:26     
 
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 Alert Admin 		Oversold. Bought some 152......
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MrBear12
Supreme
18-Jun-2024 13:38     
 
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 Alert Admin 		Last ditch defence at 148-150
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n3wbie
Elite
18-Jun-2024 13:38     
 
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 Alert Admin 		DBS update - but support broken:
  • Seatrium has been informed by MAS and CAD of a joint investigation into offences potentially committed by the company and/or its officers related to &ldquo Operation Car Wash&rdquo
  • Last update on this probe (on 28 March) noted that Seatrium has entered into a  deferred prosecution agreement (DPA)  with the Singapore authorities
    • Seatrium could pay a penalty of USD57mn (c.1.14% of BV) after considering the USD53mn offset
    • Seatrium had already made a provision for this in its FY23 results, hence no impact for FY24
  • Stock likely to see a negative reaction to the news, with near-term support at SGD1.58
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piscesmonkey
Supreme
18-Jun-2024 13:06     
 
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 Alert Admin 		Going $1?
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kennygohk
Member
18-Jun-2024 11:17     
 
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 Alert Admin 		faintzzz... 1.54 also done. All in to average down already...
btw, why most ppl post in the old track which latest price not reflected?
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Login20
Master
16-Jun-2024 22:47     
 
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 Alert Admin 		Only Management will be in a better picture for real. Our statements is all based on assumptions, while Q124 revenues is estimated by DBS as S$2 bn, and OCBC estimate it as S$1.9 bn. So DYODD.

However, as I mentioned in my  earlier projections and assumptions for 1H24, they are all, if remain as status quo as 2023, not to forget, throughout 2023, there were also those items as you said for 2024, still be legacy/ loss making projects being recognised. 2023 is not spared with them.

We shall watch the actual 1H24. Order book is difference over the year. Huge Impairment and provisions is provided in 2023. If still unable to perform, is a shame.

Currently, bite the bullets, will not be selling to the shortist, let the shortist sell to the shortist, there will be payback time for both sides.

n3wbie      ( Date: 16-Jun-2024 21:53) Posted:

Technically this is sensible but the delta is the margin for those contracts recognized as revenue in 1H24. Believe management said there would still be legacy / loss-making projects being recognized as through FY24 so we may not necessarily see a significant uplift as yet in 1H24 but realistically more so from 2H24/25 onwards. Just a thought 

Login20      ( Date: 13-Jun-2024 13:14) Posted:

If Seatrium is able to achieve S$2 bn revenue per quarter for 1st half (Q1 24 estimate S$2 bn revenue by DBS), total S$4 bn for 1H 24, is 37.9% higher than the S$2.9 bn revenue for 1H 23. EBITD will be proportionly higher too if remain by status quo, might or should be better since Seatrium has make a significant impairments and provision last year. Let see the actual later.

DYODD.

 
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n3wbie
Elite
16-Jun-2024 21:53     
 
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 Alert Admin 		Technically this is sensible but the delta is the margin for those contracts recognized as revenue in 1H24. Believe management said there would still be legacy / loss-making projects being recognized as through FY24 so we may not necessarily see a significant uplift as yet in 1H24 but realistically more so from 2H24/25 onwards. Just a thought 

Login20      ( Date: 13-Jun-2024 13:14) Posted:

If Seatrium is able to achieve S$2 bn revenue per quarter for 1st half (Q1 24 estimate S$2 bn revenue by DBS), total S$4 bn for 1H 24, is 37.9% higher than the S$2.9 bn revenue for 1H 23. EBITD will be proportionly higher too if remain by status quo, might or should be better since Seatrium has make a significant impairments and provision last year. Let see the actual later.

DYODD.

 

Login20      ( Date: 13-Jun-2024 13:01) Posted:

Currently Management should always feel is better for Seatrium to buy back lowest possible until is profitable enough. Sharks is lurking at the moments...estimate another 1.5 months to 1H 24 result annoucement if they do it by end July like in 1H 23.

For Longists, is LL currently. 
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vicloo
Supreme
16-Jun-2024 20:23     
 
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 Alert Admin 		Yes, anytime b4 next financial reporting in July... it might shoot up above 1.9

MrBear12      ( Date: 16-Jun-2024 15:15) Posted:

In view of the bearish sentiment of Seatrium on share junction, I asked co-pilot what is bear bear here.
Copilot' s reply was this:

Certainly! Let&rsquo s discuss  Bear Bear  on ShareJunction. Bear Bear is a playful character who enjoys hunting salmon and launching rockets for fun! 🐻 🚀

However, if you&rsquo re looking for more serious stock discussions, consider focusing on  Seatrium. Although it&rsquo s currently having trouble lifting off, there&rsquo s potential for it to fire to the moon. Keep an eye on it, especially as directions become clearer toward the end of May! 🌕 📈

AI thinks Seatrium has potential for a dramatic move up!


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MrBear12
Supreme
16-Jun-2024 15:15     
 
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 Alert Admin
In view of the bearish sentiment of Seatrium on share junction, I asked co-pilot what is bear bear here.
Copilot' s reply was this:

Certainly! Let&rsquo s discuss  Bear Bear  on ShareJunction. Bear Bear is a playful character who enjoys hunting salmon and launching rockets for fun! 🐻 🚀

However, if you&rsquo re looking for more serious stock discussions, consider focusing on  Seatrium. Although it&rsquo s currently having trouble lifting off, there&rsquo s potential for it to fire to the moon. Keep an eye on it, especially as directions become clearer toward the end of May! 🌕 📈

AI thinks Seatrium has potential for a dramatic move up!

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MrBear12
Supreme
14-Jun-2024 14:03     
 
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 Alert Admin 		Savior and Joy, you got your 168 shares. Time to balik kampong and celebrate hari raya. Happy hols.
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MrBear12
Supreme
14-Jun-2024 09:57     
 
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 Alert Admin 		To see the progression of Seatrium one year later.

vicloo      ( Date: 14-Jun-2024 09:55) Posted:

Why post 1q23, 1+ year old news here??

MrBear12      ( Date: 14-Jun-2024 09:53) Posted:

Seatrium Interim Business Update for 1Q2023 in reply to freestyle about wind projects.
 A good start with multiple project wins and a bolstered net order book o Landmark win of three 2GW most advanced HVDC Offshore Converter Platforms from TenneT TSO B.V. o Award of two Offshore Substation Platform EPCC contracts following successful completion of FEED from Empire Wind o Significant win of EPCI services agreement from Chevron for its LNG fleet modification project o Net order book of ongoing projects increased to over S$20 billion o Renewables and cleaner/green solutions comprise approximately 39% of the Group&rsquo s net order book.
 Continued strong execution with successive project deliveries and good progression on existing projects o Strong execution with successive project deliveries including the third and final Ropax unit built for Norled and the Prosperity FPSO for SBM Offshore o Servicing a total of 91 vessels/offshore structures including naval vessels, cruise liners, LNG carriers, FSU/FSRU/FSO/FPSO units and jackups across the Group&rsquo s yards
 Shareholders&rsquo support for combination with Keppel O& M and name change o Sembcorp Marine shareholders gave overwhelming 95.28% support for the Proposed Combination with Keppel O& M at the Company&rsquo s EGM held on 16 February 2023 o At the Company&rsquo s AGM held on 26 April 2023, 99.91% voted in support for the change of name to Seatrium Limited Singapore, 12 May 2023: Seatrium Limited (&ldquo Seatrium&rdquo or the &ldquo Company&rdquo and together with its subsidiaries, the &ldquo Group&rdquo ) is today issuing its interim business update for the first quarter of 2023 (&ldquo 1Q2023&rdquo ).
KEY PROJECT WINS 1. 2. 3. The Group, through its wholly-owned subsidiary Sembcorp Marine Offshore Platforms Pte. Ltd. (&ldquo SMOP&rdquo ) and its consortium partner, clinched its largest offshore renewable project, to supply the high voltage direct current (HVDC) electrical transmission systems for three mega offshore wind farm projects, each valued at approximately EUR 2 billion from TenneT TSO B.V. (&ldquo TenneT&rdquo ) With a combined capacity of six Gigawatt (GW) for deployment in the Netherlands, the three offshore wind farm platforms will contribute towards TenneT&rsquo s sustainability ambition through its offshore grid development programme, which involves the installation of 40GW of offshore wind energy in the German and Dutch North Seas, to enable Europe to be the world&rsquo s first climate neutral continent. The Group through SMOP also secured a contract worth more than S$500 million for two offshore wind farm substations from Empire Wind LLC, a joint venture between Equinor and bp. This contract award follows the successful completion of the FEED (Front-End Engineering and Design) contract which was secured by SMOP in 2022. The scope of the project involves the engineering, procurement, construction, offshore hook-up and commissioning of two Offshore Substation (OSS) Platforms for the Empire Wind 1 and 2 Offshore Wind Farms located about 20 miles south of Long Island, east of the Rockaways. The Group, through its wholly-owned subsidiary Sembcorp Marine Repairs & Upgrades Pte. Ltd (&ldquo SMRU&rdquo ) entered into an agreement with Chevron Shipping Company LLC (&ldquo Chevron&rdquo ) to provide Chevron with engineering, procurement, installation, and commissioning (EPIC) services for its LNG fleet modification and upgrade project to support its energy transition goals. OPERATIONS REVIEW Successful Delivery / Completion of Projects 4. The Group continued to execute strongly into the first quarter of 2023 and to date, has successfully delivered multiple key projects including notable repair and major refits projects. Please refer to Appendix 1 for a listing of projects completed. Ongoing Project Executions
5. Key projects under execution with delivery scheduled from 2023 to 2030 include RWE Renewables&rsquo Sofia Offshore Wind Farm, Newbuild Wind Turbine Installation Vessels (WTIV) Charybdis for Dominion Energy and Sturgeon for Maersk Supply Service (Maersk).
6. The Group also has multiple EPC (Engineering, Procurement and Construction) contracts from Brazilian state-owned oil and gas producer, Petroleo Brasileiro S.A. (Petrobras), for newbuild FPSOs, P-78, P-80, P82 and P-83, for deployment in the Buzios field, in the pre-salt Santos Basin, off the coast of Rio de Janeiro, Brazil.
7. Underpinned by increasing preference for natural gas as the maritime industry strives for a greener future, the Group secured multiple LNG carrier repair and refit projects and currently has 20 LNGCs across its yards undergoing retrofitting programmes. Other key repair and upgrade projects include conversion works on three units of FPSO, the Tortue, Ngujima-Yin and Armada Claire. Please refer to Appendix 2 for details of key projects under execution. New Contract and Order Developments
8. The Group reported a number of key contract wins during the reported quarter and to-date and these include the landmark Framework Cooperation Agreement (FCA) from TenneT two Offshore Substation Platform Projects from Empire Offshore Wind, and an Offshore Substation (OSS) Platform construction contract from an international renewable energy company. Please refer to Appendix 3 for details of these project awards. Net Order Book
9. Year-to-date, the Group has a net order book of over S$20 billion (with a total original contract sum of S$27.8 billion). This consists of approximately S$19.9 billion¹ of projects under execution with ongoing Repairs & Upgrades projects contributing the remaining.
10. Renewables and cleaner/green solutions comprise approximately 39% of the Group&rsquo s net order book. CASH FLOW & LIQUIDITY MANAGEMENT
11. Year-to-date, the Group registered higher overall cash balance following completion of the combination with Keppel O& M and improvement in operating cash flows from continuing successive completion and deliveries of key projects. These will be used to meet payables and other working capital needs in FY2023.
12. The Group registered a net debt/equity ratio of 0.18 times (0.26 times as at end FY2022). ¹ includes two of three contracts for the supply of the HVDC systems for TenneT
13. Since the FY2022 Results Update, there has been no further disbursement of the proceeds from the September 2021 S$1.5 billion Rights Issue. The balance of the net proceeds remains at approximately S$600 million.
14. The Group expects to have the necessary liquidity to fund its operations for the foreseeable future. OUTLOOK
15. Amid the ongoing energy transition and heightened concerns for energy security, the industry outlook for oil & gas, offshore renewables and other green solutions continues to improve and strengthen. The Group is actively responding to new opportunities and is focused on converting its orders pipeline into firm contracts.
16. With a combined order book of over S$20 billion with completions scheduled from 2023 to 2030, the Group remains focused on executing well on all its existing projects. The completion of the projects will contribute positively to the Group&rsquo s financial performance.
17. Following completion of the combination, the Company embarked on a comprehensive strategic business review to unlock synergies and build a roadmap for sustainable growth. A dedicated transformation team is in place to drive the strategic review and the exercise is expected to be completed before the end of 2023. -----END-----
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vicloo
Supreme
14-Jun-2024 09:55     
 
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 Alert Admin 		Why post 1q23, 1+ year old news here??

MrBear12      ( Date: 14-Jun-2024 09:53) Posted:

Seatrium Interim Business Update for 1Q2023 in reply to freestyle about wind projects.
 A good start with multiple project wins and a bolstered net order book o Landmark win of three 2GW most advanced HVDC Offshore Converter Platforms from TenneT TSO B.V. o Award of two Offshore Substation Platform EPCC contracts following successful completion of FEED from Empire Wind o Significant win of EPCI services agreement from Chevron for its LNG fleet modification project o Net order book of ongoing projects increased to over S$20 billion o Renewables and cleaner/green solutions comprise approximately 39% of the Group&rsquo s net order book.
 Continued strong execution with successive project deliveries and good progression on existing projects o Strong execution with successive project deliveries including the third and final Ropax unit built for Norled and the Prosperity FPSO for SBM Offshore o Servicing a total of 91 vessels/offshore structures including naval vessels, cruise liners, LNG carriers, FSU/FSRU/FSO/FPSO units and jackups across the Group&rsquo s yards
 Shareholders&rsquo support for combination with Keppel O& M and name change o Sembcorp Marine shareholders gave overwhelming 95.28% support for the Proposed Combination with Keppel O& M at the Company&rsquo s EGM held on 16 February 2023 o At the Company&rsquo s AGM held on 26 April 2023, 99.91% voted in support for the change of name to Seatrium Limited Singapore, 12 May 2023: Seatrium Limited (&ldquo Seatrium&rdquo or the &ldquo Company&rdquo and together with its subsidiaries, the &ldquo Group&rdquo ) is today issuing its interim business update for the first quarter of 2023 (&ldquo 1Q2023&rdquo ).
KEY PROJECT WINS 1. 2. 3. The Group, through its wholly-owned subsidiary Sembcorp Marine Offshore Platforms Pte. Ltd. (&ldquo SMOP&rdquo ) and its consortium partner, clinched its largest offshore renewable project, to supply the high voltage direct current (HVDC) electrical transmission systems for three mega offshore wind farm projects, each valued at approximately EUR 2 billion from TenneT TSO B.V. (&ldquo TenneT&rdquo ) With a combined capacity of six Gigawatt (GW) for deployment in the Netherlands, the three offshore wind farm platforms will contribute towards TenneT&rsquo s sustainability ambition through its offshore grid development programme, which involves the installation of 40GW of offshore wind energy in the German and Dutch North Seas, to enable Europe to be the world&rsquo s first climate neutral continent. The Group through SMOP also secured a contract worth more than S$500 million for two offshore wind farm substations from Empire Wind LLC, a joint venture between Equinor and bp. This contract award follows the successful completion of the FEED (Front-End Engineering and Design) contract which was secured by SMOP in 2022. The scope of the project involves the engineering, procurement, construction, offshore hook-up and commissioning of two Offshore Substation (OSS) Platforms for the Empire Wind 1 and 2 Offshore Wind Farms located about 20 miles south of Long Island, east of the Rockaways. The Group, through its wholly-owned subsidiary Sembcorp Marine Repairs & Upgrades Pte. Ltd (&ldquo SMRU&rdquo ) entered into an agreement with Chevron Shipping Company LLC (&ldquo Chevron&rdquo ) to provide Chevron with engineering, procurement, installation, and commissioning (EPIC) services for its LNG fleet modification and upgrade project to support its energy transition goals. OPERATIONS REVIEW Successful Delivery / Completion of Projects 4. The Group continued to execute strongly into the first quarter of 2023 and to date, has successfully delivered multiple key projects including notable repair and major refits projects. Please refer to Appendix 1 for a listing of projects completed. Ongoing Project Executions
5. Key projects under execution with delivery scheduled from 2023 to 2030 include RWE Renewables&rsquo Sofia Offshore Wind Farm, Newbuild Wind Turbine Installation Vessels (WTIV) Charybdis for Dominion Energy and Sturgeon for Maersk Supply Service (Maersk).
6. The Group also has multiple EPC (Engineering, Procurement and Construction) contracts from Brazilian state-owned oil and gas producer, Petroleo Brasileiro S.A. (Petrobras), for newbuild FPSOs, P-78, P-80, P82 and P-83, for deployment in the Buzios field, in the pre-salt Santos Basin, off the coast of Rio de Janeiro, Brazil.
7. Underpinned by increasing preference for natural gas as the maritime industry strives for a greener future, the Group secured multiple LNG carrier repair and refit projects and currently has 20 LNGCs across its yards undergoing retrofitting programmes. Other key repair and upgrade projects include conversion works on three units of FPSO, the Tortue, Ngujima-Yin and Armada Claire. Please refer to Appendix 2 for details of key projects under execution. New Contract and Order Developments
8. The Group reported a number of key contract wins during the reported quarter and to-date and these include the landmark Framework Cooperation Agreement (FCA) from TenneT two Offshore Substation Platform Projects from Empire Offshore Wind, and an Offshore Substation (OSS) Platform construction contract from an international renewable energy company. Please refer to Appendix 3 for details of these project awards. Net Order Book
9. Year-to-date, the Group has a net order book of over S$20 billion (with a total original contract sum of S$27.8 billion). This consists of approximately S$19.9 billion¹ of projects under execution with ongoing Repairs & Upgrades projects contributing the remaining.
10. Renewables and cleaner/green solutions comprise approximately 39% of the Group&rsquo s net order book. CASH FLOW & LIQUIDITY MANAGEMENT
11. Year-to-date, the Group registered higher overall cash balance following completion of the combination with Keppel O& M and improvement in operating cash flows from continuing successive completion and deliveries of key projects. These will be used to meet payables and other working capital needs in FY2023.
12. The Group registered a net debt/equity ratio of 0.18 times (0.26 times as at end FY2022). ¹ includes two of three contracts for the supply of the HVDC systems for TenneT
13. Since the FY2022 Results Update, there has been no further disbursement of the proceeds from the September 2021 S$1.5 billion Rights Issue. The balance of the net proceeds remains at approximately S$600 million.
14. The Group expects to have the necessary liquidity to fund its operations for the foreseeable future. OUTLOOK
15. Amid the ongoing energy transition and heightened concerns for energy security, the industry outlook for oil & gas, offshore renewables and other green solutions continues to improve and strengthen. The Group is actively responding to new opportunities and is focused on converting its orders pipeline into firm contracts.
16. With a combined order book of over S$20 billion with completions scheduled from 2023 to 2030, the Group remains focused on executing well on all its existing projects. The completion of the projects will contribute positively to the Group&rsquo s financial performance.
17. Following completion of the combination, the Company embarked on a comprehensive strategic business review to unlock synergies and build a roadmap for sustainable growth. A dedicated transformation team is in place to drive the strategic review and the exercise is expected to be completed before the end of 2023. -----END-----
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MrBear12
Supreme
14-Jun-2024 09:53     
 
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 Alert Admin 		Seatrium Interim Business Update for 1Q2023 in reply to freestyle about wind projects.
 A good start with multiple project wins and a bolstered net order book o Landmark win of three 2GW most advanced HVDC Offshore Converter Platforms from TenneT TSO B.V. o Award of two Offshore Substation Platform EPCC contracts following successful completion of FEED from Empire Wind o Significant win of EPCI services agreement from Chevron for its LNG fleet modification project o Net order book of ongoing projects increased to over S$20 billion o Renewables and cleaner/green solutions comprise approximately 39% of the Group&rsquo s net order book.
 Continued strong execution with successive project deliveries and good progression on existing projects o Strong execution with successive project deliveries including the third and final Ropax unit built for Norled and the Prosperity FPSO for SBM Offshore o Servicing a total of 91 vessels/offshore structures including naval vessels, cruise liners, LNG carriers, FSU/FSRU/FSO/FPSO units and jackups across the Group&rsquo s yards
 Shareholders&rsquo support for combination with Keppel O& M and name change o Sembcorp Marine shareholders gave overwhelming 95.28% support for the Proposed Combination with Keppel O& M at the Company&rsquo s EGM held on 16 February 2023 o At the Company&rsquo s AGM held on 26 April 2023, 99.91% voted in support for the change of name to Seatrium Limited Singapore, 12 May 2023: Seatrium Limited (&ldquo Seatrium&rdquo or the &ldquo Company&rdquo and together with its subsidiaries, the &ldquo Group&rdquo ) is today issuing its interim business update for the first quarter of 2023 (&ldquo 1Q2023&rdquo ).
KEY PROJECT WINS 1. 2. 3. The Group, through its wholly-owned subsidiary Sembcorp Marine Offshore Platforms Pte. Ltd. (&ldquo SMOP&rdquo ) and its consortium partner, clinched its largest offshore renewable project, to supply the high voltage direct current (HVDC) electrical transmission systems for three mega offshore wind farm projects, each valued at approximately EUR 2 billion from TenneT TSO B.V. (&ldquo TenneT&rdquo ) With a combined capacity of six Gigawatt (GW) for deployment in the Netherlands, the three offshore wind farm platforms will contribute towards TenneT&rsquo s sustainability ambition through its offshore grid development programme, which involves the installation of 40GW of offshore wind energy in the German and Dutch North Seas, to enable Europe to be the world&rsquo s first climate neutral continent. The Group through SMOP also secured a contract worth more than S$500 million for two offshore wind farm substations from Empire Wind LLC, a joint venture between Equinor and bp. This contract award follows the successful completion of the FEED (Front-End Engineering and Design) contract which was secured by SMOP in 2022. The scope of the project involves the engineering, procurement, construction, offshore hook-up and commissioning of two Offshore Substation (OSS) Platforms for the Empire Wind 1 and 2 Offshore Wind Farms located about 20 miles south of Long Island, east of the Rockaways. The Group, through its wholly-owned subsidiary Sembcorp Marine Repairs & Upgrades Pte. Ltd (&ldquo SMRU&rdquo ) entered into an agreement with Chevron Shipping Company LLC (&ldquo Chevron&rdquo ) to provide Chevron with engineering, procurement, installation, and commissioning (EPIC) services for its LNG fleet modification and upgrade project to support its energy transition goals. OPERATIONS REVIEW Successful Delivery / Completion of Projects 4. The Group continued to execute strongly into the first quarter of 2023 and to date, has successfully delivered multiple key projects including notable repair and major refits projects. Please refer to Appendix 1 for a listing of projects completed. Ongoing Project Executions
5. Key projects under execution with delivery scheduled from 2023 to 2030 include RWE Renewables&rsquo Sofia Offshore Wind Farm, Newbuild Wind Turbine Installation Vessels (WTIV) Charybdis for Dominion Energy and Sturgeon for Maersk Supply Service (Maersk).
6. The Group also has multiple EPC (Engineering, Procurement and Construction) contracts from Brazilian state-owned oil and gas producer, Petroleo Brasileiro S.A. (Petrobras), for newbuild FPSOs, P-78, P-80, P82 and P-83, for deployment in the Buzios field, in the pre-salt Santos Basin, off the coast of Rio de Janeiro, Brazil.
7. Underpinned by increasing preference for natural gas as the maritime industry strives for a greener future, the Group secured multiple LNG carrier repair and refit projects and currently has 20 LNGCs across its yards undergoing retrofitting programmes. Other key repair and upgrade projects include conversion works on three units of FPSO, the Tortue, Ngujima-Yin and Armada Claire. Please refer to Appendix 2 for details of key projects under execution. New Contract and Order Developments
8. The Group reported a number of key contract wins during the reported quarter and to-date and these include the landmark Framework Cooperation Agreement (FCA) from TenneT two Offshore Substation Platform Projects from Empire Offshore Wind, and an Offshore Substation (OSS) Platform construction contract from an international renewable energy company. Please refer to Appendix 3 for details of these project awards. Net Order Book
9. Year-to-date, the Group has a net order book of over S$20 billion (with a total original contract sum of S$27.8 billion). This consists of approximately S$19.9 billion¹ of projects under execution with ongoing Repairs & Upgrades projects contributing the remaining.
10. Renewables and cleaner/green solutions comprise approximately 39% of the Group&rsquo s net order book. CASH FLOW & LIQUIDITY MANAGEMENT
11. Year-to-date, the Group registered higher overall cash balance following completion of the combination with Keppel O& M and improvement in operating cash flows from continuing successive completion and deliveries of key projects. These will be used to meet payables and other working capital needs in FY2023.
12. The Group registered a net debt/equity ratio of 0.18 times (0.26 times as at end FY2022). ¹ includes two of three contracts for the supply of the HVDC systems for TenneT
13. Since the FY2022 Results Update, there has been no further disbursement of the proceeds from the September 2021 S$1.5 billion Rights Issue. The balance of the net proceeds remains at approximately S$600 million.
14. The Group expects to have the necessary liquidity to fund its operations for the foreseeable future. OUTLOOK
15. Amid the ongoing energy transition and heightened concerns for energy security, the industry outlook for oil & gas, offshore renewables and other green solutions continues to improve and strengthen. The Group is actively responding to new opportunities and is focused on converting its orders pipeline into firm contracts.
16. With a combined order book of over S$20 billion with completions scheduled from 2023 to 2030, the Group remains focused on executing well on all its existing projects. The completion of the projects will contribute positively to the Group&rsquo s financial performance.
17. Following completion of the combination, the Company embarked on a comprehensive strategic business review to unlock synergies and build a roadmap for sustainable growth. A dedicated transformation team is in place to drive the strategic review and the exercise is expected to be completed before the end of 2023. -----END-----
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