Seatrium Ltd    Last:2.03    -0.06

Seatrium - Sea of Hopes & Atrium of Surprises (II)

The day will come when Seatrium awakens.

Its vertical rise stretching as far as its long horizontal base.

 

Just wondering if there is any more meat left for the shortists. Seatrim price stayed flat for almost last 4 years

 

Great analysis, Stockpicker for looking at Seatrim from another angle thru weekly timeframe. 
I revise my initial chart based on your inputs.

 

The weekly chart showed the same bullishness with price just breaking the symmetrical triangle plus RSI above 50 and rising together with MACD. Chart looks like price going to take off.   We will see what happened next week.   Understand Iran has closed the Hormuz Strait again. 

 

Another way of drawing the ascending channel.  Seatrium is approaching near the mid-point of the channel

 

Can seatrium stay within the ascending channel (yellow background).  We' ll know when trading commences this week.

 

Seatrium says no material impact expected even as customers defer maintenance and repair work amid Mid-East conflict

It is replenishing its order book with more than S$32 billion in pipeline deals over the next 24 months

[SINGAPORE] Demand for Seatrium&rsquo s maintenance, repair and overhaul services (MRO) has softened amid the Middle Eastern conflict, even as the overall impact on its other operations remains limited.

Seatrium : 5E2 -1.63% has no major Middle East-related projects in its order book, with its presence in the region limited to its subsidiary, Seatrium Offshore Technology (SOT), which provides rig kits and MRO services.

&ldquo To date, the impact of the conflict on SOT&rsquo s rig kit supply operations in the Middle East has been limited, with no customer contract cancellations or deferments,&rdquo said Seatrium in a bourse filing on Thursday (Apr 16).

&ldquo However, MRO activity has moderated as some customers in the region have temporarily paused operations and deferred MRO services.&rdquo

Still, Seatrium does not expect the softer MRO activity to materially affect the group.

The company was responding to a shareholder&rsquo s query, ahead of its annual general meeting on Apr 22, on the impact of the Middle East conflict on its regional operations, projects and delivery schedules.

It also addressed a separate shareholder query on whether the conflict was disrupting project timelines and supply chains for deliveries of its floating production storage and offloading units and floating production units, including those for Gulf-region clients.

The group said there are currently no projects in its order book that are bound for the impacted region.

It added that a significant portion of its work is executed through its One Seatrium Global Delivery Model and geographically diversified yard network, which improves operational agility and offers resilience against regional disruptions.

&ldquo At this juncture, supply chain impact arising from the conflict remains limited and indirect,&rdquo said Seatrium.

&ldquo In line with usual procurement risk mitigation measures, schedule buffers and early procurement strategies are in place for critical items. Key equipment for the group&rsquo s ongoing projects is also largely manufactured outside the Middle East.&rdquo

Responding to another shareholder&rsquo s query on whether higher oil prices are leading to new project enquiries, Seatrium said higher oil prices generally support capex and reinforce energy security considerations, but it is &ldquo too early to assess if this will lead to a material acceleration in new commercial opportunities&rdquo .

Such opportunities will depend on the duration and severity of the Middle Eastern supply disruption, it added.

Separately, Seatrium was also asked about its efforts to replenish its order book, which fell more than 20 per cent to S$17.8 billion as at end-FY2025. It said that it is pursuing more than S$32 billion in pipeline deals over the next 24 months across oil and gas, offshore wind, repairs and upgrades, and new energy solutions.

A shareholder also raised concerns over the wind turbine installation vessel delivery to Maersk, including its repayment timeline, interest rate and potential credit risk linked to the project&rsquo s commercial viability.

Since delivering the vessel on Feb 26, Seatrium has received payment of at least US$110 million (excluding variation orders) and started the 10-year, interest-bearing credit arrangement. The loan will be repayable through cash generated by the vessel, said the group.

Shares of Seatrium ended Friday 1.6 per cent or S$0.04 lower at S$2.42.

 

Thanks for the clarification...

Apple55      ( Date: 17-Apr-2026 21:57) Posted: To be exact, Temasek did not sell. Today' s announcement is to withdraw previously announced sale of shares by Keppel Corp Reason(s) for Withdrawal Disclosure by Substantial Shareholder was based on 3,383,153,826 shares outstanding as of 25 March 2026. Shares outstanding as of 1 Apr 2026 was 3,382,313,826. This announcement is withdrawn at the request of Substantial Shareholder as there was no disclosable change in interest based on shares outstanding as of 1 Apr 2026. kt3152      ( Date: 17-Apr-2026 21:36) Posted: Temasek Just sold 5m at avg 2.40..not too sure if today sold any...

 

To be exact, Temasek did not sell. Today' s announcement is to withdraw previously announced sale of shares by Keppel Corp

Reason(s) for Withdrawal
Disclosure by Substantial Shareholder was based on 3,383,153,826 shares outstanding as of 25 March 2026. Shares outstanding as of 1 Apr 2026 was 3,382,313,826. This announcement is withdrawn at the request of Substantial Shareholder as there was no disclosable change in interest based on shares outstanding as of 1 Apr 2026.

kt3152      ( Date: 17-Apr-2026 21:36) Posted: Temasek Just sold 5m at avg 2.40..not too sure if today sold any...

 

As long as the red trendline can hold, it will still be good

Tob231      ( Date: 17-Apr-2026 21:46) Posted: Very hard to say looking at the chart and support if cannot sustain, become resistance  but of course we hope it is the support. stockpicker      ( Date: 17-Apr-2026 18:42) Posted: Has the release of this Q& A caused the sell down today?   Thot it was just a clarification.  The chart shows the price parked at the support of 2.42.   The chart shows there   is still a chance of price recovery.  https://investors.seatrium.com/newsroom/20260416_210004_5E2_2EU18Q5ZZY2PKG0S.1.pdf

 

Very hard to say looking at the chart and support if cannot sustain, become resistance 
but of course we hope it is the support.

stockpicker      ( Date: 17-Apr-2026 18:42) Posted: Has the release of this Q& A caused the sell down today?   Thot it was just a clarification.  The chart shows the price parked at the support of 2.42.   The chart shows there   is still a chance of price recovery.  https://investors.seatrium.com/newsroom/20260416_210004_5E2_2EU18Q5ZZY2PKG0S.1.pdf

 

Today' s naked short volume was about 50% of the total volume of 11.8 million.  That is around 6 million or SGD 14 million @ 2.42. The last peak naked short volume was 13 March 26.  Then the naked volume was about 4.3 million or SGD 10 million/ The Shortists were quite lucky the last time as the price did not rise much few days after the short but it did not fell much either.  Lets see if they are lucky this time and will get what they have wanted.  On the other hand, if there is a short squeeze,  we should see price shooting up.

 

Temasek Just sold 5m at avg 2.40..not too sure if today sold any...

 

Has the release of this Q& A caused the sell down today?   Thot it was just a clarification. 
The chart shows the price parked at the support of 2.42.   The chart shows there   is still a chance of price recovery. 
https://investors.seatrium.com/newsroom/20260416_210004_5E2_2EU18Q5ZZY2PKG0S.1.pdf

 

a sign to load up if have extra cash...10 dollar huat ahhh

Andrewtan18      ( Date: 17-Apr-2026 11:21) Posted: Bui Bui forever alone. 😩 ahbui8      ( Date: 14-Apr-2026 14:20) Posted: Will not reach $3 until at least 2028, below $1.50 or worse below $1.00 in 2027. 😂 😜

 

Bui Bui forever alone. 😩

ahbui8      ( Date: 14-Apr-2026 14:20) Posted: Will not reach $3 until at least 2028, below $1.50 or worse below $1.00 in 2027. 😂 😜 Tob231      ( Date: 14-Apr-2026 09:18) Posted: not asking much, when can reach $3 ...haha hokkien " pea boh yan" ran so fast cannot smell smoke  or speedy gonzales.... same time same price ,YZJ has already crossed $4, this counter is still languishing around 2.47/8 😂 😂 😂 😂 😂 😂 😂 😂

 

They have an on going arbitration with Petronas in FEB 2026 for a long time job under Jurong ShipYard.   may be they did not submit the tender for SEAP project backs they knew their chances.   Anyway,   they were not shortlisted for this SEAP contract 

Joyoftheworld      ( Date: 16-Apr-2026 16:32) Posted: It was announced a few months ago that Sinktrium is going into the " build operate transfer" FPSO segment with their new proprietary Flexhull. " The FLEXHull also aligns with Brazil&rsquo s emerging build-own-transfer (BOT) model, in which contractors finance and construct FPSOs before transferring ownership to the operator. By offering a standard moored hull platform, Seatrium can better serve this growing segment while retaining flexibility for global deployment" Lost this bid to SBM. Only can be their subcontractor. Maybe better luck the next round.   stockpicker      ( Date: 16-Apr-2026 13:54) Posted: Can you furnish news on Seatrim lost the bid?  The project has just been approved by Petrobas on yesterday according to the news.

 

Seatrium: An amalgamation bearing fruit

As the world seeks to balance the challenges of the energy trilemma &mdash security, affordability and sustainability &mdash the fortunes of offshore and marine (O& M) player Seatrium, along with the sector as a whole, are gaining momentum.

Born out of a combination of the world&rsquo s two largest oil rig-builders &mdash Sembcorp Marine and Keppel O& M, Seatrium not only had to navigate the complexities of merging two entities, but also transform itself to remain relevant as the O& M sector went into a tailspin from the mid-2010s onwards, before being further pummeled during Covid-19.

To recap, both government-linked companies were profitable before the O& M bust, which saw revenues plunge and led each to incur losses exceeding $1.0 billion. In June 2021, the companies announced their potential merger to create a &ldquo stronger&rdquo combined entity that will be more competitive by pursuing &ldquo synergies arising from combined scale, footprint and capabilities,&rdquo according to a press release.

The promise of the deal has shown up in Seatrium&rsquo s financials. For FY2025 ended Dec 31, 2025, Seatrium doubled its y-o-y earnings to $324 million, in contrast to FY2023 &mdash the first year of the merger &mdash when it reported a net loss of around $1.9 billion.

&ldquo For the first time, we&rsquo ve recorded a positive one-year total shareholder return of 5.2%, as we strive to continue driving lasting value for all shareholders on strengthened fundamentals,&rdquo says CEO Chris Ong at Seatrium&rsquo s FY2025 results briefing held on Feb 26.

Ong, who was the CEO of Keppel O& M before leading Seatrium, says that the company has been transforming its business and cost model, making it &ldquo stronger and leaner&rdquo than before.

These include a &ldquo high quality&rdquo order book comprising 95% of Series-Build projects that reduce execution risks for both the company and its customers, with non-floating, production, storage and offloading (FPSO) legacy projects constituting only around 1%.

&ldquo We have been disciplined in ensuring we win high-quality contracts from world-class customers, with mid‑ teens, risk-adjusted project margins and progressive milestone payments,&rdquo says Ong, who adds that the company&rsquo s $17.8 billion net order book is more diversified than previously.

In addition to oil and gas asset orders, the company has secured contracts in the renewables sector. These contracts include four from TenneT, the latest being the Balwin 5 project, a 2.2 gigawatt (GW) offshore high-voltage direct current (HVDC) grid connection. According to Seatrium, 40% of its net order book comprises renewables and green solutions.

Underpinning the Seatrium&rsquo s operational execution is the One Seatrium Global Delivery Model. Described as a &ldquo centralised and coordinated execution platform integrating people, AI and assets worldwide&rdquo , the system has delivered cost efficiencies, with CGS International (CGSI) analysts Lim Siew Khee and Meghana Kande, and UOB Kay Hian&rsquo s Adrian Loh, noting cost decreases that beat their expectations.

In FY2024, Seatrium quantified the merger benefits and cost savings at $300 million and procurement savings at $200 million. CFO Stephen Lu says that Seatrium has exceeded the targets and that &ldquo the proof is in the numbers&rdquo .

&ldquo As we continue to streamline operations and tighten overheads, we see accelerated pathways for further expansion through our ongoing divestments of non‑ core assets,&rdquo says Lu.

The company also shares that it is pursuing more than $32 billion in new contracts before the start of the Middle East conflict. Since then, with the Strait of Hormuz &ldquo blocked&rdquo and thus limiting oil and gas exports from the fossil-fuel-rich Middle East, oil prices have risen as demand outstrips supply. The International Energy Agency has been forced to release 400 million barrels of emergency oil stocks &mdash the largest in its history &mdash to counter supply disruptions from the Middle East conflict.

For Maybank Securities analyst Hussaini Saifee, sustained geopolitical tensions and conflict reinforce the need for energy security and supply diversification through new fossil fuel sources and renewable energy. The way Hussaini sees it, O& M companies, including Seatrium, are likely to benefit as the world aims to balance the energy trilemma.

In the near term, with breakeven prices of US$37 to US$43 ($47 to $55) per barrel, offshore is one of the lowest-cost sources of new oil supply and affordable energy. As such, Hussaini expects this to drive demand for newbuild FPSO vessels and cites industry estimates of a pipeline of 40 to 50 FPSOs up to 2030.

Looking ahead, as the world seeks energy security and environmental sustainability, the development of renewable energy is likely to accelerate, despite rollbacks in some countries. Hussaini believes that Seatrium, with its track record in offshore wind projects, is well-positioned to capture demand in the offshore wind sector, which is estimated to grow at a compound annual growth rate of around 15% through 2035.

 

That' s why 5e2' s nick is aptly Sinktrium

Tob231      ( Date: 16-Apr-2026 17:00) Posted: same time, same price ... one 2.47, the other one 4.05 dividend xd about same time one 0.03 and the other one ... plese check yourself  period ... nothing to say ....

 

same time, same price ... one 2.47, the other one 4.05
dividend xd about same time one 0.03 and the other one ... plese check yourself 
period ... nothing to say ....