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Maybe german group recind the contract ???
Joyoftheworld ( Date: 16-Dec-2025 15:17) Posted:
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Back to square one before the S$2bil contract win. We need another $4bil contract win to gain some traction or quickly double the CEO pay to $8mil
Yay!
🐻
Speediman ( Date: 15-Dec-2025 15:34) Posted:
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Shorting also need to factor in their interest charges...
Usually Mid Dec is low season for stocks, BBs in holiday. Once After Christmas, market cheong again ready for new year
Usually Mid Dec is low season for stocks, BBs in holiday. Once After Christmas, market cheong again ready for new year
eugesun ( Date: 15-Dec-2025 14:04) Posted:
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Shorts are shy today, maybe they consider to turn into longs...huat ahh..
MrBear12 ( Date: 12-Dec-2025 18:50) Posted:
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Seatrium back on track with estimated S$2 billion TenneT order: analysts
The latest contract lifts the total value of its new wins in FY2025 past S$4 billion
[SINGAPORE] Analysts are positive on Seatrium&rsquo s latest contract win, saying that the marine engineering company is back on track in terms of its order book.
A consortium comprising Seatrium : 5E2 +2.4% and GE Vernova on Thursday (Dec 11) announced it had won a contract by European transmission operator TenneT to connect North Sea wind power to Germany&rsquo s power grid.
CGS International analysts Lim Siew Khee and Meghana Kande on Friday estimated the contract to be worth S$2 billion. They also expected milestone-based payments and estimated project gross margins to be in the high single digits.
The latest contract lifted the value of Seatrium&rsquo s new contract wins in the 2025 financial year past S$4 billion. It is the fourth project won by the consortium under the five-year framework cooperation agreement with TenneT announced in 2023.
Citi Research analyst Luis Hilado on Thursday said this contract and November&rsquo s BP contract win have &ldquo revived the order win trajectory for Seatrium after a relatively dry first 10 months&rdquo .
The company&rsquo s order win trajectory has thus likely met or beat consensus expectations, he said. This renewed order-book optimism and the prospect of higher margins will likely drive short-term performance, especially with legacy contracts being completed this financial year.
DBS analyst Ho Pei Hwa concurred, positing that the second major win in two weeks could boost confidence and share price.
The finalisations of the Tiber floating production unit and the TenneT projects &ldquo signal a strong uptick in ordering momentum&rdquo , she said.
Hilado said: &ldquo With post-merger orders guided to provide double-digit margins, 2026 to 2027 profitability should be healthy.&rdquo He added that it could also provide share-price relief from Seatrium&rsquo s ongoing legal tussle with Maersk over a US$475 million order.
Ho noted that Seatrium&rsquo s share price has &ldquo corrected&rdquo about 16 per cent from a high of S$2.48 after the unilateral termination of the Maersk contract project and a shrunken order book that implied about a two-year revenue coverage.
The TenneT order could be delivered in 2031, said the CGS International analysts, as commissioning of the high-voltage direct-current (HVDC) BalWin5 grid is planned for 2032.
Analysts expect more orders in 2026
DBS&rsquo Ho projects a recovery from the S$4 billion worth of order wins in 2025 towards an S$8 billion annual wins target. She labelled Seatrium a &ldquo top pick&rdquo for 2026, reiterating a &ldquo buy&rdquo call and a target price of S$2.96 on the stock.
&ldquo We expect margin expansion from execution of higher-margin contracts and cost savings from streamlining operations,&rdquo she said, and suggested that Seatrium divest non-core facilities, including returning the Admiralty yard to the Singapore government.
She added: &ldquo The overhang of cost overruns in the US will also be removed with near-delivery of the last vessel and divestment of the AmFels yard.&rdquo
Hilado maintained a &ldquo buy&rdquo call, keeping a target price of S$2.65, implying a 2025 price-to-earnings ratio of 17 times and enterprise value-to-earnings ratio of nine times.
He also noted that FY2023 write-offs have &ldquo significantly lessened the risk of goodwill impairments&rdquo and applied target multiple of 1.2 times for 2026. This comes from his belief that &ldquo the market will look into its long-term prospects, as new higher-margin contracts should raise returns further and push returns on equity higher&rdquo .
Still, he warned that the cyclical nature of the offshore and marine business may result in significant earnings volatility. Downside risks flagged were a potential significant slowdown in contract wins, contract cancellations and lower-than-expected margins arising from favourable contract pricing and execution gains.
Meanwhile, he said upside potential could be unlocked by major contract wins by its key existing clients and faster-than-expected realisation of margin improvements.
Lim and Kande said they believe that Seatrium will be able to secure about S$6 billion in new orders in 2026, with potential opportunities likely, including floating production storage and offloading (FPSO) integration or module fabrication work from Japan&rsquo s Modec.
The offshore company in September secured a final investment decision for ExxonMobil&rsquo s seventh offshore oil development in Guyana, and integration or module construction for two other FPSOs for ExxonMobil via Modec and Dutch offshore energy company SBM Offshore.
&ldquo We are also hopeful for more HVDC contracts from the Netherlands, as well as partial work for SBM&rsquo s Seap 1 and Seap 2 for (Brazilian energy giant) Petrobras,&rdquo said the CGS International analysts.
Ho gave a similar forecast, stating that Seatrium&rsquo s potential contract wins include more TenneT HVDC units worth S$2 billion each, as well as Petrobras Seap 1 and 2, worth S$1 billion each.
Orders for production units in Guyana and the Gulf of Mexico or the Middle East, worth S$300 million to S$1 billion each, could also roll in.
The CGS International analysts also reiterated an &ldquo add&rdquo call for Seatrium, as its profit recovery path &ldquo becomes clearer with earnings growth in 2025 to 2027 backed by execution of higher-margin orders&rdquo .
They set a target price of S$2.67, based on 1.3 times 2026 forecast price-to-book value ratio, which is a 10 per cent discount to its historical average of 1.5 times.
&ldquo A key rerating catalyst is the resolution of Seatrium&rsquo s arbitration with Maersk Offshore Wind in relation to the terminated contract for a wind turbine installation vessel,&rdquo said Lim and Kande.
Shares of Seatrium rose as much as 4.3 per cent at 9.11 am on Friday after the news, but pared some gains to end the day 2.4 per cent or S$0.05 higher at S$2.13.
In November, Seatrium said that it anticipates sustained demand for oil and gas assets, thanks to rising global energy consumption, especially from data centres and artificial intelligence technologies.
This is actually a breakthrough into green energy market.
A significant milestone.
Oil and Gas contracts are matured but lower margins.
Renewable green energy contracts should reap in better margins.
Most importantly Seatrium have now stepped into a new area of growth driver besides the usual o and gas
Joelton ( Date: 12-Dec-2025 11:33) Posted:
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Yeah
🐻
eugesun ( Date: 12-Dec-2025 18:48) Posted:
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This year already make 30%. Just load up some....waiting for next year pop...
pkli899 ( Date: 12-Dec-2025 15:18) Posted:
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Weak close. Sinktrium up 2.4% on great news. DBS up 1.2% on no news at all...
Ditch the ocean and go into the river. IYKYK
吾 好 又 是 得 个 吉 ！
eugesun ( Date: 12-Dec-2025 13:14) Posted:
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Expect some buy calls to return soon after these recent wins
Once shorts gotta cover back,
$2.29 - $2.38 will be easily achieved
Because easy to short to make profits...but bottom price is trending up...will explode anytime as no more negative news...
luckyboy22 ( Date: 12-Dec-2025 11:02) Posted:
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Exactly! I?m glad many in this thread realize this also. You see, Seatrium is now hovering around 3% up!
Caesar ( Date: 12-Dec-2025 11:45) Posted:
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Spreading joy in Seatrium's thread is certainly not his mandate ... 圣 诞 快 乐 🥳
Workaholic ( Date: 12-Dec-2025 11:30) Posted:
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Seatrium consortium bags major contract with TenneT to link Germany&rsquo s grid with North Sea wind power
This brings Seatrium&rsquo s value of new wins for FY2025 to over S$4 billion to date
[SINGAPORE] A consortium comprising Seatrium : 5E2 +0.97% and GE Vernova was on Thursday (Dec 11) awarded a contract by European transmission operator TenneT to connect North Sea wind power to Germany&rsquo s power grid.
This latest contract brings Seatrium&rsquo s value of new contracts won for FY2025 to over S$4 billion to date. The contract is the fourth project won by the consortium under the five-year framework cooperation agreement with TenneT announced in March 2023.
The contract is for the delivery of a major part of BalWin5, a 2.2 gigawatt (GW) offshore high-voltage direct-current grid connection.
BalWin5 is one of two 2 GW projects by TenneT, which will strengthen Germany&rsquo s electric infrastructure and support the country&rsquo s goals for energy security and decarbonisation.
BalWin5 is one of TenneT&rsquo s major new projects to transmit more electricity from North Sea wind farms into Germany&rsquo s power grid. The system can carry an additional 200 megawatts (MW) above the standard 2 GW design, as it is built with enough headroom to transport more power when wind conditions allow.
This is also bigger than typical offshore grid connections, which are around 900 MW. This can bring down the cost per MW by reducing the overall costs of the system and making the infrastructure more efficient.
TenneT will apply this new standard across several projects through long-term framework agreements.
&ldquo Working alongside Seatrium, we are confident in our ability to deliver a high-quality system that strengthens the offshore grid and supports Europe&rsquo s move towards a more resilient and sustainable electricity infrastructure,&rdquo said Philippe Piron, chief executive officer of GE Vernova&rsquo s electrification systems business.
Seatrium will design and build the offshore converter platform, and manage transportation and installation in the German North Sea. Works are scheduled to start on Jan 1, 2026, with the bulk of the platform fabrication taking place in Seatrium&rsquo s Singapore and Batam yards.
GE Vernova will deliver the onshore and offshore converter stations and the HVDC technology under the project.
Samuel Wong, executive vice-president of Seatrium Energy (fixed platforms), said: &ldquo Leveraging the proven design and experience gained from the first three platforms we are building for TenneT, we are confident in delivering an equally high-quality product more safely and efficiently through our series-build strategy.&rdquo
GIC invested Tennet Germany, Seatrium get first order for German Grid, I believe at least 2 more will come going forward. Buy now for medium term, still manage get below 0.11 pre consolidation price 😂 . For this I raise my Seatrium target price from below $1 to below $1.50 in 2027 😜
I don' t know how you define " a little tiny bit." As of now, 1130 hrs., Seatrium is up 2.4% and DBS Bank is only up 0.9%.
By my definition, Seatriium move is a big one, outclassing major banks like DBS.
By my definition, Seatriium move is a big one, outclassing major banks like DBS.
Seatrium has more sellers than buyers. I wonder why huh?