Seatrium Ltd - Seatrium 1H2026 Net Profit Grows 158% to S$373 Million, Marking Shift from Recovery to Value Creation

 Seatrium 1H2026 Net Profit Grows 158% to S$373 Million, 

Marking Shift from Recovery to Value Creation

• Profitability mainly driven by margin expansion; net profit excluding divestment gains 

grew 54% year-on-year (“YoY”)

• S$13.3 billion net order book with improving project mix: >95% consisting of Series 

Build projects and declining proportion of lower-margin legacy, non-FPSO projects

• Shift from recovery to value creation, supported by sustained earnings growth, 

improving margins and disciplined execution

Singapore, 31 July 2026 – Seatrium Limited (“Seatrium” or the “Group”) has delivered net profit of 

S$373 million for the first six months ended 30 June 2026 (“1H2026”), compared to S$144 million for 

1H2025. Excluding divestment gains, net profit grew 54% year-on-year to S$212 million, reflecting the 

Group's strengthening earnings quality and improving operational leverage.

1H2026 revenue grew 4.7% to S$5.6 billion, up from S$5.4 billion in 1H2025, underpinned by steady 

execution of the Group's order book. Gross margin improved to 8.6% from 7.4% in 1H2025. Key 

margin drivers include a growing mix of higher-margin projects; and reduced indirect overheads from 

improved productivity, strategic divestments and ongoing cost discipline. 1H2026 EBITDA, excluding 

divestment gains, rose 20% to S$479 million.

As at 30 June 2026, Seatrium's net order book stood at S$13.3 billion, comprising 24 projects with 

deliveries through to 2033. With the completion of three projects, the proportion of lower-margin 

legacy, non-FPSO projects has declined to about 1% of the net order book. Over 95% of the order 

book comprises Series Build projects that provide greater execution certainty and efficiency. Ongoing 

projects largely remain on schedule, with mega-projects such as the P-80 and P-82 FPSOs for 

Petrobras and Shell Sparta FPU1 on track for sailaway in 2H2026.