Seatrium Limited, a global provider of engineering solutions to the offshore, marine, and energy industries, reported a net book order of S$25.8 billion (approximately US$19.1 billion) for the first quarter of 2024.
This order includes 31 projects scheduled for delivery by 2030.
A standout in Seatrium’s recent performance is a notable order exceeding S$11.4 billion (US$8.4 billion).
Central to this is an S$11 billion (US$8.1 billion) contract to construct two floating production, storage and offloading (FPSO) vessels, platforms P-84 and P-85, for Petrobras.
In addition to the Petrobras project, Seatrium secured new orders for the Sparta floating production unit (FPU) newbuild for Shell Inc. and topsides integration contracts from MODEC and SBM Offshore for the Errea Wittu FPSO and Jaguar FPSO, respectively. These projects are intended for Guyana.
Chris Ong, Chief Executive Officer of Seatrium, expressed pride in the company’s selection by Petrobras, highlighting the rigorous tender process.
Ong emphasized the use of the ‘One Seatrium Delivery Model’ in these projects. This model integrates operations and engineering support across different yards globally, ensuring cost-effective, value-added solutions.
“Leveraging our worldwide engineering, procurement and project management expertise in close collaboration with our customers, we will create quality assets with the highest safety standards and a lower carbon footprint, shaping the industry for a greener future,” he added.
Seatrium said its strategic roadmap for full year 2024 focuses on improving financial performance through cost-saving initiatives, timely execution of the order book, and pursuing new business opportunities. The company aims to expand its pipeline and secure lucrative orders while maintaining a strong balance sheet through strategic capital management.
