Seatrium posts $15.5b order book, targets margin gains through 2033

The backlog anchors offshore builder into 2033 delivery cycle.

Seatrium Limited reported a net order book of $15.5b in the first quarter (Q1) ended 31 March 2026, covering 24 projects with deliveries scheduled through 2033, alongside two deliveries of legacy projects, TSHD Frederick Paup and WTIV Maersk Viridis.

The group said in a press release that it remains on track for margin improvement, supported by changes in project mix and lower overheads following completed divestments.

It also linked lower general and administrative expenses to cost control measures, productivity gains, and risk management initiatives.

Meanwhile, contract selection focuses on series build projects with milestone payments, pricing discipline, and project governance.

Seatrium completed non-core asset divestments and expects more than $50m in annualised cost savings and over $330m in cash from the transactions.

The group reported progress in managing borrowings, where it established a $3b Multicurrency Debt Issuance Programme in April 2026, and issued $400m of 2.95% senior unsecured notes due 2031.

It said it will use proceeds to diversify funding sources and extend debt maturities.

Seatrium also secured an eighth floating storage and regasification unit conversion project—LNGT Karadeniz, from Karpowership—forming part of earlier agreements that include integration of up to six powerships.

As at 31 March 2026, the group reported a pipeline of more than $28b over the next 24 months across oil and gas, offshore wind, and conversion projects.

It said customers continue to focus on capital efficiency, risk-sharing arrangements, and project economics.

It cited geopolitical uncertainty in the Middle East and elevated oil prices as factors influencing offshore energy investment decisions.

Chris Ong, CEO of Seatrium Limited, said the group continued execution from financial year 2025 into Q1 2026, adding that it completed divestments and continued to pursue higher-value projects, whilst managing cost structure and project selection.

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