Seatrium : 5E2 0% on Tuesday (May 28) said it obtained S$11.4 billion in order wins in the year-to-date, driven by contracts from Petrobras and Shell, among other clients.
These include the recently announced floating production storage and offloading vessel (FPSO) orders from the Brazilian national oil company and a Sparta floating production unit newbuild for Shell, the group said in its first quarter business update.
The group also won a topsides integration contract from MODEC for the Errea Wittu FPSO and a topsides fabrication and integration contract from SBM Offshore for the Jaguar FPSO.
Seatrium’s current net order book stands at S$25.8 billion, comprising 31 projects with deliveries until 2030, excluding repair and upgrade projects.
For its repairs and upgrades segment, the offshore and marine group bagged S$350 million in major contracts. It also obtained favoured customer contracts (FCC) from Solvang ASA for a carbon capture and storage retrofit and TMS Cardiff Gas for the repairs and upgrades of a fleet of 17 liquefied natural gas (LNG) carriers.
It also renewed a five-year FCC with GasLog LNG Services and Shell International Trading and Shipping Company (Stasco) to repair, refurbish and upgrade a combined fleet of 43 LNG carriers.
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During the quarter, the group completed 67 repair and upgrade projects and delivered Brassavola, the first membrane LNG bunker vessel in Singapore.
It also obtained a S$400 million committed green revolving loan facility to support business growth in the offshore renewables space and completed the early redemption of S$500 million in floating rate bonds due 2026.
The group also established a S$100 million share buyback programme funded by existing cash. Other notable events include its 20-to-1 share consolidation exercise and the divestment of Batangas Yard in the Philippines.
The group also announced a final settlement of US$68 million to resolve the interest payable and all outstanding issues arising from its arbitration commenced by MH Wirth in December 2021 against a wholly-owned subsidiary. This amount will be booked in FY2024.
Shares of Seatrium jumped 11.7 per cent or S$0.18 to close at S$1.72 on Monday.
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