Seatrium bags S$170 million worth of new contract wins ahead of Q3 results

Seatrium on Tuesday (Oct 28) announced that it has clinched S$170 million worth of new repair and upgrade contracts comprising major cruise, leisure and naval vessel projects.

All works for the projects are set to complete by the first quarter of 2026.

This comes as Seatrium faces a US$475 million contract terminationfor a nearly completed wind vessel project, for acontract it inked with a Maersk Offshore Wind affiliate in 2022. Seatrium is contesting the termination.

The recent contract wins comprise a mega yacht upgrade project from the Middle East, alongside major docking and repair works for various cruise ships. The ships include Discovery Princess and Crown Princess from Carnival Corporation, Silver Moon from Royal Caribbean Group and Le Soleal from Ponant Explorations Group.

The new contracts also include retrofit works for three navy vessels, decommissioning works on a floating production storage and offloading vessel, as well as offshore repair and maintenance works for a drillship and pipelayer vessels from McDermott.

Seatrium has also secured contracts for repair and upgrade works on three liquefied natural gas carriers. These include solutions to address greenhouse-gas emissions, works for three tankers, a wind turbine installation vessel, and two power station vessels from a repeat customer Karpowership – Karadeniz Powership Mehmet Bey and Karadeniz Powership Fatmagul Sultan.

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Commenting on the new contracts, Alvin Gan, Seatrium’s executive vice-president of repairs and upgrades, said that the company will continue to build on the momentum to pursue high-value repair and upgrade contracts that provide a “stable moat” for its financial performance.

The counter ended Monday at S$2.20, up by 0.9 per cent or S$0.02.