Singapore-based shipyard group Seatrium reported a sharp improvement in its financial performance for 2025, with net profit more than doubling year over year.

The company posted net earnings of SGD323.6 million (approximately $256.25 million), compared with SGD158.6 million the previous year — representing a 106% increase.

Revenue also climbed strongly, rising 24% to SGD11.5 billion in 2025 from SGD9.2 billion in 2024.

Chief Executive Officer Chris Ong said the results validate the company’s transformation strategy. “We have delivered a strong set of numbers, validating our transformation efforts to strengthen our fundamentals from which we will accelerate our growth,” he stated.

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Oil & Gas and Offshore Wind Drive Revenue Growth

Seatrium attributed the revenue increase primarily to strong performance in the oil and gas and offshore wind segments. Key projects highlighted include the Petrobras P-Series FPSO and the TenneT 2GW HVDC development.

The group’s repair and upgrades segment continued to provide stable revenue streams. Seatrium said it is increasingly targeting higher-value repair and conversion projects, which are expected to support improved margins over time.

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Strong Orderbook Through 2033

As of the end of 2025, Seatrium’s net orderbook stood at SGD17.8 billion across 24 projects, providing workload visibility through 2033. The company is also pursuing a pipeline of opportunities valued at approximately SGD32 billion over the next 24 months.

“With clear earnings visibility through our strong order book, a robust pipeline of opportunities, optimisation of our cost structure and continued execution discipline, we are progressing steadily toward our FY2028 steady-state targets and long-term shareholder returns,” Ong added.

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Continued Asset Rationalisation

Alongside improved financial results, Seatrium is advancing a series of strategic divestments.

The group confirmed it will return its Admiralty Yard to Singapore authorities by 2028. Previously known as Sembawang Shipyard, the facility is one of Singapore’s oldest shipyards, originally converted from a former British naval dockyard.

According to Singapore’s Urban Redevelopment Authority, the site will be redeveloped into a mixed-use waterfront lifestyle district.

Earlier this week, Seatrium also announced the sale of a fleet of 17 tugboats and its shipyard on Karimun Island in Indonesia. These transactions are expected to generate more than SGD50 million in annual cost savings.

Looking ahead, Seatrium expects to achieve total annualised cost savings exceeding SGD100 million by FY2028 once its additional strategic divestments and the return of Admiralty Yard are completed.

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