Seatrium H1 profit more than doubles to $373m

Revenue rose 4.7% to $5.6b as gross margin improved.

Seatrium Limited’s net profit surged 158% to $373m in the first half of the year, from $144m a year earlier.

Revenue rose 4.7% to $5.6b from $5.4b, whilst gross margin improved to 8.6% from 7.4%. EBITDA excluding divestment gains rose 20% to $479m.

The group attributed the margin improvement to a larger share of higher-margin projects, lower indirect overheads, productivity gains, and cost controls.

As at end-June, Seatrium’s net order book stood at $13.3b across 24 projects scheduled for delivery through 2033.

Lower-margin legacy projects outside the floating production, storage and offloading (FPSO) segment accounted for about 1% of the order book following the completion of three projects. Over 95% comprised Series Build projects.

Major developments, including the P-80 and P-82 FPSOs for Petrobras and Shell’s Sparta floating production unit, remained on track for sailaway in the second half of the year.

The group said it expects its opportunity pipeline to exceed $32b over the next 24 months, comprising about $21b in oil and gas projects, $9b in offshore wind, and $2b in conversions.

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