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Seatrium’s net order book at $20 billion year to date

SINGAPORE - Seatrium’s net order book stands at over $20 billion for the year to date following multiple project wins, the company - formerly known as Sembcorp Marine - said in its first quarter business update on Friday.

These include an offshore renewable project, which entails supplying high voltage direct current electrical transmission systems for three offshore wind farm projects – each valued at about two billion euros (S$2.9 billion) from TenneT TSO.

The company added that it has also secured a contract worth more than $500 million for two offshore wind farm substations from Empire Wind, a joint venture between Equinor and BP.

Further, it has also entered into an agreement with Chevron Shipping Company to provide the latter with engineering, procurement, installation and commissioning services for its LNG (liquefied nitrogen gas) fleet modification and upgrade project to support its energy transition goals.

Projects under execution make up about $19.9 billion of its net order book, while ongoing repairs and upgrades projects contribute to the remaining, said Seatrium.

The group also recorded higher overall cash balance, following the completion of the combination with Keppel Offshore & Marine, as well as improvement in operating cash flows from the completion and deliveries of key projects.

Amid the ongoing energy transition and rising concerns for energy security, Seatrium expects the industry outlook for oil and gas, offshore renewables and other green solutions to continue to improve.

“With a combined order book of over $20 billion with completions scheduled from 2023 to 2030, the group remains focused on executing well on all its existing projects,” it added.

“The completion of the projects will contribute positively to the group’s financial performance.”

Shares of Seatrium were trading unchanged at 12.6 cents as at 9.35am on Friday, after its business update. THE BUSINESS TIMES