Singapore shipyard group Seatrium has turned in an impressive set of results in its first full year of operations since its creation, following the merger of the Sembcorp and Keppel O&M shipyard operations in April 2023. The company achieved an underlying net profit of S$200 million (US$148.3 million) in 2024, compared with a loss of $S28 million in 2023. Revenues surged 27% year-on-year to S$9.2 billion.
One of the driving forces behind the improved results was the performance of its ship repair division, which achieved a 7% increase in revenues to S$1.1 billion. The company worked on a total of 231 ship repair and refit projects during the year, compared with 291 in 2023, thereby achieving a significant increase in the average value of work per vessel.
Chris Ong, Seatrium CEO, says: “Marine decarbonisation and fleet rejuvenation continue to drive demand in this part of our business.” The company recently completed a contract to retrofit the first onboard carbon capture and storage system (CCSS) on board the 160m LPG tanker Clipper Eris for Solvang, as a result of which the vessel will be able to store up to 70% of its carbon emissions on board. Seatrium has recently secured a second CCSS retrofit contract for Mitsui OSK Lines.
Seatrium has also taken steps to strengthen its repeat customer base with regard to ship repair and retrofit work. Over the past year, the company has signed or renewed four favoured customer contracts (FCCs), taking the number of such agreements in place to two as of March 2025. Ong adds: “These FCC contracts are important as they provide us with revenue visibility and enable forward capacity planning.”
