SINGAPORE, Jan 25, 2026, 15:36 SGT — Market closed
- Seatrium (SGX:5E2) ended Friday’s session down 0.5%, closing at S$2.11
- Company highlighted arbitration linked to the DolWin 5 offshore wind converter platform project
- Investors are eyeing the full-year FY2025 results set for Feb 26, keen to spot any impact on earnings and cash flow
Seatrium Limited shares ended Friday down 0.5% at S$2.11, slipping a Singapore cent after fluctuating between S$2.11 and S$2.13. Roughly 5.7 million shares changed hands before the weekend pause in Singapore markets. 1
On Jan. 22, the Singapore offshore and marine firm announced that its subsidiary Seatrium New Energy and consortium partner Aibel have initiated arbitration related to their DolWin 5 offshore converter platform project for German grid operator TenneT Offshore. Seatrium reported claims totaling roughly 180 million euros and 113 million euros but said it’s too soon to assess the financial impact as the case is still in its early phase. The project remains ongoing, with delivery expected in 2026.
Seatrium flagged its next key date: it will report full-year results for the period ending Dec. 31, 2025, on Feb. 26, 2026, ahead of the market open. Investors will be watching closely for any provisions, cash-flow shifts, or progress on offshore wind projects. 2
Not all analysts are on the same page. CGS International’s Lim Siew Khee and Meghana Kande stuck with an “add” rating and set a S$2.67 price target. Citi’s Luis Hilado held firm on a “buy” rating, targeting S$2.65, The Edge Singapore reported. Their note highlighted milestone billing—payments linked to project progress—but cautioned that “litigation noises” might limit the stock’s gains in the short term. 3
DBS adopted a more tactical stance, warning that the arbitration might limit Seatrium’s near-term rebound. The bank dropped the stock from its Equity Picks and highlighted S$2.16 as a key resistance level in the short term. 4
Seatrium emerged in 2023 after Sembcorp Marine and Keppel Offshore & Marine merged, giving the group a bigger offshore and marine presence. The deal also brought along a backlog of legacy projects that investors continue to monitor closely. 5
The company has also sought to close the chapter on past conflicts. In December, Seatrium and Maersk resolved their dispute over a $475 million offshore wind vessel contract. Seatrium confirmed Maersk agreed to pay the remaining $360 million as part of a deal that features a long-term credit arrangement. 6
Arbitration seldom goes smoothly. When it drags on or delivers results investors didn’t anticipate, attention often snaps back to the project’s provisions and execution. Even minor changes in confidence can cause the share price to fluctuate.
SGX trading picks back up Monday, Jan. 26. Investors will be on the lookout for new filings or updates related to DolWin 5, while also positioning ahead of Seatrium’s results due Feb. 26.
