SINGAPORE, Jan 28, 2026, 15:35 SGT — Regular session
- Seatrium shares edged up about 1% in afternoon trade, recovering after slipping slightly yesterday
- Singapore Exchange reported a net order book totaling S$16.6 billion on Tuesday, alongside fresh contract wins
- Investors are on edge ahead of Seatrium’s Feb. 26 earnings, keeping a close watch on looming legal battles and delivery risks
Seatrium Limited’s shares climbed 1% to S$2.11 by 3:23 p.m. local time Wednesday, after swinging between S$2.09 and S$2.13 earlier in the session. Trading volume stood at about 7.1 million shares, per ShareInvestor data on InvestingNote. 1
The Singapore Exchange’s Market Dialogues published a “10 in 10” Q&A with Seatrium, showing a net order book at S$16.6 billion by end-September 2025, plus an additional S$3 billion in new orders since then. Seatrium also reported a S$30 billion project pipeline as of June 30, 2025, and revealed it’s setting project margin “hurdle rates” in the mid-teens—targeting mid-teen percentage margins on new contracts after accounting for risk. 2
Seatrium’s shares are increasingly tied to execution and cash flow, rather than just backlog numbers. On Jan. 27, DBS Group Research described Seatrium as a “laggard opportunity,” highlighting expected boosts from new contract wins and margin gains. 3
Investors, take note: Seatrium will report its full-year results for the period ending Dec. 31, 2025, on Feb. 26, before the market opens, according to a filing with the Singapore Exchange. 4
An order book shows the value of contracts a company has landed but hasn’t completed yet. For shipyards and offshore engineering firms, it offers insight into upcoming work, though it doesn’t guarantee profits — projects frequently run into design changes, delays, and conflicts.
Legal issues have re-emerged. Seatrium New Energy and partner Aibel initiated arbitration over the DolWin 5 offshore converter platform. Seatrium disclosed preliminary claims totaling about 180 million euros, with Aibel’s portion at roughly 113 million euros, per a Jan. 22 statement. The company said the financial impact remains unclear and depends on the arbitration’s resolution. 5
Seatrium still faces delivery risks on another offshore wind vessel, despite settling with Denmark’s Maersk last December. Under the new deal, a Maersk affiliate will shoulder the remaining US$360 million of the original US$475 million contract. The company confirmed the vessel is scheduled for delivery on Feb. 28, 2026. Citi analyst Luis Hilado called the agreement a relief, saying it removes a “legal overhang,” according to the Straits Times. 6
Traders are watching to see if Seatrium can hold above S$2.10 on heavy volume through the session. The next big event is the earnings report due Feb. 26, followed by updates on claims, project milestones, and vessel delivery set for late February.
