Seatrium Limited stock (SGX:5E2) is back on many investors’ radar on 26 December 2025, with the counter trading around S$2.14 (+0.47%) as of 13:59 Singapore time, according to market data compiled by SGinvestors. SG Investors
The renewed attention isn’t happening in a vacuum. Over the past week, Seatrium has moved from a headline-grabbing legal dispute to a defined delivery-and-payment path on a major offshore wind vessel—just as the US offshore wind sector faces fresh political turbulence. Add to that a large multi-year order book spanning offshore wind, oil & gas floaters, and ship repair, and you have a stock with multiple cross-currents heading into 2026. The Straits Times
Below is what matters most for Seatrium stock as of 26.12.2025—the latest news flow, what the company has disclosed, and what forecasts/analyst targets are implying.
The biggest Seatrium stock catalyst this week: dispute with Maersk affiliate resolved
The single most market-relevant development into late December is Seatrium’s resolution of its dispute with Phoenix II A/S, a Maersk Offshore Wind affiliate, over the construction of a Wind Turbine Installation Vessel (WTIV).
In Seatrium’s 22 December 2025 announcement, the company said:
- Seatrium will deliver the vessel by 28 February 2026, and the buyer will take delivery by that date. SGX Links
- Upon delivery, the buyer will pay the balance of the contract price: US$360 million (subject to contract adjustments). SGX Links
- US$250 million of that amount will be paid via an interest-bearing credit arrangement (up to 10 years) extended by Seatrium’s wholly-owned subsidiary. The credit is repayable through cash generated by the vessel, and Seatrium’s subsidiary will hold a mortgage over the vessel and first-priority rights over the vessel and the buyer’s bank accounts. SGX Links
- Both sides will withdraw and discontinue arbitration proceedings, and the contract is in “full force and effect.” SGX Links
- As of the announcement date, the project was said to be ~99.8% complete, and Seatrium stated it was not expected to have a material impact on net tangible assets and earnings per share for FY2025. SGX Links
Reuters also reported the settlement structure, highlighting that the dispute had stemmed from a termination linked to delays, and that the settlement avoids the cost and uncertainty of prolonged litigation. Reuters
Why investors care (beyond the headline relief)
From a stock perspective, the settlement is a classic “remove the legal cloud” moment—but it also converts part of the near-term cash recovery into longer-dated credit exposure. In other words: Seatrium gets a clearer path to completion and payment, but investors now have to price credit risk (and repayment timing) on the US$250 million facility. SGX Links
That trade-off helps explain why market commentary has focused not only on “settled” versus “not settled,” but on the quality of the cashflows that replace the legal uncertainty.
The offshore wind “plot twist”: US policy risk collides with Seatrium’s delivery timeline
Almost immediately after the dispute resolution, attention swung to the end-market risk: reports in Singapore media indicated that the US offshore wind sector was facing a new stop-work/freeze dynamic tied to the Trump administration, with Seatrium saying it was monitoring developments. The Business Times
Two points matter for Seatrium stockholders here:
- Seatrium has said there is no change to the WTIV delivery plan following the reported US offshore wind disruption, and the company expects to deliver as agreed under the settlement. The Straits Times
- Seatrium’s disclosed order-book exposure to the US offshore wind pieces is small. In its 3Q2025 business update, Seatrium stated that its final two US HVAC offshore substation projects were nearing completion and made up less than 1% of its net order book, signalling limited financial concentration even if headlines are loud. SGX Links
That said, limited order-book percentage doesn’t mean limited news sensitivity. Offshore wind—especially US offshore wind—has been an emotional market topic, and Seatrium is one of the few Singapore-listed names directly connected to marquee US projects via heavy assets like WTIVs and substations. In the short run, narrative moves prices.
What Seatrium disclosed about fundamentals: S$16.6b net order book and deliveries through 2031
For investors trying to anchor the stock in something sturdier than daily headlines, Seatrium’s 3Q2025 business update (13 Nov 2025) is still the key reference point.
Highlights from that release:
- Net order book:S$16.6 billion, comprising 24 projects with deliveries extending through 2031. SGX Links
- The company cited continued momentum from 1H2025 and pointed to a “robust pipeline” it aims to convert into new wins. SGX Links
- It also noted divestments of a surplus US yard and non-core platform supply vessels for aggregate consideration of above S$140 million as part of “unlocking value from non-core assets.” SGX Links
Order book timing: where the weight sits
Seatrium’s appendices break down the order book by delivery year, separating gross and net values. As at 30 Sept 2025, the company disclosed total gross order book of S$36.897b and net of S$16.638b (24 projects). SGX Links
Net order book by delivery year (from the same disclosure):
- 2026: net S$438m
- 2027: net S$3.035b
- 2028: net S$1.430b
- 2029 onwards: net S$11.696b SGX Links
The obvious investor takeaway: a big chunk of the net backlog is back-end loaded, which can be good for visibility but keeps pressure on management to execute well across years (cost discipline, yard productivity, subcontractor risk, and working capital are the unglamorous bosses of this game).
Project mix: oil & gas isn’t gone—it’s a major pillar
Seatrium’s own project list underscores that oil & gas floaters remain central. The company referenced progress on major FPSO/FPU work, including Petrobras units and projects for Shell and bp, while also discussing offshore wind platforms (including TenneT) and repairs/upgrades. SGX Links
Seatrium also explicitly linked expected oil & gas demand to rising global energy consumption—citing drivers such as data centres and artificial intelligence technologies. SGX Links
Contract wins investors are still pricing: TenneT BalWin5 and bp’s deepwater pipeline
1) Germany’s BalWin5 HVDC platform: a major offshore grid connection program
On 11 December 2025, a GE Vernova–Seatrium consortium announced it had been awarded a contract by TenneT for BalWin5, a 2.2 GW offshore high-voltage direct current (HVDC) grid connection designed to bring German North Sea wind power to shore. SGX Links
Key details disclosed in the joint press release included:
- BalWin5 is expected to power roughly 2.75 million households (once operational). SGX Links
- Works were scheduled to commence 1 January 2026, with much of the platform fabrication in Singapore and Batam. SGX Links
- Commissioning for the connection is planned for 2032; it includes offshore and onshore converter stations plus a 325 km sea-and-land cable system. SGX Links
Separately, The Business Times reported that this contract pushed Seatrium’s FY2025 new contract wins to over S$4 billion to date, reinforcing the idea that offshore wind grid infrastructure is becoming a repeatable “series-build” business rather than one-off trophies. The Business Times
2) bp’s deepwater FPUs: the oil & gas pipeline keeps feeding the beast
Seatrium’s late-2025 order flow also included a second consecutive deepwater unit win from bp for the Tiber FPU. Trade coverage described the Tiber unit as a deepwater floating production unit with 80,000 barrels/day production capacity, and emphasized its continuity with the prior Kaskida award. Marine Log
Why this matters for the stock: it supports the bull case that Seatrium isn’t a single-cycle offshore wind play. It’s positioning as a diversified offshore engineering platform where oil & gas integration work (often large and complex) coexists with offshore wind and grid connections.
Seatrium stock forecast: what analysts’ price targets imply into 2026
Forecasts vary depending on whether you’re looking at sell-side analysts (fundamental target prices) or algorithmic/technical models (trend-based projections). Here’s the cleanest snapshot available as of 26 Dec 2025.
Analyst consensus targets: generally bullish, with targets above the current price
- Investing.com’s consensus estimates show an average 12‑month price target around S$2.81, with a stated high estimate S$3.05 and low estimate S$2.57, and a consensus rating presented as “Buy” based on the analysts tracked there. Investing.com India
- Fintel also shows an average one‑year target around S$2.81, with a range of S$2.60 to S$3.11 (record date listed as Dec 21, 2025). Fintel
- TradingView’s analyst target summary similarly shows a midpoint in the high‑S$2 range (with high and low estimates clustered around the high‑S$2 to low‑S$3 area). TradingView
Broker-by-broker commentary can differ, but one widely-circulated example this month was CGS‑CIMB reiterating a Buy with a S$2.67 target (as reported via TipRanks’ coverage). TipRanks
How to interpret that for 26 Dec 2025: with Seatrium trading around S$2.14 intraday, those target ranges imply roughly mid‑teens to ~40% upside, depending on which source you anchor to and where the stock actually closes. SG Investors
Model-based “forecasts”: useful for context, not a substitute for fundamentals
Some trading-oriented sites publish short-horizon projections (often trend and volatility based). For example, StockInvest’s model commentary in late December characterized the stock’s short-term trend as falling, while noting recent price stability around the S$2.13 area. StockInvest
Treat these as sentiment/technical signals, not as business forecasts—especially for a project-driven company where a single contract milestone can reroute near-term price action.
What to watch next: 2026 catalysts (and the risks that rhyme with them)
Here are the near-to-medium-term markers that are most likely to move Seatrium stock as 2026 begins:
1) WTIV delivery by 28 February 2026 and the cash-recovery mechanics
The settlement sets a clear deadline—but investors will watch both delivery execution and the practical reality of the credit-backed payment structure, including the risk profile of repayment via vessel cashflows. SGX Links
2) US offshore wind policy headlines
Even if Seatrium’s direct order-book exposure is small, US project volatility can influence sentiment—particularly because Seatrium is tied to high-profile assets and project timelines that attract media attention. SGX Links
3) Offshore wind grid infrastructure momentum in Europe
BalWin5 and the wider TenneT framework dynamic are part of a long-duration build-out. Execution quality, margins, and repeat wins matter. SGX Links
4) Oil & gas floater execution and schedule discipline
The disclosed project list shows heavy exposure to FPSO/FPU work for major clients. These are revenue engines—but also execution-risk magnets if schedules slip or costs bite. SGX Links
5) Progress toward 2028 financial targets
Management reiterated it is making steady progress toward its 2028 steady‑state financial targets, which gives the market a narrative framework—investors will want evidence in margins, cash conversion, and order quality. SGX Links
Bottom line for Seatrium stock on 26.12.2025
As of 26 December 2025, Seatrium Limited stock is being shaped by a rare combo of (1) a high-impact legal/contract resolution that clarifies delivery and payment, (2) noisy offshore wind politics—especially in the US—and (3) a very large, multi-year order book that keeps the long game alive. SGX Links
The consensus among tracked analyst targets tilts positive (generally placing “fair value” above the current market price), but the stock’s path into 2026 likely hinges on execution and cashflow delivery rather than pure sentiment. Investing.com India
