Seatrium (SGX:5E2) Stock Outlook: Share Price, Latest News and 2025–2026 Forecast After Maersk Dispute and BP Win

Seatrium Limited (SGX:5E2), the Singapore-based offshore and marine engineering group formed from the merger of Sembcorp Marine and Keppel Offshore & Marine, is ending 2025 with a mix of powerful tailwinds and serious overhangs.

On 10 December 2025, the stock is trading around S$2.08 in Singapore, slightly lower on the day and modestly below its late-October highs. Over the past year, Seatrium has delivered a mid‑single‑digit positive share price return, but longer-term shareholders remain in the red despite strong revenue growth and a growing green-energy backlog. ^[1]

At the same time, the group is:

Sitting on a net order book of S$16.6 billion across 24 projects with deliveries stretching to 2031, giving rare multi‑year visibility. ^[2]
Fresh off a second deepwater floating production unit (FPU) contract from BP that pushes 2025 contract wins above S$2 billion. ^[3]
Navigating a US$475 million contract termination and arbitration with Maersk Offshore Wind – a key risk that could materially affect cash flow. ^[4]
Closing the long-running Brazil “Operation Car Wash” corruption probe via global settlements while facing a separate arbitration claim from Keppel. ^[5]

Below is a detailed breakdown of Seatrium’s latest share price trends, fundamentals, news flow and forward-looking forecasts as of 10 December 2025.

Seatrium Share Price Today (10 December 2025)

Intraday data from StockAnalysis.com shows Seatrium changing hands at about S$2.08 on 10 December 2025, with an intraday range between S$2.07 and S$2.10 and volume around 1.7 million shares by early afternoon Singapore time. ^[6]

SGinvestors’ live feed similarly places the stock just above S$2.07 during the afternoon session. ^[7]

Key snapshot metrics:

Price (10 Dec 2025, early afternoon): ~S$2.08
52‑week range: Roughly S$1.62 – S$2.60 ^[8]
Market capitalisation: Around S$7.1–7.2 billion in early December 2025 ^[9]
1‑year price change: Approx. +5–6% ^[10]

Despite the modest one‑year gain, Simply Wall St estimates that five‑year shareholders still face a share price decline of around 34%, with total shareholder return (including dividends) at about –24% over that period. ^[11]

In short: Seatrium is no longer a distressed stock, but it is still a turnaround equity rather than a clear compounder.

Q3 2025: Strong Execution and a S$16.6 Billion Order Book

Seatrium’s Q3 2025 business update is the backbone of the current investment story.

Order book and project pipeline

In its November business update, Seatrium reported that its net order book stood at S$16.6 billion as at end‑September 2025, comprising 24 projects with deliveries stretching through 2031. ^[12]

MarineLink and the company’s own release highlight that this book:

Is equivalent to about US$12.8 billion in work. ^[13]
Includes large FPSO and FPU projects for Shell, BP, Petrobras and MODEC, among others. ^[14]
Sits alongside nine ongoing turnkey offshore wind and HVDC converter platform projects in Europe, including work for TenneT and RWE’s Sofia project. ^[15]

During Q3 2025 the group delivered several marquee projects, including:

WTIV Charybdis, the first US‑built wind turbine installation vessel. ^[16]
Greater Changhua 2b & 4 offshore substations. ^[17]

Management describes Q3 as a “strong quarter” continuing the momentum from 1H 2025, emphasising that diversified exposure across FPSOs, FPUs, LNG and offshore wind is supporting execution and margin improvement. ^[18]

Progress towards 2028 targets

Seatrium has reiterated its 2028 revenue target of S$10–12 billion, underpinned by the existing book and a “robust pipeline of opportunities” it is chasing. ^[19]

For context, The Smart Investor notes that in 1H 2025 Seatrium delivered: ^[20]

Revenue of around S$5.4 billion, up roughly one‑third year on year.
Net profit of about S$144 million, roughly four times the prior-year period.
A mid‑year order book of S$18.6 billion, with around S$6.3 billion (≈34%) in renewables and cleaner‑energy projects.

Taken together, the Q3 update confirms that Seatrium has high earnings visibility into the early 2030s, but the pace of incremental order wins – and margin trajectory – will determine whether it can actually hit the 2028 targets.

New BP Tiber FPU Contract: Deepwater Upside

Late November brought a major positive surprise: Seatrium secured a second consecutive deepwater FPU contract from BP.

According to Seatrium’s bourse filing and industry coverage (including World Oil, MarineLog and The Smart Investor): ^[21]

The Tiber FPU contract covers engineering, procurement, construction and onshore commissioning in the Gulf of Mexico (also labelled “Gulf of America”).
It follows the Kaskida FPU awarded in December 2024, with more than 85% of Tiber’s design replicated from Kaskida, allowing series‑build efficiencies.
Tiber is designed for 80,000 barrels per day of crude production, with first oil targeted around 2030.
The award lifts Seatrium’s 2025 contract wins above S$2 billion, reinforcing its credentials as a deepwater solutions provider to oil majors. ^[22]

Strategically, this solidifies Seatrium’s positioning in complex, high‑margin deepwater work at a time when global oil and gas projects are being revived to support energy security and data‑centre‑driven power demand. ^[23]

Asset-Light Shift: Yard and Vessel Divestments

Alongside order growth, Seatrium is deliberately shrinking its physical footprint and recycling capital out of non-core assets.

Sale of AmFELS yard in Texas

In September, Reuters reported that Seatrium agreed to sell its AmFELS yard in Brownsville, Texas – its only US shipyard – to an affiliate of Turkey’s Karpowership for about US$50.7 million (~S$65 million). ^[24]

Key points:

AmFELS built the Charybdis WTIV for Dominion Energy, a five‑year project costing an estimated US$715 million. ^[25]
The yard is labelled a “surplus” facility; Seatrium says the sale will be accretive, and plans to complete ongoing projects there by end‑2025 before pivoting to a more asset‑light, engineering‑focused US presence. ^[26]

Disposal of Brazilian PSVs and platform supply vessels

Separately, Seatrium has been monetising non-core offshore support vessels:

A binding deal with Posidonia Shipping in Brazil to sell subsidiary Guanabara Navegação Ltda (GNL) and two platform supply vessels (PSVs) for US$59.7 million. ^[27]
A broader divestment of non-core platform supply vessels for around S$77.4 million, aligned with the group’s strategy to focus on higher‑value projects. ^[28]

The Q3 briefing highlighted that planned yard divestments alone could eventually save about S$30 million annually in overhead. ^[29]

These moves reduce capital intensity and clean up the balance sheet, but they also raise the bar on consistent high-value order intake to fully utilise the remaining yards.

Maersk Contract Termination and Arbitration: The Big Swing Factor

The largest immediate risk for Seatrium shareholders is the US$475 million Maersk Offshore Wind dispute.

What happened?

On 9 October 2025, Maersk Offshore Wind (an affiliate of A.P. Moller-Maersk) issued a notice terminating its US$475 million contract with Seatrium for a wind turbine installation vessel intended for Equinor’s Empire Wind 1 project off New York. ^[30]

Key details from Seatrium’s disclosures, SPH media and Reuters: ^[31]

The vessel is about 98.9% complete.
Maersk cited construction delays and related issues for the termination. ^[32]
Seatrium disputes the termination, calling Maersk’s action a “repudiatory breach” and reserving its rights to claim wrongful termination and damages. ^[33]
Crucially, the contract’s payment structure is unusual: around 80% of the price is payable only on delivery, unlike Seatrium’s typical milestone‑based arrangements. ^[34]

The market reaction was swift: Seatrium’s shares fell 6–8% on 10 October, closing at S$2.28 after touching S$2.25 intraday, with over 57 million shares traded. ^[35]

Where things stand now

Since then, the dispute has escalated into duelling arbitration proceedings:

Maersk’s affiliate issued a notice of arbitration in October, referring the dispute to London Maritime Arbitrators Association terms. ^[36]
On 28 November, Seatrium’s subsidiary Seatrium Energy International filed its own notice of arbitration, seeking declarations that the contract remains valid, that termination was wrongful, and orders compelling the buyer to take delivery and pay the delivery instalment – or, alternatively, damages. ^[37]
Seatrium has not yet quantified the financial impact, stating this can only be assessed once the outcome is clearer. ^[38]
The firm still plans to deliver the vessel on 30 January 2026, despite the dispute. ^[39]

Citi’s analyst commentary, cited by The Business Times, suggests the stock is likely to remain range‑bound in the near term until there is more visibility on the Maersk outcome or a meaningful acceleration in new orders. ^[40]

For investors, the Maersk case is a binary event: a favourable ruling could unlock a major cash inflow and clear an overhang, while an adverse outcome might force provisions and hurt returns on capital.

Brazil “Operation Car Wash” Settlement: Legacy Risk Mostly Cleared

The other long‑running overhang – Seatrium’s involvement in Brazil’s Operation Car Wash corruption scandal – has largely been addressed in 2025.

Key developments:

On 30 July 2025, Seatrium signed a leniency agreement with Brazilian prosecutors and a Deferred Prosecution Agreement (DPA) with Singapore’s Attorney‑General’s Chambers, relating to historical bribery allegations involving Petrobras contracts. ^[41]
Singapore authorities disclosed a US$110 million financial penalty under the DPA. ^[42]
Industry outlets report that the combined settlements with Brazilian and Singaporean authorities amount to roughly US$188 million (about S$240 million), funded largely by existing provisions. ^[43]

However, the clean‑up did spawn secondary disputes:

Keppel has initiated arbitration seeking S$68.4 million (~US$53 million) from Seatrium, related to how liabilities from Operation Car Wash were allocated after their offshore and marine merger. ^[44]
Seatrium argues that its contractual obligation expired in February 2025, and has pledged to defend itself vigorously. ^[45]

The good news is that regulatory risk has moved mostly into the rear-view mirror, replaced by more conventional commercial disputes with Keppel and Maersk.

Fundamentals and Valuation: A Turnaround at a Mid‑teens Multiple

Fintel data for early December 2025 paints a picture of a company that is no longer distressed but not obviously cheap: ^[46]

Price/Earnings (trailing): ~27×
Price/Book: ~1.1×
Dividend yield: About 0.7%, following a S$0.015 per share dividend declared in May 2025. ^[47]
Piotroski F‑Score of 8/9, suggesting solid balance‑sheet and earnings quality on quantitative metrics. ^[48]
Analyst sentiment score around 75/100 and strong fund ownership interest, according to Fintel’s factor scores. ^[49]

Simply Wall St highlights that while revenue has grown roughly 40% annually over the last five years and Seatrium has turned profitable, the share price has lagged badly – hence the “turnaround” framing rather than a growth‑stock narrative. ^[50]

Analyst Price Targets and Fundamental Forecasts

Across brokers, Seatrium tends to be seen as a fundamentally positive but event‑driven story:

Fintel’s compilation of broker estimates shows an average one‑year target price of about S$2.84, with a low of S$2.60 and high of S$3.11 (record date 6 December 2025). ^[51]
That implies roughly 35–40% upside from the current S$2.08 area, if the consensus is met. ^[52]
A recent TipRanks entry summarising Q3 calls the stock a “Hold” with a S$2.50 target price and a neutral technical sentiment signal. ^[53]
Citi, quoted in The Business Times after the Q3 update, maintains a “buy” rating with a S$2.65 target, but warns that the Maersk arbitration and slow order book additions could keep the stock range‑bound near term. ^[54]

On these numbers, Seatrium screens as undervalued relative to analyst fair value estimates, but unlocking that upside likely depends on:

A benign outcome in the Maersk and Keppel arbitrations; and
Demonstrated margin expansion and order growth through 2026.

Technical and Short-Term Trading View

From a pure chart‑based perspective, the picture is more cautious.

Technical analysis site StockInvest.us, updated after trading on 9 December 2025, reports: ^[55]

Last close at S$2.09 (9 Dec), down 0.95%, with increasing volume on a down day.
The stock lies in the middle of a wide, falling short‑term trend and has recently been downgraded from “Hold/Accumulate” to a “Sell candidate”.
Their model projects a potential –13% move over the next three months, with a 90% probability band between S$1.62 and S$1.95.
Short‑term support is seen around S$2.08, with resistance near S$2.12–2.15.

These kinds of quantitative models are inherently mechanical, but they do echo the idea that headline risk and price overhang could continue to produce volatility, even as fundamentals improve.

Key Themes and Risks for 2026

Looking beyond today’s trading session, the Seatrium equity story revolves around a few big themes:

Order Book Conversion vs Macro Risks
- Management is chasing around S$19 billion in additional oil and gas projects, while continuing to bid aggressively in offshore wind and HVDC infrastructure. ^[56]
- However, US offshore wind is facing political and economic headwinds, including policy actions under the current US administration and cost inflation, which already contributed to Maersk’s termination. ^[57]
Execution on Mega‑Projects
- Seatrium is simultaneously handling multiple FPSOs (including Petrobras’ P‑80, P‑82, P‑83) and FPUs plus HVDC platforms. Execution slippage on any of these large, fixed‑price contracts could erode margins. ^[58]
Balance Sheet De‑risking
- Asset sales (AmFELS, PSVs) and the Brazil settlement simplify the capital structure but still leave the company with sizeable net debt and ongoing arbitration exposure. ^[59]
ESG and Governance Perception
- Settlements and DPAs close the legal chapter of historic bribery issues, but investor trust in governance takes longer to rebuild and will influence the valuation multiple. ^[60]
Upcoming Catalysts
- The next scheduled earnings event is currently indicated around 18 February 2026, when the market will get a full‑year 2025 read‑out and updated guidance. ^[61]
- Any early signals on Maersk and Keppel arbitrations, plus fresh contract wins or yard divestments, could shift sentiment sharply in either direction.

Conclusion: A Rebuilt Giant with Event Risk

As of 10 December 2025, Seatrium looks like a rebuilt offshore and marine giant with:

A large, long‑dated order book anchored in FPSOs, FPUs and HVDC platforms. ^[62]
A cleaner legal slate after the Brazil settlements. ^[63]
Improving profitability and margins, albeit from a low base. ^[64]
Analyst targets that sit well above the current share price. ^[65]

Balanced against this are meaningful, non‑trivial risks: the Maersk arbitration, the Keppel claim, a cyclical and politically exposed offshore wind market, and the ever‑present risk of cost overruns in mega‑projects.

References

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