Vitality and marine engineering agency Seatrium doubled its internet revenue final 12 months as a worldwide power growth picked up steam.
The agency, No. 42 on the Southeast Asia 500, reported a internet revenue of 323.6 million Singapore {dollars} ($256.3 million) for 2025, a 106% improve from the 12 months earlier than. Income additionally grew by 24% to 11.5 billion Singapore {dollars} ($9.1 billion), largely attributable to progress in its oil and gasoline and offshore wind companies, which grew by 24% and 60% respectively. But income from ship repairs and upgrades fell by 25%, which Seatrium blamed on “trade-related uncertainties.”
Seatrium shares rose by 3.6% after the discharge of the earnings.
The Singapore agency’s robust efficiency comes amid a swell in international power demand, due to energy-intensive applied sciences like AI and electrical autos, in addition to the fast industrialization of rising economies. International energy demand is ready to develop by a median of three.5% per 12 months by 2030, based on the Worldwide Vitality Company.
Seatrium is a comparatively new firm, born from the 2023 merger of two Singaporean offshore heavyweights, Sembcorp Marine and Keppel Offshore & Marine. CFO Stephen Lu famous that the brand new entity was getting vital price financial savings from economies of scale.
“From the moment the two companies came together, we looked at our cost items, line by line, removing what we didn’t need and leveraging our combined scale for economic benefits,” Lu stated. “These changes have fundamentally reduced our cost levels and will continue to have a lasting impact.”
Seatrium has over 32 billion Singapore {dollars} ($25.3 billion) in potential contracts over the subsequent 24 months. This consists of 23 billion Singapore {dollars} in oil and gasoline offers, pushed primarily by the Americas; and seven billion Singapore {dollars} in offshore wind offers.
“Our ability to win these projects reflect the strong trust customers place in us across conventional energy and renewables,” Chris Ong, Seatrium’s CEO, stated. “Amidst a tough macro environment, we secured… new orders supported by returning customers and new partnerships.”
One Seatrium undertaking is the development of offshore substations for Empire Wind, a serious offshore wind undertaking off the coast of the U.S. states of New York and New Jersey. The undertaking is now 97% full, and slated to be completed this 12 months. “Once operational, it will deliver 810 MWs of clean energy to New York, enough power to power more than 500,000 homes,” Ong stated.
The Trump administration had tried to halt building of the $5 billion undertaking a number of occasions, citing nationwide safety dangers and a rushed approval course of. Work resumed final month, after a federal decide issued a short lived injunction on Jan. 12, overturning Trump’s order.
