Seatrium doubles net profit on the back of a global energy boom

The firm, No. 42 on the Southeast Asia 500, reported a net profit of 323.6 million Singapore dollars ($256.3 million) for 2025, a 106% increase from the year before. Revenue also grew by 24% to 11.5 billion Singapore dollars ($9.1 billion), largely due to growth in its oil and gas and offshore wind businesses, which grew by 24% and 60% respectively. Yet revenue from ship repairs and upgrades fell by 25%, which Seatrium blamed on “trade-related uncertainties.”

Seatrium shares rose by 3.6% after the release of the earnings. 

The Singapore firm’s strong performance comes amid a swell in global energy demand, thanks to energy-intensive technologies like AI and electric vehicles, as well as the rapid industrialization of emerging economies. Global power demand is set to grow by an average of 3.5% per year through 2030, according to the International Energy Agency.

Seatrium is a relatively new company, born from the 2023 merger of two Singaporean offshore heavyweights, Sembcorp Marine and Keppel Offshore & Marine. CFO Stephen Lu noted that the new entity was getting significant cost 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 said. “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 next 24 months. This includes 23 billion Singapore dollars in oil and gas deals, driven mainly by the Americas; and 7 billion Singapore dollars in offshore wind deals.

“Our ability to win these projects reflect the strong trust customers place in us across conventional energy and renewables,” Chris Ong, Seatrium’s CEO, said. “Amidst a tough macro environment, we secured… new orders supported by returning customers and new partnerships.” 

One Seatrium project is the construction of offshore substations for Empire Wind, a major offshore wind project off the coast of the U.S. states of New York and New Jersey. The project is now 97%, and is slated for completion this year. “Once operational, it will deliver 810 MWs of clean energy to New York, enough power to power more than 500,000 homes,” Ong said.

The Trump administration had tried to halt construction of the $5 billion project several times, citing national security risks and a rushed approval process. Work resumed last month, after a federal judge issued a temporary injunction on Jan. 12, overturning Trump’s order.