Seatrium’s net profit doubles due to a global energy boom
Last year, as a global energy boom gathered momentum, energy and marine engineering firm Seatrium doubled its net profit.
The firm, ranked 42nd on the Southeast Asia 500, reported a net profit of 323.6 million Singapore dollars ($256.3 million) in 2025, a 106% increase from the previous year. Revenue also increased by 24% to 11.5 billion Singapore dollars ($9.1 billion), mainly due to growth in its oil and gas and offshore wind businesses, which grew by 24% and 60% respectively. However, revenue from ship repairs and upgrades declined by 25%, which Seatrium attributed to “trade-related uncertainties.”
Seatrium shares rose by 3.6% after the earnings release.
The strong performance of the Singapore firm comes amidst a surge in global energy demand, thanks to energy-intensive technologies such as AI and electric vehicles, as well as the rapid industrialization of emerging economies. Global power demand is expected to grow by an average of 3.5% per year until 2030, according to
Seatrium is a relatively new company, formed through the 2023 merger of two Singaporean offshore heavyweights, Sembcorp Marine and Keppel Offshore & Marine. CFO Stephen Lu noted that the new entity was achieving significant cost savings through economies of scale.
“From the moment the two companies merged, we examined our cost items line by line, eliminating 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 potential contracts worth over 32 billion Singapore dollars ($25.3 billion) in the next 24 months. This includes 23 billion Singapore dollars in oil and gas deals, mainly driven by the Americas; and 7 billion Singapore dollars in offshore wind deals.
“Our ability to win these projects reflects the strong trust customers place in us across conventional energy and renewables,” Chris Ong, Seatrium’s CEO, said. “Amidst a challenging 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 coasts of the U.S. states of New York and New Jersey. The project is now 9�% complete and is scheduled for completion this year. “Once operational, it will deliver 810 MWs of clean energy to New York, enough power to supply more than 500,000 homes,” Ong said.
The Trump administration had attempted 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.