Seatrium Wins S$200M+ FPSO Contract from SBM Offshore

Seatrium Ltd. has secured a major Floating Production Storage and Offloading (FPSO) integration contract valued at over S$200 million from SBM Offshore N.V., a global leader in floating production solutions. The contract reinforces Seatrium's longstanding relationship with SBM Offshore and underscores the confidence in its offshore engineering, construction, and integration capabilities.

The FPSO will support offshore developments in South America, further establishing Seatrium’s leadership in complex FPSO integration projects. The scope of work includes the fabrication of mooring and riser support structures, flare towers, vessel modifications, drydocking, and the integration of topside modules, alongside mechanical completion and pre-commissioning activities. This project builds on Seatrium’s established expertise in delivering FPSO projects, as highlighted in prior annual reports which emphasized the company's focus on value capture and risk management in complex offshore undertakings.

According to the filing, project execution is scheduled to begin in the fourth quarter of 2026, with completion anticipated by 2029. Marlin Khiew, Executive Vice President of Seatrium Energy (Projects) & President, LATAM, stated the contract validates the company’s “proven execution capabilities” and contribution to energy security. Seatrium, with over 60 years of experience and a workforce exceeding 24,000, is strategically positioned to capitalize on the growing demand for offshore energy infrastructure, particularly as South America expands its role in global energy supply.

The win is strategically important, as Seatrium is actively diversifying its portfolio to include renewable energy solutions, alongside its traditional oil and gas business. The company's ability to deliver complex projects, evidenced by this contract, suggests continued relevance in a shifting energy landscape. The FPSO contract reflects ongoing investment in the offshore sector, driven by increasing global energy demand.

Seatrium's successful bid for this contract underscores its position as a key player in the offshore energy infrastructure market. The value of the contract, exceeding S$200 million, represents a material contribution to Seatrium’s order book and reinforces its commitment to delivering complex offshore projects.