Seatrium is expecting to make a net loss for the FY2023 ending Dec 31 although it expects its operational and financial performance to continue to improve.
In its business update for the 3QFY2023, the group says it has completed eight key deliveries year-to-date (ytd) including four projects in the quarter itself.
It also continues to build on its net order book of $17.7 billion, which includes new contract wins of $4.3 billion secured in the year. Of its net order book, 33 projects are under execution till 2030.
The group’s net gearing ratio stood at 0.15x as at Sept 30, down from 0.17x as at June 30.
As at Sept 30, renewables and cleaner and greener solutions contribute to about 40% of the group’s net order book.
In the 3QFY2023, notable repairs and upgrades contracts include the reliquefaction retrofit of liquefied natural gas (LNG) carrier Seapeak Magellan from Seapeak UK, jack-up rig Tasha from PT Apexindo (Indonesia), and three LNG carriers from BP Shipping.
For the 9MFY2023, the group secured strong support from its relationship banks for green trade finance and sustainability-linked facilities exceeding $1.6 billion.
As part of its ongoing transformation, the group will finalise its strategic review by the end of the year. The outcomes will be announced at its inaugural Capital Markets Day which will be held within the first half of 2024.
Shares in Seatrium closed 0.1 cent higher or 0.89% up at 11.3 cents on Nov 7.
