<img src="https://imageproxy.pbkrs.com/https://api2.sgx.com/sites/default/files/2026-01/seatrium.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="3761" height="1324" original-src="https://imageproxy.pbkrs.com/https://api2.sgx.com/sites/default/files/2026-01/seatrium.png"/>10 Questions for Seatrium1. What is Seatrium’s business about and what are some of its key business segments?<ul><li>Seatrium plays a pivotal role in shaping the world’s energy infrastructure as a leading provider of specialised offshore and marine engineering solutions, as well as vessel repairs, upgrades and conversions. </li><li>With over 60 years of track record, our work supports both today’s energy needs and tomorrow’s cleaner energy solutions. We count energy majors, offshore wind-- developers and global vessel fleet owners amongst our repeat customers.</li><li>Our business is focused on four key segments, positioning us competitively as the world transitions to cleaner energy sources:</li><li>Oil &amp; Gas: We are a global leading builder of offshore floating production assets such as Floating Production Storage and Offloading (“FPSO”) units, Floating Production Units (“FPUs”), and Floating Liquefied Natural Gas (“FLNG”) facilities, and fixed platforms.</li><li>Offshore Wind: We design, build and install offshore High Voltage Direct Current (“HVDC”) and High Voltage Alternating Current (“HVAC”) substation platforms, and construct specialised installation vessels for wind farms.</li><li>Repairs &amp; Upgrades: We are one of the world’s largest providers of ship and offshore vessel repairs, dry-docking services, retrofits, life-extension projects and conversions, with expertise in higher-value works for LNG carriers, cruise ships, powerships, offshore and naval vessels.</li><li>Carbon Capture and Storage (“CCS”) &amp; New Energies: A growing segment that develops sustainable technologies relating to carbon capture systems, hydrogen-ready and ammonia-ready vessels, electrification solutions and other next-generation technologies that advance the energy transition and maritime decarbonisation.</li></ul><img src="https://imageproxy.pbkrs.com/https://api2.sgx.com/sites/default/files/2026-01/Picture2.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1311" height="576" original-src="https://imageproxy.pbkrs.com/https://api2.sgx.com/sites/default/files/2026-01/Picture2.png"/>2. What is the Group’s current dividend policy, and what are its plans to reward shareholders?<ul><li>We are committed to drive long-term total shareholder returns through growth, dividends and share repurchases.</li><li>In determining dividends, we consider Seatrium’s financial performance, capital requirements, as well as business outlook and opportunities. While we do not have a formal dividend policy, our goal is to balance between reinvesting for growth and rewarding shareholders. Following a return to profitability in FY2024 post-merger, Seatrium distributed a dividend of 1.5 cents per share for the year, to share the fruits with our shareholders.</li><li>As we execute our growth strategy – building a resilient order book, expanding margins, and managing capital actively – we commit to deliver long-term returns to shareholders. </li></ul>3. What is Seatrium’s current order book size and what does it mean for revenue visibility?<ul><li>As of end-September 2025, Seatrium’s net order book stood at S$16.6 billion, comprising 24 projects with deliveries extending through 2031. This robust order book provides strong near-term revenue visibility. Since then, we have secured more than S$3 billion in new orders, comprising bp’s FPU Tiber and TenneT’s 2.2GW HVDC BalWin5 project.</li><li>This net order book excludes our Repairs &amp; Upgrades business, which has shorter project cycles. These projects are underpinned by long-standing strategic partnerships with large global customers and provide a steady, recurring revenue stream. </li><li>We are actively pursuing a healthy order book pipeline (S$30 billion as at 30 June 2025) and are focused on converting these opportunities into contract wins to bolster longer-term revenue visibility. We are also moving towards higher-value Repairs &amp; Upgrades activities that strengthen margins.</li></ul><img src="https://imageproxy.pbkrs.com/https://api2.sgx.com/sites/default/files/2026-01/Picture3.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1173" height="682" original-src="https://imageproxy.pbkrs.com/https://api2.sgx.com/sites/default/files/2026-01/Picture3.jpg"/>4. What are the key focus areas to drive revenue and profit growth in the coming years?<ul><li>To drive topline growth and revenue visibility, we are focused on converting pipeline opportunities across Oil &amp; Gas and Offshore Wind into new orders. These opportunities are backed by sustained demand for offshore energy infrastructure and maritime decarbonisation.</li><li>To drive margin expansion, our priorities are disciplined project execution to achieve margin efficiencies, reducing overheads, and continued cost and financial management. Post-merger, we have been disciplined in applying risk-adjusted project margin hurdle rates in the mid-teens.</li><li>We also leverage our One Seatrium Global Delivery Model, which centralises project planning and enables seamless execution across our strategic network of engineering offices and yards. Our “series-build” approach – design once, build many – reduces execution risks, shortens schedules and improves margins, while ensuring projects are delivered safely, on time, on quality and within budget.</li><li>We have also implemented rigorous cost management, yard optimisation and initiatives such as digitalisation and automation to improve operational efficiency. The ability to centrally manage our global footprint, assets and resources is also an opportunity for optimisation. We have been actively streamlining our asset base by divesting non-core assets to reduce costs and improve utilisation, with proceeds reinvested into growth opportunities.</li><li>With an improved credit profile and favourable benchmark rate movements, we have seen a meaningful reduction in cost of debt, alongside deleveraging efforts that has resulted in lower finance costs and a healthy Net Debt-to-EBITDA ratio of about 1.0x (as at 30 June 2025). We will continue to evaluate opportunities to lower financing costs. </li></ul>5. Offshore wind projects globally have faced cost inflation and permitting delays. How is Seatrium positioning itself to remain competitive in this segment? <ul><li>The offshore wind sector has faced challenges, particularly in the US where new project commitments have slowed. The US wind market remains nascent for us compared to Europe and Asia. </li><li>Robust demand in Europe and Asia are driven by energy security, clearer project visibility, favourable economics, and well-defined regulatory frameworks. We are pursuing opportunities in these markets, prioritising projects with fair risk-sharing and healthy cash conversion. </li><li>Our competitiveness is reflected in repeat wins, including our consortium’s fourth contract with Europe’s leading Transmission System Operator (“TSO”), TenneT, in 2025 for the BalWin5 2.2GW HVDC project in Germany, alongside three ongoing HVDC platforms for the Netherlands, under TenneT’s 2GW programme. </li></ul>6. With the revenue from the Offshore Wind segment increasing, will Seatrium prioritise traditional oil &amp; gas contracts or will the offshore wind segment become a larger share of the portfolio?<ul><li>Diversification across energy segments – traditional, renewable and new energies – keeps Seatrium resilient and well-positioned for long-term growth as the world transitions progressively to sustainable energy sources.</li><li>We are not fixated on a particular portfolio mix; instead, we actively pursue projects from world class customers that are aligned to our internal margin hurdle rate expectations and incorporate risk-sharing arrangements (such price-indexing for bulk materials). We also target to achieve positive cash flow throughout the project lifecycle. </li></ul>7. How does Seatrium assess its competitive position and differentiate itself in the broader market?<ul><li>Seatrium ranks among the world’s leading engineering solutions providers, distinguished by a proven track record, industry-first achievements driven by innovation and know-how, the One Seatrium Global Delivery Model and enduring customer relationships.</li><li>We serve highly discerning global energy majors, with most of our revenue coming from returning customers – a strong testament to our execution capabilities on complex projects that are the backbone of global energy systems.</li><li>Alongside these customers, we have achieved many world-firsts amongst our expanding track record of over 1,300 offshore projects over the past six decades: <ul><li>Industry-first achievements include delivering the world’s largest semi-submersible crane vessel (Sleipnir, 2019), and the world’s first FLNG vessel converted from an LNG carrier (Hilli Episeyo, 2017).</li><li>Petrobras FPSOs: Building six of the seven latest-generation newbuild P-series FPSOs, supported by our presence in Brazil and strategic footprint across Asia, leveraging the One Seatrium Global Delivery Model for end-to-end delivery at scale. </li><li>FSRU Conversions: Completed above 90% of FSRU/FSU conversions worldwide, with three ongoing projects.</li><li>Guyana FPSOs: Integrated all four FPSOs operating in Guyana, with the fifth and sixth currently undergoing integration at our yards.  </li></ul></li></ul>8. Beyond offshore wind and oil &amp; gas, what other segments is Seatrium looking at?<ul><li>To build long-term resilience, we are diversifying into adjacent, fast-developing markets, while applying our series-build approach to more product types to scale efficiently and improve margins.</li><li>Our business is supported by robust R&amp;D work, and we take a practical approach to innovation and developing new technologies to ensure our long-term competitive edge.</li><li>In early 2025, we completed the world’s first onboard CCS retrofit on Clipper Eris, enabling up to 70% CO2 emissions capture, and subsequently signed an agreement with the vessel owner to support its broader fleet decarbonisation goals. We are also developing a proprietary onboard CCS system, and designing the world’s first CO2 handling hub in Norway, amongst other initiatives.</li><li>These activities reflect our commitment to advancing decarbonisation technologies and delivering innovative offshore and marine solutions.</li></ul><img src="https://imageproxy.pbkrs.com/https://api2.sgx.com/sites/default/files/2026-01/Picture4.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1279" height="657" original-src="https://imageproxy.pbkrs.com/https://api2.sgx.com/sites/default/files/2026-01/Picture4.png"/>9. What is the group’s medium to long term roadmap for achieving net-zero targets?<ul><li>The Group’s net-zero roadmap is structured across two horizons. By 2030, Seatrium targets a 40% reduction in Scope 1 and 2 emissions from 2008 levels, and by 2050, full net-zero emission. </li><li>Following a comprehensive review in 2024, key action areas identified include generating renewable energy, improving energy efficiency, and optimising production and capacity. These initiatives form the foundation of Seatrium’s decarbonisation strategy, which is continuously reviewed and refined to ensure progress toward the Group’s net-zero target. </li></ul>10. What is Seatrium’s value proposition to its shareholders and potential investors? What do you think investors have overlooked?<ul><li>We are uniquely positioned as a proxy to global energy megatrends – growing energy demand and the energy transition – anchored by our strong leadership in offshore engineering solutions for Oil &amp; Gas, Offshore Wind and New Energies sectors. Headquartered in Singapore, we deliver offshore energy infrastructure assets globally that shape the backbone of the world’s energy systems. Complementing this, our Repairs &amp; Upgrades business provides a stable financial base with healthy margins, contributing to resilience.</li><li>In 2024, we recorded our first full-year profit since 2017, marking a significant milestone in our financial turnaround. We are now on a strong trajectory progressing towards our 2028 steady-state financial targets, driven by a growing mix of higher-margin projects, strong execution through the One Seatrium Global Delivery Model, productivity improvements, and disciplined cost management.</li><li>We are committed to delivering long-term total shareholder return through business growth, dividends and share buybacks; supported by a healthy balance sheet and improving cash flows. </li><li>What is often overlooked is how far we have progressed since Seatrium was formed just over two years ago. Seatrium today is leaner, more disciplined, and equipped with greater strategic clarity to capture global energy opportunities. </li></ul>10 in 10 – 10 Questions in 10 Minutes with SGX-listed companiesDesigned to be a short read, 10 in 10 provides insights into SGX-listed companies through a series of 10 Q&amp;As with management. Through these Q&amp;As, management will discuss current business objectives, key revenue drivers as well as the industry landscape. Expect to find wide-ranging topics that go beyond usual company financials.This report contains factual commentary from the company’s management and is based on publicly announced information from the company.For more, visit sgx.com/research.For more company information, visit https://seatrium.com/Click here for Seatrium’s 1H2025 annual results.

Seatrium is a leading provider of offshore and marine engineering solutions, focusing on four key segments: Oil & Gas, Offshore Wind, Repairs & Upgrades, and Carbon Capture and Storage. The company aims to balance growth and shareholder returns, recently distributing a dividend of 1.5 cents per share. With a net order book of S$16.6 billion and a pipeline of S$30 billion, Seatrium is well-positioned for revenue growth. Key strategies include disciplined project execution, cost management, and leveraging a global delivery model to enhance operational efficiency and margins.

10 in 10 with Seatrium - Engineering the Future of Global Energy