Seatrium marks turnaround with H1 net profit of S$36 million

OFFSHORE and marine specialist Seatrium on Friday (Aug 2) marked its turnaround with a net profit of S$36 million for the first half ended Jun 30, reversing from a net loss of S$264.4 million in the corresponding year-ago period.

Revenue for the half year rose 39.1 per cent to S$4 billion, from S$2.9 billion the year before. The group attributed the increase to recognition from new-build projects, and increased repairs and upgrades activities. 

Seatrium said its return to profitability reflected its strong focus on executing projects and improving margins. This is the first time the company has reported profits for the half-year period since its formation in 2023.