Seatrium expecting net loss in FY2023 despite a rise in its order book

In 3Q23, the company's net order book rose to $17.7b.

Seatrium has warned its shareholders that it may end FY23 with a net loss despite expected improvement in its operation and financial performance.

In 3Q23, Seatrium saw its net order book rise to $17.7b. The net order book includes a $4.3b new contract secured in the year with 33 projects under execution until 2030.

In the same period, Seatrium completed four projects, namely, the Shell Whale FPU, ADNOC AlSila and AlSaadiyat, and the FPSO Almirante Tamandaré for Single Buoy Moorings.

In 3Q23, Seatrium also secured a letter of intent from Shell to provide services to construct the Sparta FPU deep-water development project in the US Gulf of Mexico.