Energy and marine engineering firm Seatrium doubled its net profit last year as a global energy boom picked up steam.
The firm, No. 42 on the Southeast Asia 500, reported a net profit of 323.6 million Singapore dollars ($256.3 million) for 2025, a 106% increase from the year before. Revenue also grew by 24% to 11.5 billion Singapore dollars ($9.1 billion), largely due to growth in its oil and gas and offshore wind businesses, which grew by 24% and 60% respectively. Yet revenue from ship repairs and upgrades fell by 25%, which Seatrium blamed on “trade-related uncertainties.”
Seatrium shares rose by 3.6% after the release of the earnings.
The Singapore firm’s strong performance comes amid a swell in global energy demand, thanks to energy-intensive technologies like AI and electric vehicles, as well as the rapid industrialization of emerging economies. Global power demand is set to grow by an average of 3.5% per year through 2030, according to the International Energy Agency.
Seatrium is a relatively new company, born from the 2023 merger of two Singaporean offshore heavyweights, Sembcorp Marine and Keppel Offshore & Marine. CFO Stephen Lu noted that the new entity was getting significant cost savings from economies of scale.
“From the moment the two companies came together, we looked at our cost items, line by line, removing what we didn’t need and leveraging our combined scale for economic benefits,” Lu said. “These changes have