Seatrium

2024 - 2 - 26

Seatrium's Financial Rollercoaster: From Losses to Settlements

Brazil's Operation Car Wash - corruption probe - financial loss - Seatrium - Singapore

Seatrium's turbulent financial journey - multi-billion losses, share consolidation, and a hefty Brazil settlement. What's next for this Singapore yard group?

Seatrium, the Singapore yard group, has been making headlines with its financial rollercoaster ride. In the second half of 2023, Seatrium reported a staggering $1.7 billion loss, a sharp contrast to the $118.3 million loss in the previous year. To attract investors, the company announced a 20:1 share consolidation exercise. Despite the losses, Seatrium remains optimistic about its future financial performance in FY24.

Moreover, Seatrium's net loss widened to $1.9 billion for the entire fiscal year 2023. Surprisingly, amidst the financial turmoil, the company managed a revenue growth of over 400% year-on-year in the second half, reaching $4.4 billion. The full-year revenue also saw a significant increase to $7.3 billion, tripling from the previous year's $1.9 billion.

In a twist of events, Seatrium settled a $134 million agreement over corruption allegations in Brazil related to Operation Car Wash. The settlement amounting to BRL671 million marks a significant chapter for the company as it navigates through legal challenges. The future of Seatrium remains uncertain yet hopeful as it strives to overcome its financial setbacks and legal hurdles.

In summary, Seatrium's financial challenges have been highlighted by immense losses, strategic moves like share consolidation, and legal settlements in Brazil. The company's ability to turn around its financial performance amidst adversity will determine its future trajectory in the maritime industry.

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Image courtesy of "The Straits Times"

Seatrium posts $1.68b second-half loss, settles Brazil 'Operation Car ... (The Straits Times)

The company announced a 20:1 share consolidation exercise to increase the stock's attractiveness. Read more at straitstimes.com.

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Image courtesy of "The Business Times"

Seatrium posts S$1.7 billion H2 loss; reaches 670.7 million reais ... (The Business Times)

SEATRIUM reported a net loss of S$1.7 billion for the second half ended Dec 31, 2023, widening from a net loss of S$118.3 million in the same period a year ...

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Image courtesy of "Singapore Business Review"

Seatrium widens net loss in FY23 to $1.9b (Singapore Business Review)

Despite losses in FY23, the company is positive about its financial performance in FY24. “With the successful completion of the integration and strategic review ...

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Image courtesy of "The Edge Singapore"

Seatrium's net loss widens to $1.68 bil for 2HFY2023, records ... (The Edge Singapore)

For the 2HFY2023, revenue grew by over 400% y-o-y to $4.4 billion. For the full year, revenue of $7.3 billion was a three-fold increase over $1.9 billion ...

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Image courtesy of "Seatrade Maritime News"

Seatrium in $134 million settlement over Brazil's Operation Car Wash (Seatrade Maritime News)

Singapore yard group Seatrium has agreed to a BRL671 million ($134.3 million) settlement over corruption allegations in Brazil related to Operation Car ...

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Image courtesy of "TradeWinds"

Massive write-downs push Singapore's Seatrium to $1.4bn loss (TradeWinds)

Seatrium, the Singapore shipyard group, has slumped to a full-year loss of SGD 1.9bn ($1.4bn) on the back of a series of huge write-downs.

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Image courtesy of "The Independent"

Seatrium reports S$1.7B net loss for H2, leading to S$1.9B net loss ... (The Independent)

This loss, which widened from S$118.3 million in the same period a year earlier, was primarily due to a surge in operating expenses to S$1.2 billion, a stark ...

Seatrium (STM) Earnings Report: FY Net Loss Surges to S$1.94B ... (Smartkarma)

The estimated loss for the company was S$208.1 million, suggesting that the actual loss far exceeded expectations. The company's revenue, however, increased to ...

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Image courtesy of "Splash 247"

Seatrium settles corruption probe in Brazil for $137m (Splash 247)

Seatrium has reached in-principle settlement agreements with the Brazilian authorities concerning “ · The Singapore offshore and marine yard group, formerly ...

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Image courtesy of "Riviera Maritime Media"

Seatrium agrees provisional settlement in Brazilian corruption ... (Riviera Maritime Media)

Entities linked to Singapore's offshore shipbuilding industry have been a focus of multiple investigations in the long-running Brazilian bribery saga over the ...

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Image courtesy of "Riviera Maritime Media"

Seatrium agrees provisional settlement in Brazilian corruption ... (Riviera Maritime Media)

Entities linked to Singapore's offshore shipbuilding industry have been a focus of multiple investigations in the long-running Brazilian bribery saga over the ...

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Image courtesy of "Offshore Energy"

FueLNG Venosa takes part in Seatrium's floating lab commissioning ... (Offshore Energy)

FueLNG Venosa has completed the gassing up and cooling down and LNG bunkering of Seatrium's floating living lab in Singapore.

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Image courtesy of "TipRanks"

Singapore Stocks: Seatrium Shares Fall on $1.9B Loss (TipRanks)

In major news on Singapore stocks, SGX-listed Seatrium Limited (SG:S51), formerly known as Sembcorp Marine, posted a loss of S$1.9 billion for the full year ...

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Image courtesy of "The Star Online"

Seatrium posts loss of US$1.25bil in second half (The Star Online)

Seatrium reported a S$1.68bil (US$1.25bil) net loss for the second half of its 2023 financial year (FY23), a more than 10-fold increase from the S$118.3mil ...

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Image courtesy of "Upstream Online"

Operation Car Wash: Seatrium agrees to pay S$182.4 million ... (Upstream Online)

Settlement agreement 'ensures that we are able to continue to participate in tenders and other bidding projects in Brazil', says chief executive.

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