Seatrium’s Turnaround: How Chris Ong Turned a Turbulent Merger into a $9 B Offshore Powerhouse

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Seatrium’s Strategic Re‑org Drives Profit Surge

Seatrium, the Singapore‑based shipbuilder that rose from the merger of Sembcorp Marine and Keppel Offshore, has posted a dramatic profit rebound under CEO Chris Ong. After a ↓ S$1.9 billion loss in 2023, the firm logged ↑ S$11.5 billion in revenue for 2025 and a net profit of S$324 million, more than double the prior year.

“The energy market’s volatility is reshaping investment decisions,” Ong told reporters.

The turnaround rests on a supply‑chain model dubbed “One Seatrium,” which sources components globally and final‑assembles them in Singapore, allowing rapid scaling of the order book. The strategy paid off with a fresh Reuters‑cited surge in offshore oil contracts, including an $8.2 billion deal with Brazil’s Petrobras for two all‑electric FPSOs slated for delivery by 2029.

Offshore Wind and Emerging Markets

While oil and gas still generate just over 70% of earnings, offshore wind now contributes close to 20%, with projects such as the 2.2‑GW BalWin5 HVDC link for the Netherlands‑Germany corridor secured alongside GE Vernova. A Bloomberg analysis notes Europe’s push for energy independence fuels demand for such infrastructure.

Seatrium also eyes long‑term bets on floating nuclear power plants and offshore data hubs, arguing that maritime sites sidestep many land‑based permitting hurdles.

Intel provided by Eleanor Cross (Chief Washington Correspondent).