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Singapore offshore rig and shipyard builder formed from the 2023 merger of Sembcorp Marine and Keppel Offshore & Marine.
Singapore offshore rig and shipyard builder formed from the 2023 merger of Sembcorp Marine and Keppel Offshore & Marine.
Builds under contracts agreed at a fixed price in advance and books revenue as work progresses, so profit depends on controlling costs on complex builds, and older rig and floating-production projects have tied up capital and lost money. Work now covers floating oil and gas production vessels, rig repair and offshore wind structures.
In one line: No direct US peer; a global offshore rig/vessel builder.
Moat: narrow (installed base, scale). Large Singapore yard capacity post-merger, but a cyclical, capital-intensive, competitive industry.
Headquarters: Singapore · Founded: 2023 · Employees: 24,000
Size Seatrium (5E2.SI) is a Singapore Industrials company (Trucks/Construction/Farm Machinery) with a market value of $4.77B, the 25th largest of 186 Singapore companies the cockpit tracks. Shares closed at S$1.80 on 6 Nov 2026.
Performance Over six months the shares fell 19.3%, against -12.4% for the median peer and -1.2% for the Singapore market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 10.8% over the last twelve months (peer median +6.5%); the operating margin is 4.4% (peer median 7.0%).
Valuation It trades at 13.0× forward earnings against a peer median of 16.9× (7th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +50%, so the hurdle is -46 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.8 points below its cost of capital (7.0% WACC).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | S$11.7B | S$11.5B | S$9.23B | S$7.29B | S$1.95B |
| Revenue growth | — | +24% | +27% | +274% | — |
| Gross profit | S$853M | S$780M | S$269M | -S$235M | -S$142M |
| EBITDA | S$901M | S$849M | S$372M | -S$119M | -S$42.8M |
| Net income | S$552M | S$324M | S$157M | -S$2.02B | -S$261M |
| Free cash flow | S$45.8M | S$22.2M | S$31.1M | S$486M | S$1.02B |
| Capital expenditure | S$143M | S$123M | S$102M | S$116M | S$29.2M |
| Total debt | n/a | S$2.95B | S$3.12B | S$3.55B | S$3.36B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Seatrium 5E2.SI | $4.77B | -19% | +11% | 4% | 13.0× | 4.0% |
| Hd Hyundai Heavy Industries 329180.KS | $20.3B | -62% | +41% | 15% | 9.5× | -7.0% |
| SamsungHvyInd 010140.KS | $10.2B | -50% | +30% | 27% | 13.3× | -20.3% |
| Keppel BN4.SI | $13.0B | -13% | +11% | 11% | 18.9× | 14.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 5E2.SI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.2% | -1.5% | 8th lowest of 21 |
| 6-month return | -19.3% | -12.4% | 8th lowest of 21 |
| Distance from 52-week high | -28.3% | -30.9% | 10th highest of 21 |
| Revenue growth (TTM) | +10.8% | +6.5% | 9th highest of 21 |
| Operating margin | 4.4% | 7.0% | 6th lowest of 21 |
| Forward P/E | 13.0× | 16.9× | 7th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 4.0% | 1.9% | 6th most demanding of 18 |
| Growth delivered (Del g) | +50.0% | +11.6% | highest of 18 |
| Hurdle (Req g minus delivered) | -46.0 pp | -5.4 pp | least demanding of 18 |
| ROIC minus cost of capital | -1.8 pp | -1.5 pp | 9th lowest of 20 |
| EV / EBITDA | 7.8× | 11.8× | 3rd cheapest of 13 |
| Net debt / EBITDA | 1.1× | 1.3× | 7th least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Seatrium 5E2.SI | Singapore | $4.77B | -19% | +11% | 4% | 13.0× | 4.0% | +50.0% |
| Fincantieri FCT.MI | Italy | $4.98B | +3% | -1% | 0% | 21.5× | 1.2% | +9.1% |
| Zhejiang Dingli Machinery 603338.SS | China | $4.57B | +9% | +29% | 22% | 14.8× | 1.6% | +23.7% |
| Kongsberg Maritime KMAR.OL | Norway | $5.43B | -1% | +6% | 13% | 21.8× | 0.9% | +6.3% |
| CSSC Offshore & Marine Engineering (Group) 600685.SS | China | $4.16B | -19% | +5% | 1% | 23.9× | 1.1% | +12.1% |
| Alstom ALO.PA | France | $5.56B | -40% | +4% | 4% | n/a | 2.7% | +16.9% |
| TKMS AG & Co. KGaA TKMS.DE | Germany | $5.57B | +8% | +15% | 5% | 39.8× | n/a | n/a |
| Hyundai Rotem 064350.KS | South Korea | $5.75B | -73% | +12% | 15% | 9.7× | -4.0% | +16.0% |
| Bucher Industries BUCN.SW | Switzerland | $3.93B | +4% | -4% | 7% | 19.1× | -2.9% | +1.2% |
| Stadler Rail SRAIL.SW | Switzerland | $3.84B | +38% | +26% | 5% | 19.8× | 0.2% | +3.6% |
| Terex TEX | United States | $6.18B | -14% | +40% | 7% | 9.9× | 12.1% | +12.0% |
| Doosan Bobcat 241560.KS | South Korea | $3.64B | -28% | +11% | 9% | 9.0× | -13.3% | +15.5% |
| Hitachi Construction Machinery 6305.T | Japan | $6.36B | -12% | +7% | 10% | 11.2× | 3.9% | +11.6% |
| Hiab HIAB.HE | Finland | $3.52B | -5% | +6% | 12% | 16.9× | 15.5% | -13.7% |
| Babcock International BAB.L | United Kingdom | $6.60B | 0% | +7% | 6% | 15.4× | 13.2% | +5.5% |
| Cochin Shipyard COCHINSHIP.NS | India | $3.40B | -33% | -1% | 13% | 34.3× | n/a | n/a |
| Tiandi Science & Technology 600582.SS | China | $3.30B | -6% | -6% | 4% | 10.4× | n/a | n/a |
| China Railway Construction Heavy Industry 688425.SS | China | $3.29B | -13% | -1% | 12% | 12.4× | 1.9% | +5.7% |
| Doosan 000150.KS | South Korea | $7.10B | -60% | +11% | 6% | 16.1× | 15.0% | +11.6% |
| CITIC Heavy Industries 601608.SS | China | $3.15B | -24% | +5% | 4% | 45.9× | 14.5% | +5.1% |
| Accelleron Industries ACLN.SW | Switzerland | $7.29B | -25% | +13% | 25% | 25.1× | 3.5% | +12.1% |