Seatrium profits surge on wind showing

Net profit at fabricator Seatrium surged in the first half of the year thanks to a stellar showing in offshore wind.

The Singapore-based yard recorded a group-wide surplus of $144m, up from $36m in the year-ago period.

This was partly driven by its offshore wind division, where revenue more than doubled to just over $1.1bn, up from $545m.

Seatrium said this was down to its work on 2GW HVDC platforms for Dutch-German TSO TenneT.

In total, offshore wind was 21% of the company’s revenues in the first half of the year.

Seatrium said it is delivering offshore substations for Orsted’s Changhua 2b&4 off Taiwan and RWE’s Sofia in the UK this year.

It is on track to deliver platforms for Orsted’s Revolution Wind and Equinor’s Empire Wind sites in the US next year, as well as Maersk Offshore Wind’s Sturgeon turbine installation vessel.

Source: reNews

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