Seatrium reports rising CCS activity and 300% profit jump in H1 2025
From rig maintenance to carbon capture with Seatrium (Source: Seatrium.com)
Seatrium has reported a net profit of SGD 144 million for the first half of 2025, up from SGD 36 million a year earlier. Revenues rose 34% to SGD 5.4 billion, driven by increased activity in decarbonisation retrofits and floating production projects. The group’s net orderbook stood at SGD 18.6 billion at the end of June.
CEO Chris Ong said the company was “seeing momentum in the maritime decarbonisation space”, citing a Letter of Intent signed in June with Norwegian gas carrier owner Solvang to retrofit carbon capture and storage (CCS) systems across its fleet. “This builds on the successful delivery of the Clipper Eris, and signals growing demand for sustainable solutions,” Ong said.
The 2019-built Clipper Eris was fitted with a Wärtsilä 7-MW CCS system last year for a twelve-month pilot. Solvang operates 20 gas carriers, including six semi-refrigerated/ethylene carriers, eight large gas carriers, and six VLGCs.
Seatrium is also developing designs for liquefied carbon dioxide carriers through its subsidiary LMG Marin. Ong said the LCO2 market could be worth USD 6 billion by the early 2030s.
In H1 2025, the group completed 101 repair and retrofit projects, including its fourth FSRU conversion for Kinetics. Ong also highlighted recent FPSO conversion wins from Hoegh Evi and Kinetics.
