Handheld orders near 100 billion! Offshore engineering giant sees net profit double.

Recently, Singaporean offshore engineering giant Seatrium released its fiscal year 2025 earnings report, showing that its full-year net profit doubled.

Financial reports show that last year, Haiting’s revenue reached S$11.5 billion (approximately RMB 62.509 billion), a 24% increase from S$9.2 billion in 2024. The company benefited primarily from contributions from its oil & gas and offshore wind power segments, particularly through the efficient execution of the Petrobras Floating Production Storage and Offloading (FPSO) project in Brazil and the TenneT 2 GW High-Voltage Direct Current (HVDC) project. As a stable source of revenue, the maintenance and upgrade segment is continuously securing higher‑value maintenance and modification projects, and is expected to gradually improve its profit margins.

In 2025, Haiting achieved a net profit of S$324 million (approximately RMB 1.761 billion), representing a 106% increase from S$157 million in 2024. The improvement in performance reflects rigorous project execution, as well as margin expansion driven by operational leverage, streamlined construction efficiency, continuous cost control, and proactive portfolio optimization following the divestment of non‑core assets.

Meanwhile, Haiting’s gross profit for 2025 surged from S$291 million in 2024 to S$848 million (approximately RMB 46.09 million), nearly tripling; its gross margin increased from 3.1% to 7.4%. The improvement in profitability was primarily driven by a more optimized project mix, higher shipyard utilization rates, enhanced productivity, and the implementation of modular construction projects. The replicability of modular projects helps mitigate risk and boost cost efficiency.

Haiting expects that the previously announced strategic asset divestments will be completed in the first half of 2026, resulting in annual cost savings exceeding S$50 million. With the completion of subsequent strategic asset divestments and the return of the Admiralty Shipyard in Singapore to the government, total annualized cost savings are projected to exceed S$100 million by fiscal year 2028.

Since last year, Haiting has launched a series of non‑core asset divestment plans, including the sale in 2025 of the AmFELS shipyard located in Texas, USA, as well as its indirectly wholly owned Brazilian subsidiary Guanabara Navegação Ltda (GNL), which holds two platform supply vessels (PSVs).

In addition, in January 2026, Haiting sold its fleet of 17 tugboats in Singapore and also divested the “Can-Do 2” floating dock, which had previously been berthed at Crescent Yard. Last December, through its subsidiary PT Karimun Sembawang Shipyard, Haiting sold the shipyard located on Karimun Island in Indonesia.

As of December 31, 2025, Haiding’s net order book stands at S$17.8 billion (approximately RMB 96.754 billion), encompassing 24 projects with revenue visibility extending through 2033. Around 40% of these projects are focused on renewable energy and clean/green solutions, providing the Group with portfolio resilience amid fluctuations in the energy cycle.

Over the next 24 months, Haiting is actively pursuing project opportunities totaling approximately S$32 billion (about RMB 17.39 billion), covering oil and gas, offshore wind power, and ship conversion projects, reflecting the global energy transition and evolving industry demands.

Haiting believes that oil and gas opportunities in South America, the Middle East, and Africa remain strong; meanwhile, Europe continues to drive demand for offshore wind power. Although oil and gas will still dominate in the short term, driven by favorable factors such as enhanced energy security, successful financing, and improved cost structures, major offshore wind markets are gradually recovering.

As technological advancements such as artificial intelligence drive up energy demand, oil and gas demand is expected to continue rising. The average breakeven oil price for offshore asset deployment projects is projected to be significantly lower than current oil prices, underpinning the long‑term demand for its oil and gas production solutions—including FPSOs, FPUs, and fixed platforms. With a diversified order backlog and project pipeline, Hai Ting is well positioned to demonstrate strong resilience and competitiveness in the global context of the transition to sustainable energy.

Wang Nengyao, CEO of Haiting, stated: “In 2025, we delivered a strong performance that validated the results of our transformation to strengthen our fundamentals and laid the foundation for accelerating growth. Our robust performance once again confirms our strategic direction, enabling us to deliver steadily in the present while proactively positioning ourselves for the future. With clear visibility into profitability, a strong order book, a solid project pipeline, an optimized cost structure, and unwavering execution discipline, we are steadily advancing toward our steady-state targets for fiscal year 2028 and driving long‑term shareholder returns.”