Slides
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1 1H2026 Results 31 July 2026
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2 Agenda 1 CEO address 2 Financial Review 3 Value Creation 2
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3 3 FPU Whale, the second FPU delivered to Shell by Seatrium. FPU Sparta, the third unit, is scheduled for delivery later this year. CEO Address Chris Ong1
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4 1H2026 Highlights Steady Execution; Visible Progress Margin -focused for sustainable growth 01/ • Strong topline run rate with steady execution • Structural cost optimisation bearing fruit: materialised initial cost savings from divestments Shift from Recovery to Value Creation 02/ • Drive sustained earnings and cash generation • Committed to enhance total shareholder returns • Build business resilience by deepening Series Build and broadening capabilities Well-positioned to capture pipeline opportunities 03/ • Pipeline of >S$32B across global market diversified across segments • Net order book at S$13.3B 4
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5 1H2026 Highlights Bottomline Performance Driven By Improving Margin Efficiency 1H25 1H26 5,367 5,619 +5% Revenue S$’M NPAT S$’M 1H25 1H26 144 373 +54% +158% Progressing Towards Ambition Steady revenue run rate within FY28 target range of S$10-12B p.a. Stronger bottomline performance with improving margin efficiency . 212 138 Divestment gains (post-tax) NPAT excluding divestment gains 5 Gross Profit S$’M / % 0 5 10 0 230 460 690 1H25 1H26 395 482 +22% 7.4% 8.6%
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6 Healthy Order Book; Improving Project Mix >S$32B Pipeline Opportunities >S$13B Net Order Book 3 Project Deliveries Focused Execution; projects largely remain on schedule . • 1H26 key completions: - TSHD Frederick Paup - WTIV Maersk Viridis - FPSO Errea Wittu (integration) • OSS Revolution Wind on track for delivery in coming weeks • P80, P82 and Shell Sparta scheduled for sailaway in 2H26, amongst others Clear near -term earnings visibility. • >95% Series Build projects, improving execution certainty • Declining share of non -FPSO legacy projects: Under S$140M of net order book • Diversified across geography and energy types Capitalising on Energy Trilemma priorities. Energy Security : Heightened priorities on grid resilience and supply diversification amidst growing energy demand and macro uncertainties Affordability: Increased focus on speed- to-market and cost-efficiencies (e.g. conversions) Sustainability: Energy pragmatism - advancing decarbonisation, transition priorities and sustainable infrastructure 6
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7 MIDDLE EAST SOUTH AMERICA ASIA-PACIFIC >S$32B Pipeline Opportunities Over Next 24 Months 1 S$1B S$2B S$7B HVDC/HVAC platform EUROPE S$2B NORTH AMERICA S$7B FLNG conversion & newbuild • FSRU conversion • Powership S$8B FPSO newbuild, integration & module fabrication Oil & Gas Offshore Wind ~S$21B ~S$9B Conversions ~S$2B S$2B Offshore gas topside AFRICA S$3B Fixed platform Diversified Across Segments & Geography; Distinct Market Cycles For Resilience 7 HVAC platform 1 As of July 2026. Aggregated value in S$’billion estimated using mid-point contract value of each project’s scope applicable to Seatrium; Select customers shown.
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8 Market Observations FPSO: Strong Competitive Edge & Full Value Chain Capabilities Full EPCC Scope ~S$4B-5B Engineering Procurement Construction Commissioning (Incl Offshore) Proprietary Design: FlexHull (AiP1 Achieved) Full Scope Pursuing full EPCC scope for upcoming BOT tenders, with similar commercial terms (margins, milestone payments) Active Discussions • Partner of choice for Guyana’s large FPSO integration • Strong local content advantage with Brazil’s three leading yards • Brazil remains as anchor market for large FPSO newbuilds. • Deepwater breakeven remains well below prevailing oil prices. • Diversified growth across Guyana, West Africa and Southeast Asia. • Growing demand for FPSO conversions/redeployments : Faster time-to market and more cost effective. 8 Partial Scope Integration, Modules Fabrication, and/or Local Content 1 AiP (Approval in Principle) is an early-stage validation by a classification society that a concept or design can meet applicable marine and offshore standards, subject to detailed review and final approval.
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9 Emerging Gas Conversion Opportunities Market Observations • LNG supply tightness + heightened energy security priorities supports FIDs. • Global LNG demand expected to grow 65% vs 2025 to reach 700 mtpa over next 15 years1. • FLNG; and FSRU/FSU conversions driven by supply diversification priorities, faster time-to-market and flexible capacity requirements. Extraction Liquefaction Shipping Receiving Power Generation Delivered the world’s only two operational FLNGs converted from LNG carriers • FLNGs Hilli (2.4 mtpa) and Gimi (2.7 mtpa) • Contract size typically about S$1B (recognised under Oil & Gas segment) FLNG-X: Proprietary FLNG new-build design – AiP achieved • A modular and scalable design focused on constructability and schedule efficiency Delivered >90% of the world’s FSRU/FSU conversions • Contract size typically ranges from S$30M-100M (recognised under Repairs & Upgrades segment) Karpowership LOI: 1 of 3 conversions materialised • FSRU conversion, LNGT Karadeniz, strike steel following contract win in March 2026 9 1 Source: Shell LNG Outlook 2026 dated June 2026.
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10 From Sea To Grid: Complete Backbone For Offshore Wind Market Observations • Timing, not demand – Lease awards soften in 2026; momentum expected to pick up in 2027. • Europe leads offshore wind growth driven by HVDC grid upgrades that integrate offshore generation. • Asia-Pacific’s ambitious targets fuel a strong pipeline (e.g. Taiwan, South Korea, Japan, Vietnam and the Philippines). Heavy Lift Vessel Wind Turbine Installation Vessel (Proprietary Design – AiP1 Achieved) HVAC HVDC • Generally below 1GW • Demand remains intact especially in Asia • Higher project volume and shorter award cycles • TenneT 2GW HVDC: Amongst largest in the world with visible pipeline ambitions (40GW by 2030- 2040) • Seatrium consortium is one of only three pre-qualified for TenneT allocations Series Build Floating Wind Turbine Foundation 10 1 AiP (Approval in Principle) is an early-stage validation by a classification society that a concept or design can meet applicable marine and offshore standards, subject to detailed review and final approval.
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11 Repairs & Upgrades Growing Resilient Earnings Base Through Market Leadership Visible Growth Pathway • Favoured Customer Contracts (FCC) & strategic partnerships account for almost half of RU’s revenue, offering stability and visibility. • Niche segments recorded double-digit % growth particularly in LNGC, Cruises and Naval. • Solidify global leadership in FSRU conversions with 3 ongoing projects and 2 LOIs signed. • Stronger performance expected in 2H26 supported by visibility of stronger volumes anticipated. 11 Deep ecosystem partnerships with strategic alliances, OEMs and exclusive agencies Trusted repair hubs with proven execution excellence Market leadership in complex/ high-value segments Scalable execution platform across key shipping routes in Asia and offshore basins in Brazil LNGC/FSRU Cruise Offshore Navy Our Differentiators Green Retrofit FCC: Entrenched Customer Relationships For Resilience Driving Growth Through High-Value Segments Powerships
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12 Financial Review Stephen Lu, CFO2 12 One of two Revolution Wind 440MW HVAC Offshore Substation topsides for Ørsted.
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13 1H2026 Highlights Momentum with Discipline 13 Margin expansion as key focus 01/ • Strong execution + lean cost base for earnings resilience • Delivered consistent gross margin expansion • Robust YoY NPAT performance excluding divestment gains Structural cost optimisation bearing fruit 02/ • Full run-rate savings from completed divestments from May 2026 • Leverage technology to further streamline and optimise costs Proactive capital management 03/ • Strengthened balance sheet, deleveraged, and enhanced financial flexibility • Enhance long-term returns through prudent deployment of capital
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14 Revenue S$’B Healthy Topline With Steady Execution 3.6 1.1 0.4 0.2 1H25 1H26 5.4 5.6 0.9 4.2 0.4 0.2 +5% Oil and Gas Offshore wind Repairs and Upgrades Others 14 Oil and Gas 15% • YoY increase attributed to FPSOs P-84 and P-85, and FPUs Kaskida and Tiber Offshore Wind 21% • Mainly due to significantly lower revenue contribution from legacy projects Repairs and Upgrades remained stable • Lower volume YoY: 91 vessels completed in 1H26 (vs 101 in 1H25); sustained focus on securing higher-value projects Others 17% • Reduced contribution YoY from delivery of specialised shipbuilding projects and lower MRO contributions due to Middle East tensions
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15 S$’M 1H26 1H25 % Revenue 5,619 5,367 5 Gross profit 482 395 22 Other operating income, net 196 4 n.m. General and administrative (163) (160) 2 Finance costs, net (43) (54) (20) Net profit 373 144 158 Net profit (ex. divestments1) 212 138 54 EBITDA 651 407 60 EBITDA (ex. divestments2) 479 400 20 % 1H26 1H25 bps Gross profit 8.6 7.4 120 General and administrative 2.9 3.0 (10) EBITDA 11.6 7.6 400 EBITDA (ex. divestments) 8.5 7.5 100 Organic Margin Expansion Driving Higher Profitability Gross margin 120bps to 8.6% • Improving mix of higher-margin projects, better operating leverage and cost efficiency • Partially offset by WTIV Maersk Viridis close-out provision Other operating income, net to S$196M • Gain on divestments of S$172M (vs S$7M in 1H25) from completion of non-core asset divestments • Traction made on additional divestments3: Accommodation vessel, Aquarius Brasil, divested in July 2026 General and administrative % remained stable Net finance costs 20% • Driven by lower debt financing costs • Offset by decreased interest income NPAT (ex. divestments) 54% to S$212M • NPAT grew 158% inclusive of gains from divestments 15 1 Excluding divestment gains (post-tax). 2 Excluding divestment gains (pre-tax). 3 Divestment of accommodation vessel, Aquarius Brasil, in July 2026; expected to be completed in 2H26..
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16 Strong Cash Generation And FCF Turnaround 1 Free cash flow is defined as the sum of net cash generated from operating activities, capex, proceeds from disposal of assets and capital reduction, dividends received and distribution from other investments. 2 Refers to Car Wash related final settlement to Singapore authorities of S$73M in 1H26. S$114M Operating Cash Flow S$123M Investing Cash Flow S$237M Free Cash Flow 1 (1H25: S$0M) (1H25: -S$5M) (1H25: -S$5M) • Strong operating cash flow, excluding one-off payment related to legacy issue2; reported OCF including this item was S$41M • Reflects effective project cash management backed by milestone payments • Working capital increased due to timing of billings • Prudent capital expenditure of S$52M, mostly for project needs and safety spend (1H25: S$32M) • Portfolio optimisation unlocked S$167M (1H25: S$18M) • FCF, excluding one-off payment related to legacy issue2, delivered significant turnaround. Reported FCF including this item was S$164M • Driven by stronger operating cash flow and cash unlocked from asset divestments
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17 Robust Balance Sheet; Positioned For Growth Proactive debt management for resilience • Deleveraging to optimise debt • S$3 billion Multicurrency Debt Issuance Programme launched in April 2026 to diversify funding and lengthen maturities • Inaugural S$400M 2.95% senior unsecured notes due 2031 received strong institutional demand Liquidity strength and financial flexibility • S$3.4 billion of cash and undrawn committed facilities • Ample headroom to fund working capital and potential investment • Net leverage ratio3 at 0.5x (FY25 at 0.8x) • Net gearing ratio4 at 0.1x (FY25 at 0.1x) 48% 52% Dec-25 36% 64% Jun-26 Floating Fixed 2.5 2.4 -5% Gross debt S$’B Weighted average maturity 2 Months Dec-25 Jun-26 30 32 +2 months Net debt 0.68 0.68 S$3.4B Available liquidity 17 3.5% Weighted average cost of debt1 0.5X Reduced net leverage ratio 0.1X Maintained net gearing ratio 1 Weighted average debt cost % p.a. are based on the interest rates applicable to outstanding debt as at the reporting date, excluding fees. 2 Weighted average debt maturity as at reporting date; 3 Net leverage ratio is defined as Net debt divided by EBITDA; 4 Net gearing ratio is defined as net debt divided by total equity.
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18 18 Value Creation Chris Ong, CEO3 Seatrium Angra Yard, Brazil
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19 Return on Equity1 % Revenue S$’B EBITDA S$’B ≥S$10-12B Revenue ≥S$1.0B EBITDA ≥8% Return on Equity On Track To Achieve 2028 Steady -State Targets Enhancing TSR, Backed By Sustainable Growth FY23 FY24 FY25 1H26 7.3 9.2 11.5 5.6 FY23 FY24 FY25 1H26 0.2 0.6 0.8 0.7 2.5 FY23 FY24 FY25 1H26 -39.7 4.9 10.5 S$100M Programme launched May 2024 Commitment To Complete Share Buyback Programme S$90M Shares Repurchased (As at 30 June 2026) 19 0.8 0.5 Divestment gains (pre/post-tax) Excluding divestment gains in FY25/1H26 6.13.8 1 Return on Equity for 1H26 has been annualised.
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20 Strong Execution Margin expansion Financial discipline Optimised capital allocation Sustainable TSR Strategic Growth Seatrium’s Value Creation Framework Capital Allocation Priorities 1 2 3 4 Strategic Roadmap: Long -Term Value Creation Business Growth Debt Optimisation Dividend & Share Buyback Strategic M&As Evolve business model for long-term resilience. Driving long-term total shareholder return. Determining the right debt levels to enable long-term value creation. Prudently investing in future growth.
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21 21 FPSO Errea Wittu, the fifth integration project for offshore fields in Guyana delivered by Seatrium in 1H2026. Question & Answer
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22 Investor.Relations@seatrium.com | Seatrium
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23 Appendix 23 Maersk Viridis, the next-generation WTIV, delivered to Maersk Offshore Wind in Feb 2026.
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24 33%66%Dec-25 37%62%Jun-26 17,841 13,262 Oil and Gas Offshore Wind Conversion/OthersNet order book 1 in S$’M Delivery year No. of projects Contract value in S$’M Gross Net 2026 6 4,352 122 2027 9 10,633 1,806 2028 3 5,786 1,992 2029 2 7,076 2,438 2030 onwards 4 11,088 6,904 Total 24 38,935 13,262 1 Order book as at 30 Jun 2026 includes major Upgrade and Conversion orders that take over 12 months to complete. Net order book is the remaining contract value yet to be recognised as revenue. Robust Order Book Offshore converter platforms Beta | Gamma | Ned 2 | BalWin5 FPSOs P-78 | P-80 | P-82 | P-83 | P-84 | P-85 FPUs Sparta | Kaskida | Tiber FPSO topside fabrication/ integration Jaguar Projects in order book with deliveries till 203324 Of net order book are renewables and green/cleaner solutions45 % Of pre-merger, non-FPSO projects remaining in net order book<S$140M Of net order book are Series-Build projects~95 % 24
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25 Order Book 1: Project Information No Products / Services Clients Solution type2 Awarded year POC For delivery in 2026 1 OSS Revolution Wind Ørsted OW 2021 > 75% 2 OSS Empire Wind 1 Empire Offshore Wind OW 2023 > 75% 3 HVDC OCP Dolwin 5 TenneT OW 2019 > 75% 4 FPU Sparta Shell Offshore O&G 2024 > 75% 5 FPSO P-78 Petrobras O&G 2021 > 75% 6 FSRU conversion Hoegh Gandria Hoegh Evi R&U 2025 50% - 75% For delivery in 2027 7 FPSO P-80 Petrobras O&G 2022 > 75% 8 FPSO P-82 Petrobras O&G 2022 > 75% 9 FPSO Jaguar modules fabrication and integration SBM Offshore O&G 2024 > 75% 10 FPU Kaskida bp O&G 2024 25% - 50% 11 FLNG Hilli Episeyo upgrade Golar O&G 2025 < 25% 12 Research support vessel NApAnt Emgepron Others 2022 50% - 75% 13 Gas Topsides EPCI Major energy company O&G 2022 > 75% No Products / Services Clients Solution type2 Awarded year POC For delivery in 2027 (continued) 14 FSRU conversion LNGT Karadeniz Karpowership R&U 2026 < 25% 15 FPSO upgrade FPSO operator O&G 2026 < 25% For delivery in 2028 16 FPSO P-83 Petrobras O&G 2022 > 75% 17 Heavy lift vessel Penta-Ocean Construction OW 2025 50% - 75% 18 FPU Tiber bp O&G 2025 < 25% For delivery in 2029 19 FPSO P-84 Petrobras O&G 2024 50% - 75% 20 HVDC OCP Beta TenneT OW 2023 50% - 75% For delivery from 2030 onwards 21 FPSO P-85 Petrobras O&G 2024 25% - 50% 22 HVDC OCP Gamma TenneT OW 2023 50% - 75% 23 HVDC OCP Nederwiek 2 TenneT OW 2024 25% - 50% 24 HVDC OCP BalWin 5 TenneT OW 2025 < 25% 1 Order book as at 30 Jun 2026 includes major Upgrade and Conversion orders that take over 12 months to complete. 2 O&G denotes Oil and Gas, OW denotes Offshore Wind and R&U denotes Repairs and Upgrades.
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26 Glossary 1H First half 2H Second half AiP Approval in Principle B Billion BOT Build, operate and transfer bps Basis points EBITDA Operating earnings before interest, taxes, depreciation and amortisation EPCC Engineering, procurement, construction and commissioning FCF Free cash flow FLNG Floating liquefied natural gas unit FPSO Floating production storage and offloading unit FPU Floating production unit FSRU Floating storage regasification unit FSU Floating storage unit FY Financial year GW Gigawatt HVAC High-voltage alternating current HVDC High-voltage direct current LNGC Liquefied natural gas carrier LOI Letter of Intent M Million M&A Mergers and acquisitions MRO Maintenance, repair and overhaul MTPA Million tonnes per annum NPAT Net profit after tax attributable to owners of the Company O&G Oil and gas OCP Offshore converter platform OSS Offshore substation OW Offshore wind p.a. Per annum POC Percentage of completion R&U Repairs & Upgrades TSHD Trailing suction hopper dredger TSR Total shareholder return WTIV Wind turbine installation vessel YoY Year on year 26
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27 Disclaimer The material in this Presentation has been prepared by Seatrium Limited and contains general background information about the Company’s activities as at the date of this Presentation. No representation, warranty, or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. The Presentation may contain forward-looking statements. These statements are not statements of historical fact and reflect the Company’s intent, belief, or current expectations with respect to its future businesses and operations. Forward-looking statements are not guarantees of future performances and actual results may differ materially from those made in or suggested by the forward-looking statements contained in this Presentation. In addition, even if the performances and results are consistent with the forward-looking statements contained in this Presentation, those results or developments may not be indicative of performances and results in subsequent periods. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company does not represent or warrant that their actual future performance and results will be as contained in the Presentation. Further, the Company disclaims any responsibility, and undertakes no obligation to update or revise any forward-looking statements contained in this Presentation to reflect any change in their expectations with respect to such statements or information after the date of this Presentation to reflect any change in events, conditions, or circumstances on which the Company based any such statements. Factors that could cause the change in the statements or information include but not limited to wars, supply chain disruptions, climate change, general industry and economic conditions, interest rate trends, exchange rate movement, cost of capital and capital availability, competition, regulatory, governmental and public policy changes.