Seatrium up 4.2% on S$50 million savings target ahead of full-year earnings

[SINGAPORE] Shares of marine and offshore specialist Seatrium rose on Monday (Feb 23) morning on news of its S$50 million savings target in annualised operational cost.

The counter was up at S$2.25 as at 9.24 am, up by S$0.09 or 4.2 per cent from its latest closing price of S$2.16 on Friday, with some 9.6 million shares changing hands.

As at 9.51 am, it had eased to S$2.23, still up by 3.2 per cent or S$0.07. With close to 13 million shares transacted, it was one of the top traded counters on the Singapore Exchange by volume.

Seatrium is due to announce its full year financial results this Thursday.

The group on Monday announced that it expects to achieve more than S$50 million in annualised operational cost savings by early 2026, by divesting non-core assets.

The expected savings follow a series of transactions involving the divestment of shipyards, tugboats and equipment across Singapore and Indonesia, including recent disposals of the AmFels yard in Texas and the GNL platform supply vessels.