Seatrium CEO’s pay jumps 126% to nearly S$4.24M after company reports first full-year profit since 2017

SINGAPORE: Seatrium CEO Chris Ong’s pay jumped 126% after leading the company to its first full-year profit since 2017.

According to the company’s FY2024 annual report released on March 21, Mr Ong’s total compensation for the year reached nearly S$4.24 million. The package includes a basic salary of S$929,000, with the rest made up of bonuses and share-based payments.

The Edge Singapore reported that in FY2023, Mr Ong was paid a base salary of S$675,000 and received a bonus of nearly S$1.2 million. The sharp increase in his earnings follows Seatrium’s strong financial recovery after its merger with Sembcorp Marine and Keppel’s offshore unit.

Seatrium reported a net profit of S$157 million in FY2024, a major turnaround from the S$2 billion loss the year before. Underlying net profit was S$200 million, compared to a S$28 million loss in FY2023. Revenue increased 27% year-on-year (YoY) to S$9.2 billion, while new orders worth about S$15.2 billion in FY2024 boosted the company’s total order book to S$23.2 billion.

To mark this progress, Seatrium announced a dividend of 1.5 cents per share.

In the annual report, Mr Ong said geopolitical tensions in key energy-producing regions continue to affect markets and supply chains. He highlighted the global need to balance energy security, sustainability, and affordability, saying these challenges also create opportunities for Seatrium as a leading provider of offshore, marine, and energy solutions.

He added that the company’s focus on oil and gas and renewable energy puts it in a strong position to benefit from rising energy demand.

Chairman Mark Gainsborough also addressed ongoing legal matters, saying that in early 2024, Seatrium had reached in-principle agreements with Brazilian authorities and Singapore’s Attorney-General’s Chambers over the legacy Operation Car Wash case.

However, months later, the company was informed that the Monetary Authority of Singapore and the Commercial Affairs Department had launched a joint investigation into potential offences involving the former Sembcorp Marine or its officers.

Mr Gainsborough said Seatrium is fully cooperating with authorities and hopes for a resolution soon. /TISG

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