Source: Fortune
Summary
Seatrium, a Singapore-based company, is building a giant floating production, storage, and offloading (FPSO) unit for Petrobras, Brazil’s state-owned oil giant. The company’s CEO, Chris Ong, believes the Iran conflict has sharpened the energy trilemma, making it harder to balance energy security, affordability, and sustainability. Despite challenges, Seatrium has turned itself around, reporting a net profit of $254 million in 2025. The company is also positioning itself as a builder of offshore wind infrastructure and has a long-term bet on floating nuclear power plants and floating data centers.
Our Reading
The numbers tell one story. Seatrium’s revenue jumped 24% in 2025, driven by oil and gas projects. But the company’s pivot to offshore wind and its “One Seatrium” supply chain overhaul are the real story. Chris Ong’s leadership has transformed the company, but the real test is how Seatrium navigates the energy trilemma and the geopolitical tensions surrounding it. The company’s “arsenal of capacity” gives it flexibility, but can it avoid the security questions that come with building sensitive projects? The answer lies in its ability to balance its Asian roots with its global ambitions.
Author: Evan Null
