Amelia Lee
Head of Investor Relations & Corporate Communications

Good morning, everyone. Thank you for joining us at Seatrium’s First Half 2026 Results Briefing. My name is Amelia, and I take care of Investor Relations for Seatrium. This morning, we have with us our CEO, Mr. Chris Ong; our CFO, Dr. Stephen Liu.

Chris and Stephen will bring us through a short presentation before we open the floor to questions. Chris, please?

Leng Yeow Ong
CEO & Executive Director

Thank you, Amelia. Good morning, and thank you for joining us today for Seatrium’s First Half 2026 Results Briefing. Today’s results center on 3 key themes. First, despite macroeconomic uncertainties, we continue to deliver strong progress. While revenue maintained healthy momentum, our primary focus is driving margin efficiencies. Our cost optimization and divestments are delivering real sustainable benefits.

Second, we remain well positioned to capture opportunities from a global pipeline of over $32 billion. Although the market was relatively quiet in the first half, we are actively engaged across all major energy markets and expect FID momentum to accelerate in the coming quarters. Our net order book remains healthy at $13.3 billion, providing clear near-term earning visibility with a higher quality project mix.

Third, we are shifting from recovery to value creation. This means growing earnings, generating cash and building resilience by scaling our series built and adjacent services

A second ransom note connected to the disappearance of Nancy Guthrie, the 84-year-old mother of “Today” show co-anchor Savannah Guthrie, claims that Guthrie died shortly after being abducted from her Tucson, Arizona, home in early February, though authorities say they have not been able to verify that claim and continue to treat the case as an active missing-person investigation.

The message, dated Feb. 6, states that Guthrie “perished shortly after she was taken” and says she is “buried in nature.” The note’s author apologizes to the Guthrie family, describing her death as unintentional and attributing it to a “heart related” cause. The note continues, “We did not fully grasp the seriousness of her physical condition. We never intended to hurt her, that was not our intention. She perished shortly after she was taken. We believe it was heart related.” It concludes, “Nothing you could have done could have changed the outcome,” followed by an apology to the family.

Guthrie was last seen on the evening of Jan. 31 at her home in Tucson’s Catalina Foothills neighborhood. Family members reported her missing the following day after she failed to attend church, prompting an investigation that authorities have consistently treated as a suspected abduction from the outset.

An earlier ransom note, received Feb. 2, demanded $4 million in bitcoin by 5 p.m. on Feb. 5, with the demand increasing to $6 million if payment was delayed until Feb. 9. That first note included details investigators say suggested the author may have had direct knowledge of the crime scene, including references to a white smartwatch found on the floor beside Guthrie’s bed and a damaged floodlight outside the home. Investigators have said those details are significant but have not confirmed the note’s authenticity.

In late July, the Pima County Sheriff’s Department publicly released both ransom notes, saying it hoped members of the public might recognize the wording, writing style or other distinctive linguistic characteristics that could help identify the sender. Investigators believe both notes were sent from the same IP address, though the sender has not been publicly identified.

Savannah Guthrie has previously said she believes the two released notes may be authentic, distinguishing them from other messages the family received that she believes were fraudulent. “I tend to believe those are real,” she said in March, adding that the family had responded to the notes. In February, she also posted a public appeal on Instagram directed at whoever sent the messages. “We received your message and we understand,” she wrote. “We beg you now to return our mother to us so that we can celebrate with her.” She later told fellow “Today” host Hoda Kotb that the family could not find peace without knowing what had happened to her mother, urging anyone with information to contact investigators.

More than six months after Guthrie’s disappearance, the investigation remains active, with the FBI and the Pima County Sheriff’s Department continuing to pursue the case jointly. No arrests have been made and no suspect has been publicly identified. Authorities have reviewed hundreds of hours of surveillance footage, including video showing a masked individual outside Guthrie’s home on the night she disappeared, though investigators have not publicly identified that person or confirmed whether they were involved in the abduction.

A combined reward remains available for information leading to Guthrie’s location or the identification of those responsible, including a $1 million reward from the family and a separate $100,000 reward from the FBI. Investigators have pursued numerous leads throughout the case, including a volunteer search near Nogales, Mexico, prompted by an anonymous tip. Mexican authorities later said they found no evidence Guthrie had crossed into Sonora, and the Pima County Sheriff’s Department said it had not coordinated that particular search effort.

In June, deputies arrested Alexander Zabel Jr., 54, outside Guthrie’s home following repeated complaints about his behavior in the area. Authorities have not publicly linked Zabel to Guthrie’s disappearance.

The sheriff’s office continues asking the public to review the released ransom notes for any details that might help identify their author. While investigators regard the notes as significant pieces of evidence, they have not confirmed whether the person or people who wrote them were directly involved in Guthrie’s abduction, leaving open the possibility that the messages could have come from someone unconnected to the actual crime.

Anyone with information related to the case is urged to contact 911, the FBI at 1-800-CALL-FBI, or the Pima County Sheriff’s Department directly at 520-351-4900. Authorities have emphasized that the investigation remains ongoing and that no aspect of Guthrie’s fate, including the claims made in the second ransom note, has been independently confirmed as of the most recent public updates on the case.

LONDON/MUMBAI: Shares of NRI billionaire Anil Agarwal-led Vedanta Resources on Friday plunged 5.59 per cent on the London Stock Exchange amid talk that it may acquire a majority stake in the Indian arm of Cairn Energy.

In the late afternoon session, the scrip was being traded at 20.61 pounds, down by 5.50 per cent on the LSE. Vedanta opened on a positive note, but soon swung into the red.

The broader market was also weak and the benchmark FTSE 100 was trading at 5,248.95, down 0.32 per cent in the late afternoon session.

On the other hand, Cairn Energy Plc climbed 1.41 per cent and was being quoted at 4.59 pounds on the LSE.

In India too, Vedanta Group firm Sterlite Industries sank by over 4 per cent to close at Rs 160.70 on the Bombay Stock Exchange. Sterlite was the biggest loser in the Sensex pack today.

In contrast, Cairn Energy Plc’s Indian arm, Cairn India, surged by over 5 per cent to hit its highest-ever level of Rs 358 on the BSE. The scrip ended with a gain of 355.45, up 4.36 per cent.
Vedanta Resources Plc is in talks to acquire a majority 51 per cent stake in Cairn India for about USD 8-8.5 billion (nearly Rs 40,000 crore) and a deal may be announced on Sunday evening or Monday.Scottish explorer Cairn Energy Plc, which holds a 62.37 per cent stake in India-listed Cairn India, is seeking up to a 20 per cent premium for passing on the controlling stake, two persons in-the-know of the development said.

Agarwal “is meeting Cairn Energy Plc Chief Executive Bill Gammell in London today and the deal is likely to be announced as early as Sunday evening or on Monday,” one of them said.

The deal will be contingent on government approval, as Cairn’s three producing oil and gas assets, including the giant Rajasthan fields, and seven exploration blocks either have explicit provisions for seeking prior approval before the transfer of interest or gives pre-emption, or the right of first refusal, on any shares being sold to partners like ONGC.

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Wall Street’s major market averages drifted lower on Friday despite a rally from Amazon’s strong quarterly results. Shares of Amazon (AMZN) are +13.3% after the e-commerce giant reported second-quarter revenue of $200.6B, topping analysts’ estimates of $197B, driven by strong growth in its North America business.

The coming week will see a slew of economic data releases, beginning with S&P Global manufacturing PMI data for July, ISM manufacturing PMI, and prices for July on Monday. JOLTS job openings data will be released on Tuesday, followed by S&P Global services PMI, ISM non-manufacturing PMI, and ISM non-manufacturing prices for July on Wednesday. Initial jobless claims data is due on Thursday, while nonfarm payrolls and the unemployment rate for July will be out on Friday.

SpaceX (SPCX) will report its first earnings as a public company next week. Other companies reporting during the week are AMD (AMD), Merck (MRK), Pfizer (PFE), and Eli Lilly (LLY).

_______________________________________________________________

Earnings spotlight: Monday: Berkshire Hathaway (BRK.A) (BRK.B), Palantir (PLTR), Snap (SNAP). See the full earnings calendar.

Earnings spotlight: Tuesday: SpaceX (SPCX), AMD, Merck, Pfizer. See the full earnings calendar.

Earnings spotlight: Wednesday: Eli Lilly, Novo Nordisk (NVO), Uber (UBER). See the full earnings calendar.

Earnings spotlight: Thursday: ConocoPhillips (COP), Airbnb (ABNB). See the full earnings calendar.

Earnings spotlight: Friday: Take-Two Interactive Software (TTWO), Oklo (OKLO). See the full earnings calendar.

Volatility watch: Sandisk (SNDK) and Amylyx Pharmaceuticals (AMLX) have seen options volatility increase over the last week. The most overbought stocks per their 14-day relative strength index

MUMBAI: Shares of Cairn India Ltd on Friday climbed over 5 per cent to hit a record high of Rs 358 on the BSE amid reports that Vedanta Resources is in talks to buy a majority stake in the subsidiary of UK-based Cairn Energy.

The scrip, which was flat for most of the session, shot up in the final hour of trade on the Bombay Stock Exchange to settle with a net gain of 4.36 per cent at Rs 355.45.

Analysts said the stock zoomed on reports that Vedanta is in talks to buy a 51 per cent stake in Cairn India from its parent firm, Cairn Energy, which holds a 62.4 per cent stake. The deal size is estimated to be between USD 8-8.5 billion.

“The deal is positive for the stock, as even the lower- end of the deal ($8 billion) will value Cairn India at USD 15.7 billion compared to the current market cap of $14.4 billion,” Elara Securities analyst Alok Deshpande said.

“In the short term, we expect the stock to rally towards the deal valuation upon the official announcement, which is expected on August 16, according to media reports,” he added.

Cairn India’s parent company, Cairn Energy Plc, also zoomed nearly 2 per cent on the London Stock Exchange and was being quoted at 4.61 pounds in late afternoon trade.
In contrast, NRI billionaire Anil Agarwal-led Vedanta Resources Plc plunged by 5.5 per cent to 20.61 pounds on the LSE.In addition, Sterlite Industries, a Vedanta Group firm, sank by over 4 per cent to close at Rs 160.70 on the Bombay Stock Exchange. Sterlite was the biggest loser in the Sensex pack today.

“If the deal happens, it is obvious that Vedanta is planning to be a long-term investor. In that case, we feel the deal valuation is fair, considering our expectations of a reserve upside from other Rajasthan fields in some time in the future,” Deshpande said.

The Milwaukee Brewers made their latest move ahead of Major League Baseball’s trade deadline Saturday, sending reliever Craig Yoho and outfielder Blake Perkins to the Cleveland Guardians in exchange for catcher Bo Naylor and pitcher Codi Heuer.

Brewers President of Baseball Operations Matt Arnold completed the deal early Saturday morning, adding another transaction to Milwaukee’s busy stretch of trade deadline activity with just a few days remaining before the deadline closes. The trade came as something of a surprise given that catcher had not previously been viewed as a position the Brewers needed to address, with veteran Gary Sánchez having served as the team’s backup catcher for the entirety of the season and posting a strong 118 OPS+ in that role. Sánchez has been particularly effective against left-handed pitching, hitting .274 with an .878 OPS in matchups against lefties this season.

Naylor, by contrast, has struggled offensively at the major league level this season, hitting .143 with a .438 OPS and a 23 OPS+. The 26-year-old was optioned to the minor leagues earlier this season and had accumulated just 84 at-bats at the big-league level before the trade. Despite his struggles this year, Naylor carries more than 1,000 career major league at-bats and has hit 40 career home runs, giving him a more extensive track record than his current-season numbers alone would suggest.

Given Naylor’s offensive struggles relative to Sánchez’s production this season, the trade initially appears to represent a downgrade at the position on paper. According to Curt Hogg of the Milwaukee Journal Sentinel, the addition of Naylor could open the door for the Brewers to move Sánchez in a separate trade before the deadline passes, suggesting Saturday’s deal may be connected to broader roster maneuvering the front office has planned for the position rather than representing the full scope of Milwaukee’s catching plans for the stretch run.

The trade also included the departure of Perkins, who had clearly fallen out of favor within the organization over the course of the season. Perkins lost his spot on the major league roster on multiple occasions this year amid ongoing offensive struggles at the plate. He had retained some support from Brewers manager Pat Murphy despite those struggles, but with limited offensive production, Perkins had few remaining paths to consistent big-league playing time heading into the trade.

Perkins’s inclusion in the deal allowed the Brewers to also acquire Heuer, a journeyman relief pitcher who has posted largely mediocre results in his limited major league appearances this season, carrying a 4.66 ERA at the big-league level. Heuer has spent the majority of the current season pitching at the Triple-A level, where his performance has been notably stronger, posting a 3.46 ERA in that role.

Both Naylor and Heuer are being assigned to Triple-A Nashville upon joining the Brewers organization, meaning Milwaukee effectively traded two players who had been contributing directly to its major league roster depth in exchange for two players who will begin their tenure with the organization at the Triple-A level. That structure has left some analysts characterizing the trade as somewhat puzzling when viewed in isolation, since it does not appear likely to meaningfully upgrade Milwaukee’s current major league roster on its own. The deal is widely viewed as more likely a precursor to additional moves the Brewers front office plans to make before the trade deadline closes, rather than a standalone transaction intended to directly address an immediate roster need.

Saturday’s trade extends a busy stretch of activity for Milwaukee’s front office as the deadline approaches. The Brewers had previously acquired pitchers Lance McCullers Jr. and Colton Gordon in a trade with the Houston Astros earlier in July, adding to a series of moves aimed at bolstering the team’s roster ahead of the postseason push. Milwaukee entered the weekend with a strong 67-41 record, positioning the team among the league’s contenders as the deadline approaches.

Both Yoho and Perkins had spent time as part of Milwaukee’s major league roster depth this season, with Yoho working out of the bullpen and Perkins serving in an outfield role, before their departures as part of Saturday’s trade with Cleveland. Neither player had established themselves as a clear long-term fixture on the Brewers roster heading into the trade, a dynamic that likely factored into the front office’s willingness to include both players in the package sent to Cleveland in exchange for Naylor and Heuer.

With Milwaukee’s front office having already been active throughout the month of July and the trade deadline still several days away, additional moves from the Brewers front office remain a distinct possibility as the team continues working to reshape its roster ahead of the stretch run, particularly given the suggestion that Saturday’s acquisition of Naylor could set the stage for a separate trade involving Sánchez before the deadline period concludes.

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