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Seatrium, Maersk Settle Dispute over $475 Million Contract for Offshore Wind Vessel
Seatrium will finance $250 million of the vessel’s $360 million contract and deliver it by Feb 28, 2026, with arbitration and legal claims withdrawn by both parties.
- On Dec 22, Seatrium, the Singapore shipyard group, said it reached a settlement with Denmark's Maersk to deliver the wind turbine installation vessel, with both sides withdrawing legal actions.
- Maersk notified Seatrium on October 9 that it was terminating the contract for the nearly completed vessel, citing delays and `construction issues`, prompting Seatrium's November arbitration.
- Seatrium will finance $250 million under an interest-bearing credit arrangement for up to 10 years, with Seatrium holding a mortgage and first-priority rights over the vessel and bank accounts.
- Executives said the deal is the `optimal way forward` for shareholders, and Seatrium does not expect effects on net tangible assets or earnings per share for the financial year ending Dec 31.
- The vessel is built to meet U.S. offshore wind needs and boost installation efficiency by up to 30 percent, supporting Empire Wind's 54 Vestas 15 MW turbines southeast of Long Island, New York.
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Seatrium, Maersk settle dispute over $475 million contract for offshore wind vessel
Singapore-based shipbuilder Seatrium said on Monday it has reached a settlement with Denmark's Maersk to deliver an offshore wind vessel that was intended to work on a project off the coast of New York.
·United Kingdom
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Total News Sources11
Leaning Left0Leaning Right1Center3Last UpdatedBias Distribution75% Center
Bias Distribution
- 75% of the sources are Center
75% Center
C 75%
R 25%
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