Seatrium resolves contract dispute with Maersk

Offshore, marine and energy specialist Seatrium said on Dec 22 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.

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Maersk Offshore Wind’s affiliate Phoenix II will pay the balance of the contract price - valued at US$360 million (S$465 million) — upon delivery of the vessel. As at Dec 22, the project is around 99.8 per cent completed, Seatrium added in its statement.

Shares of Singapore-listed Seatrium jumped on the news, with the counter closing up 2.9 per cent, or six cents, at $2.13 on Dec 22.

The deal comes after Seatrium started its own arbitration proceedings against the buyer in November, against a “wrongfully terminated” US$475 million contract in 2022. Seatrium said in a statement on Dec 22 that the wind turbine installation vessel involved in the contract will be delivered by Feb 28, 2026.