Singapore-based Seatrium has resolved its dispute with an affiliate of Maersk Offshore Wind, over the delivery of a wind turbine installation vessel (WTIV), originally…
Singapore-based Seatrium has resolved its dispute with an affiliate of Maersk Offshore Wind, over the delivery of a wind turbine installation vessel (WTIV), originally intended for Equinor’s Empire Wind 1 project in the United States.
Under the agreement Seatrium Energy reached with Maerk’s affiliate Phoenix II A/S, the parties will discontinue all legal proceedings related to the contract, agreeing to deliver the vessel by February 28, 2026.
The settlement follows months of dispute after Phoenix II issued a termination notice in October 2025, which Seatrium rejected, maintaining that the buyer was in breach of contract.
- Seatrium, Maersk Offshore Wind Head to Arbitration Over $475M WTIV Dispute
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The vessel, intended for offshore wind deployment, is now around 99.8% complete, according to the company.
The contract was originally awarded in 2022 to then-Sembcorp Marine Rigs & Floaters, now known as Seatrium Energy (International) (SEI), for the construction of the $475 million WTIV,
As part of the agreement reached on December 22, 2025, Maersk will pay the contract balance of $360 million, subject to contractual adjustments.
Of this amount, $250 million will be settled through an interest-bearing credit arrangement
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