Seatrium Limited said it has reached an agreement with Phoenix II A/S, an affiliate of Maersk Offshore Wind, to proceed with delivery of a wind turbine installation vessel (WTIV), with the Buyer set to take delivery by 28 February 2026.
The resolution follows a termination notice dated 9 October 2025 under the WTIV construction contract. Seatrium Energy International (SEI) rejected the termination on 12 October 2025, reserving its rights and stating that it regarded the termination as wrongful. SEI subsequently notified the Buyer that the vessel would be delivered by 30 January 2026. The dispute then moved into London arbitration steps reflected in Seatrium’s earlier announcements, including the Buyer’s notice and SEI’s commencement of arbitration reported on 29 November 2025.
Under the latest agreement, the Buyer will pay the balance of the contract price upon delivery, stated as $360 million (subject to contractual adjustments). The parties also agreed that $250 million of the contract price will be funded via an interest-bearing credit arrangement extended to the Buyer by Seatrium (SG) Pte. Ltd. (SGS), a wholly owned subsidiary of Seatrium. The facility is for up to 10 years and is to be repaid through cash generated by the vessel. SGS will take a mortgage over the vessel and hold first-priority rights over the Buyer’s bank accounts.
With the commercial framework in place, the parties will withdraw and discontinue the legal proceedings, including the Buyer’s arbitration and SEI’s arbitration, while keeping the contract in full force and effect. Seatrium said the matter is not expected to have any material impact on net tangible assets and earnings per share for the financial year ending 31 December 2025. As of the announcement date, the project was stated to be approximately 99.8% complete.
The WTIV traces back to a contract signed on 23 March 2022 between Sembcorp Marine Rigs & Floaters—SEI’s predecessor—and the Buyer, with the vessel priced at about $475 million and intended for deployment on US offshore wind projects on completion.
