On 29 November, Seatrium reported on its website that its subsidiary Seatrium Energy International (SEI) had, on 28 November, begun arbitration against PHOENIX II A/S (the “Buyer”) under the rules currently applied by the London Arbitration Association. The move follows the Buyer’s Notice of Termination issued under the WTIV construction contract (the “Contract”) placed on behalf of Maersk Offshore Wind.

SEI responded to the Buyer’s termination notice on 12 October 2025, rejecting the termination and expressly reserving all rights and remedies. In that reply, SEI stated that the Buyer was in repudiatory breach of the Contract and that SEI regarded the termination as wrongful. On 20 October 2025, SEI then notified the Buyer, in accordance with the Contract, that the Vessel would be delivered by 30 January 2026, while in parallel continuing to examine alternative solutions, including potential direct delivery discussions with end customer Empire Offshore Wind LLC.

On 21 October 2025, one day after SEI’s delivery notice, the Buyer sent SEI its own Notice of Arbitration. In that notice, the Buyer stated that disputes had arisen under the Contract and that these should be referred to arbitration in London in line with the current London Maritime Arbitrators Association (LMAA) terms. SEI noted that the Buyer’s notice did not set out any details of the alleged disputes, nor did it identify specific claims or the relief (monetary or otherwise) being sought.

In response, SEI has now issued its own Notice of Arbitration, setting out the relief it is seeking. Among other points, SEI is asking the tribunal to:

• declare that the Buyer wrongfully terminated the Contract on 9 October 2025;
• confirm that the Contract is still valid and in effect;
• order specific performance of the Buyer’s obligations, including taking delivery of the WTIV on 30 January 2026 and paying the delivery instalment due on that date; and
• in addition or in the alternative, award damages, to be assessed.

As noted in an earlier announcement dated 22 October 2025 on the receipt of the Buyer’s Notice of Arbitration, SEI said it is taking legal advice and intends to pursue its case and defend any claims the Buyer may advance in the London proceedings. SEI considers that, through its conduct, the Buyer has clearly indicated an intention to step away from the Contract and not perform its contractual obligations.

A central contractual term is that the Buyer is due to pay 80% of the Contract Price when the Vessel is delivered. Seatrium described the WTIV Contract as a legacy agreement signed before the merger of entities that created Seatrium, and noted that it is the only remaining order in the Group’s backlog where payment is still concentrated at delivery rather than spread across milestone stages. The company said that the financial impact of SEI’s arbitration move will depend heavily on the eventual outcome and that it is not yet in a position to quantify the effect. It will provide further updates to shareholders in line with applicable listing rules once there is greater visibility.

The WTIV at the heart of the dispute stems from a contract signed on 23 March 2022 between Sembcorp Marine Rigs & Floaters — SEI’s predecessor — and the Buyer. The Vessel was priced at about $475 million and was intended for deployment on US offshore wind projects on completion.

According to Seatrium, construction of the WTIV began in the fourth quarter of 2022 and the Vessel was launched in the second quarter of 2025. The original Contract schedule envisaged delivery in early 2025, but based on the disclosure so far, it remains unclear whether this high-value WTIV will in fact be delivered.