Seatrium and Maersk Settle $475M WTIV Dispute
December 22, 2025
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.
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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 provided by Seatrium (SG) Pte. Ltd. (SGS), a wholly owned subsidiary of Seatrium, with a tenor of up to 10 years.
The credit facility will be secured by a mortgage over the vessel, as well as first-priority rights over the vessel and the buyer’s bank accounts. Repayment will be funded through cash flows generated by the vessel.
Seatrium said the resolution avoids prolonged legal proceedings and provides certainty of recoverability, adding that the agreement is not expected to have a material impact on its net tangible assets or earnings per share for the financial year ending December 31, 2025.
The contract, signed prior to Seatrium’s merger, was the company’s only remaining project without progressive milestone payments, with 80% of the contract price due upon delivery.
Completion of the vessel and final delivery preparations are ongoing, with Seatrium stating it remains focused on fulfilling the contract in accordance with agreed terms.
