Maersk Offshore Wind, Seatrium reach agreement over disputed vessel

In a statement, Seatrium said Seatrium Energy (International) (SEI) and the owner have reached an agreement for SEI to deliver the vessel and the buyer to take delivery of the vessel by 28 February 2026. The case recently went to arbitration.

On delivery of the vessel, Maersk Offshore Wind will pay the balance of the contract price, US$360M, subject to adjustments in accordance with the contract.

The parties have mutually agreed for the buyer to pay part of the contract price, US$250M, using an interest-bearing credit arrangement extended to the buyer by the company’s wholly owned subsidiary, Seatrium SG. The credit arrangement is for up to 10 years and repayable through cash generated by the vessel. SGS will have a mortgage over the vessel, as well as priority rights over the vessel and the buyer’s bank accounts.

In light of the above, the parties will withdraw and discontinue all legal proceedings, and the contract is in full force and effect. 

Seatrium said that after evaluating all feasible options alongside the end-customer, the company is of the view that the arrangement above is the optimal way forward for the interests of the group and the company’s shareholders, taking into consideration the relevant circumstances, including financial impact, certainty of recoverability, and the risk of lengthy and costly legal proceedings.

Seatrium said SEI is confident of completing the project under the contract and delivering the vessel in accordance with the contract. As of today, the project is approximately 99.8% completed.