Seatrium expresses confidence in solution to Maersk vessel dispute

Answering ‘substantial and relevant questions’ from shareholders in advance of Seatrium’s 63rd General Meeting, the shipbuilder responded to a question about the financial arrangements for the resolution of the dispute between Seatrium and Maersk Offshore Wind.

Maersk Offshore Wind took delivery of the wind turbine installation vessel on 26 February 2026, but only after a legal battle between Seatrium and Maersk Offshore Wind.

The dispute arose in October 2025, when Seatrium Ltd, parent company of the yard building the vessel, said the AP Møller Holding-owned company had cancelled the vessel, which, at the time, was 98.9% complete. Seatrium received a notice of termination from its client on 9 October 2025.

The dispute was settled in December 2025, with Maersk taking delivery in February, but with 80% of the contract price outstanding at delivery, and US$250M financed by Seatrium via a mortgage arrangement. The question submitted to Seatrium asked what the repayment timeline and interest rate were for the arrangement, and about any possible credit risk to Seatrium if commercial viability of the Empire Wind 1 offshore windfarm in the US – where the vessel is due to start work - is compromised.

Seatrium confirmed that after delivery, it received payment of ‘at least US$110M’ (excluding variation orders) and commenced a 10-year, interest-bearing credit arrangement as announced on 22 December 2025. It said the loan will be repayable through cash generated by the wind turbine installation vessel.

“The interest rate for the US$250M loan is in line with market benchmarks for asset-backed credit arrangements,” said Seatrium. “The loan is mortgage-backed by the vessel, and the group has first priority rights over the vessel and Maersk Offshore Wind’s bank accounts, thereby safeguarding shareholders’ interests.”

Seatrium said the global offshore wind market continues to hold long-term potential and noted that the Maersk vessel can be deployed in other geographies and is not limited to the US market. “With a limited supply of wind turbine installation vessels to meet this growing demand, the vessel’s market valuation is expected to remain well above US$250”, Seatrium said.