Seatrium, Maersk affiliate settle vessel dispute

The affiliate will pay the remaining balance $463.65m (US$360m) for the wind turbine installation vessel.

Seatrium Energy (International) Pte Ltd will proceed with the delivery of a wind turbine installation vessel by 28 February 2026, whilst Maersk Offshore Wind's affiliate Phoenix II A/S will pay the remaining balance $463.65m (US$360m), Seatrium Limited said as the two parties settle their dispute.

The parties have agreed that $321.98m (US$250m) of the contract price will be settled through an interest-bearing credit arrangement of up to 10 years, extended by Seatrium’s wholly owned subsidiary, Seatrium (SG) Pte Ltd. The facility will be repaid from cash generated by the vessel and secured by a mortgage over the asset, alongside first-priority rights over the vessel and the buyer’s bank accounts.

Following the agreement, both parties will withdraw and discontinue all arbitration proceedings previously commenced in relation to the contract.

The matter is not expected to have any material impact on Seatrium’s net tangible assets or earnings per share for the financial year ending 31 December 2025.

1 SGD = 0.78 USD

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