Seatrium seeks $270m from Aibel, faces $169.5 counterclaim

The arbitration was filed over cost and revenue split in DolWin 5 platform project.

Seatrium New Energy (SNE)—a wholly owned subsidiary of Seatrium Limited—is pursuing arbitration proceedings against its Norwegian consortium partner, Aibel AS, over the DolWin 5 project.

SNE is claiming $270m (EU180m) from Aibel due to differences in revenue and cost distribution, while a counterclaim from Aibel is seeking $169.5 (EU113m) from Seatrium.

This follows disagreements over the distribution of costs and revenues, as well as alleged breaches related to the scope of work and responsibilities assigned under the 2019 consortium agreement.

The 900-megawatt offshore converter platform is being built for TenneT Offshore GmbH, with its design based on work by Aibel intended for the DolWin cluster in the German sector of the North Sea wind farm.

Construction was carried out in Singapore, and the platform was transported to Norway in late 2023 for final works.

SNE said it is unable to ascertain the financial impact arising from the arbitration proceedings, as this will depend on the final outcome of the case.

1 EU = 1.5 SG$

A NOTE FROM SINGAPORE BUSINESS REVIEW

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia