Singapore-based shipbuilder Seatrium Limited and an affiliate of Danish shipping giant Maersk have resolved a contentious contractual dispute over a nearly completed wind turbine installation vessel, the companies announced Monday, bringing an abrupt end to dual arbitration proceedings that threatened to drag on for years.
Under the settlement, Seatrium Energy (International) Pte Ltd will deliver the vessel to Maersk’s affiliate Phoenix II A/S by February 28, 2026, with the buyer paying the remaining contract balance of $360 million, subject to adjustments. The agreement marks a dramatic reversal from October, when Maersk terminated the contract and both parties initiated separate arbitration proceedings.
The resolution includes an unusual financing arrangement in which Maersk will pay $250 million of the contract price through an interest-bearing credit extended by Seatrium’s wholly-owned subsidiary, Seatrium (SG) Pte. Ltd. The credit arrangement spans up to 10 years and will be repaid through cash generated by the vessel’s operations.Seatrium will hold a mortgage over the vessel and maintain first priority rights over both the vessel and the buyer’s bank accounts as security.
