Singapore shipbuilder Seatrium said that on November 28, 2025, its Seatrium Energy International (SEI) division issued a notice of arbitration to commence arbitration against an affiliate of Maersk Offshore Wind (MOW) in accordance with the current London Maritime Arbitrators Association terms.
The SEI notice of arbitration specifies that SEI is seeking, amongst other things, a declaration that MOW affiliate had wrongfully terminated the contract for the construction a wind turbine installation vessel (WTIV) awarded to SEI; a declaration that the contract is valid and subsisting; and an order for specific performance of MOW's obligations under the contract, including to take delivery of the vessel on January 30, 2026, and to pay the delivery instalment due under the contract.
Seatrium had said earlier that it received a notice of arbitration regarding the contract termination from the MOW affiliate just one day after SEI gave notice to the affiliate that the WTIV ordered by the latter would be delivered by January 30, 2026.
Under the contract, 80 per cent of the contract price is to be paid by the buyer to SEI on the delivery of the vessel. This legacy contract pre-dating the merger of entities resulting in the formation of Seatrium is the only remaining contract in the group’s orderbook that is not structured with progressive milestone payments.
Seatrium said the financial impact arising from the SEI notice of arbitration in view of this developing situation is highly dependent on the final outcome, and as such, the company will only be able to ascertain the same when it has more visibility on the final outcome.
The company will provide an update on this in accordance with the applicable listing rules at the relevant time to provide further information to its shareholders.
Seatrium said it will make further announcements as and when there are material developments.