Singapore shipbuilder Seatrium has received a notice of termination of the contract for the construction of a wind turbine installation vessel for Maersk Offshore Wind.
Seatrium said that the contract has a total value of approximately US$475 million and that the project is approximately 98.9 per cent completed as of Friday, October 10.
Seatrium Energy International (SEI) had secured the contract with Maersk Offshore Wind, through an affiliate of the latter, in 2022 while still operating as Sembcorp Marine Rigs and Floaters.
Seatrium said that SEI is currently reviewing the validity of the notice of termination, as well as the allegations set out therein.
SEI is also evaluating its legal and commercial options in respect of the contract, including the right to contest the notice of termination, and/or to commence legal proceedings to seek all available remedies for what Seatrium claims is wrongful termination.
Seatrium added that it will make appropriate announcements in the event of any material developments. The company has also advised its shareholders to exercise caution when dealing with the shares or other securities of the group.
