Maersk cancels $475m Seatrium contract for US-bound, 99 per cent-complete offshore wind vessel

Seatrium said Maersk terminated a $475 million contract for a nearly finished offshore wind vessel that was intended to work on a project off the coast of New York.

The wind turbine installation vessel is 98.9 per cent complete and was built to serve Equinor's Empire Wind, Singapore-based Seatrium said in a statement on Friday.

Maersk confirmed the cancellation, citing construction delays, but would not say whether it had paid for the work completed.

"Maersk Offshore Wind can confirm that it has terminated its newbuilding contract with Seatrium Energy in Singapore for the construction of a wind installation vessel due to delays and related construction issues," Maersk said in an emailed statement.

Seatrium shares slid 6.5 per cent on the Singapore stock exchange following the announcement.

The announcement is the latest sign of trouble in the US offshore wind industry, which the administration of US President Donald Trump has vowed to stop.

Empire Wind was embroiled in Trump's popular winding back of offshore wind earlier this year when his administration issued a month-long stop work order on the project.

Seatrium said it was evaluating its options for the vessel, including with Empire Wind. It also said it could take legal action over the contract termination. The company did not immediately respond to a question about whether Maersk had paid for the completed work.

Equinor said it was weighing its alternatives.

“We have been informed by Maersk of an issue concerning its contract with Seatrium related to the wind turbine installation vessel originally contracted by Empire Offshore Wind for use in 2026. We are currently assessing the implications of this issue and evaluating available options.”

(Reporting by Nichola Groom; Editing by Elaine Hardcastle and Nick Zieminski)