Seatrium has received a termination notice from Maersk Offshore Wind for its contract to build a wind turbine installation vessel intended for Equinor’s 810 MW Empire Wind 1 offshore project, the company said on Thursday.
The contract, valued at approximately $475 million, was awarded to Seatrium Energy (International), formerly known as Sembcorp Marine Rigs & Floaters, a subsidiary of Seatrium. The vessel is reported to be about 98.9% complete.
Seatrium said it is exploring viable solutions, including discussions with the project’s end customer, Empire Offshore Wind LLC. The company also stated it is reviewing the validity of the termination notice and the allegations within it, assessing its legal and commercial options.
“These include contesting the notice and pursuing remedies for what it considers a possible wrongful termination,” Seatrium said, adding it would issue further announcements if there are material developments. The company advised shareholders to exercise caution when trading its securities.
Maersk Offshore Wind confirmed the termination, citing delays and related construction issues.
“Maersk Offshore Wind can confirm that it has terminated its newbuilding contract with Seatrium Energy (International) Pte. Ltd. (formerly Sembcorp Marine Rigs & Floaters Pte. Ltd.) in Singapore for the construction of a Wind Installation Vessel due to delays and related construction issues,” Maersk Offshore Wind said in a statement.
Maersk Offshore Wind has no further comments at this time.
