Seatrium Energy International and Maersk Offshore Wind have reached an agreement on the delivery of a jack-up vessel intended for Equinor’s Empire Wind offshore wind project in the United States, ending a legal dispute between the two companies.
The Singapore-based shipbuilder said the vessel will be delivered by Feb. 28, 2026, and that Maersk Offshore Wind will pay the remaining balance of the contract, valued at about $360 million.
Under the revised terms, part of a $250 million portion of the contract price will be paid through an interest-bearing credit arrangement provided by a Seatrium subsidiary. The facility will run for up to 10 years and will be repaid using cash flows generated by the vessel, Seatrium said.
The Seatrium unit will hold a mortgage over the vessel and retain first-priority rights over the ship as well as over the buyer’s bank accounts, according to the company.
All arbitration and legal proceedings between the parties have been discontinued. The dispute arose after Seatrium Energy International received a notice of termination in October related to the turbine installation vessel.
“Collaborative efforts were advanced by the willingness of all parties critical to the vessel’s operability to be practical, find alignment, and work collectively towards the target of the delivery of the vessel,” Seatrium said in a statement.
The company added that it had assessed various options with the end customer before reaching the agreement, citing considerations such as financial impact, recoverability and the risks associated with prolonged legal action.
Seatrium said the project is nearly complete and remains on track. “SEI is focused on and confident of completing the project under the contract and delivering the vessel in accordance with the contract,” the company said, adding that the vessel is approximately 99.8% completed.
