Seatrium initiates London arbitration against Maersk affiliate over wind-vessel contract

SGX Filings11-30

Seatrium Limited announced on Nov, 29 2025 that its subsidiary, Seatrium Energy (International) Pte Ltd, issued a notice of arbitration on Nov, 28 2025 against Phoenix II A/S, an affiliate of Maersk Offshore Wind, under current London Maritime Arbitrators Association terms.

The company seeks: • a declaration that Phoenix II A/S wrongfully terminated the Wind Turbine Installation Vessel contract on Oct, 09 2025; • confirmation that the contract remains valid; • specific performance requiring the buyer to accept delivery of the vessel on Jan, 30 2026 and pay the delivery instalment—80 % of the contract price; or • alternatively, damages to be assessed.

Seatrium noted that this legacy contract, signed before the merger that formed the group, is its only order book item without progressive milestone payments. The financial impact depends on the arbitration’s outcome, and further updates will follow in line with listing rules.

The company had earlier rejected the buyer’s termination notice on Oct, 12 2025, claimed repudiatory breach, and received an unspecified notice of arbitration from the buyer on Oct, 21 2025. Seatrium said it is also exploring direct delivery options with end-customer Empire Offshore Wind LLC and will announce any material developments.

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