Seatrium's Subsidiary Resolves Dispute with Maersk

MT Newswires12-22 11:38

Seatrium's (SGX:5E2) subsidiary, Seatrium Energy (International), and Phoenix II A/S, an affiliate of Maersk Offshore Wind, reached an agreement to deliver a wind turbine installation vessel to Phoenix by Feb. 28, 2026, as the parties resolved their dispute, according to a Monday filing with the Singapore Exchange.

Once the vessel is delivered, Phoenix will pay the $360 million balance of the contract price.

Both parties have also agreed to pay part of the contract price through an interest-bearing credit arrangement extended to Phoenix by the company's other subsidiary, Seatrium (SG).

Shares of the offshore infrastructure company were up over 2% in Monday trading.

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