Singapore-based shipbuilder Seatrium Limited has announced that it received a notice of arbitration from Maersk Offshore Wind over a dispute related to the termination of a contract for the construction of a nearly completed wind turbine installation vessel (WTIV) designed for the Empire Wind 1 offshore wind project off the coast of New York,
The notice was issued just one day after Seatrium informed Maersk Offshore Wind that the vessel would be delivered by January 30, 2026. The contract, valued at USD 475 million, was signed in March 2022, with the vessel reportedly 98.9% complete,
The arbitration will be conducted in London under the rules of the London Maritime Arbitrators Association (LMAA). According to Seatrium’s statement, the notice of arbitration “does not provide any details regarding the alleged disputes, buyer’s claims, or monetary and other relief sought.”
Earlier in October, Maersk issued a notice of termination for the contract. Seatrium, however, rejected the termination, stating that “the Buyer is in breach of a binding agreement” and that the company “reserves all its rights in the event of wrongful termination.
On October 20, Seatrium reaffirmed that the vessel would be delivered on schedule — by the end of January 2026 — and stated that it is “consulting with legal advisors and will vigorously defend its position against any claims made by the Buyer.”
The Empire Wind 1 project, valued at approximately USD 5 billion, aims to supply 500,000 homes in New York with renewable electricity by 2027. However, the project has faced multiple setbacks — from regulatory delays to the U.S. Department of Transportation’s cancellation of over USD 679 million in port funding originally intended to support offshore wind projects.
The disputed vessel was specially designed to work with feeder vessels to transport turbine components — a method that Maersk Supply Service claims is 30% more efficient than conventional jack-up vessels.
Seatrium has advised shareholders to exercise caution when dealing in the company’s shares or securities and stated that it will issue further announcements as significant developments arise.
