SINGAPUR (dpa-AFX) - Seatrium Limited announced that its subsidiary, Seatrium Energy (International) Pte Ltd ('SEI'), has reached a definitive agreement with Maersk Offshore Wind's affiliate Phoenix II A/S regarding the delivery of a Wind Turbine Installation Vessel.
Under the agreement, Seatrium Energy will deliver the Vessel by 28 February 2026, with Phoenix II A/S taking delivery on that date. Upon delivery, Phoenix II A/S will pay the balance of the Contract Price amounting to US$360 million, subject to adjustments in accordance with the Contract.
As part of the settlement, Phoenix II A/S will pay US$250 million of the Contract Price through an interest-bearing credit facility extended by Seatrium's wholly-owned subsidiary, Seatrium (SG) Pte. Ltd. or 'SGS'. The facility is for up to 10 years and will be repaid using cash flows generated by the Vessel. SGS will hold a mortgage over the Vessel and enjoy first priority rights over the Vessel and the Buyer's bank accounts.
Following this agreement, both parties will withdraw and discontinue all arbitration proceedings, including Maersk's Arbitration and SEI's Arbitration. The Contract remains in full force and effect. Seatrium Limited oes not expect this matter to have any material impact on its net tangible assets or earnings per share for the financial year ending 31 December 2025.
SEI remains focused and confident in completing the project under the Contract and delivering the Vessel as agreed. As of the date of this announcement, the project is approximately 99.8% completed.
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News
