Seatrium Energy International (SEI) and Maersk Offshore Wind have reached an agreement over the delivery of a jack-up that is due to work on Equinor’s Empire Wind project in the US.
The Singapore shipbuilder said it will deliver the ship by 28 February 2026 and the Danish shipping giant will pay the $360m contract balance.
The parties have mutually agreed for Maersk Offshore Wind to pay part of a $250m contract price using an interest-bearing credit arrangement extended by a Seatrium subsidiary, according to the shipbuilder.
It is for up to ten years and repayable through cash generated by the vessel, added Seatrium.
The Seatrium subsidiary said it will have a mortgage over the ship as well as first priority rights over the vessel and the buyer’s bank accounts.
All arbitration and legal proceedings between the parties, sparked after Seatrium Energy International received a notice of termination in October over the turbine installation ship, have been discontinued.
“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,” said Seatrium.
“After evaluating all feasible options alongside the end-customer, the Company is of the view that the arrangement above is the optimal way forward for the interests of the Group and the Company’s shareholders, taking into consideration the relevant circumstances, including financial impact, certainty of recoverability, and the risk of lengthy and costly legal proceedings.
“SEI is focused on and confident of completing the project under the Contract and delivering the Vessel in accordance with the Contract. As at the date of this announcement, the project is approximately 99.8% completed.”