Published by Global Banking & Finance Review®
Posted on December 21, 2025
1 min readLast updated: January 20, 2026
Seatrium and Maersk settle a $475M contract dispute for an offshore wind vessel, with a $360M balance paid over 10 years.
Dec 22 (Reuters) - Singapore-based shipbuilder Seatrium said on Monday it has reached a settlement with Denmark's Maersk to deliver an offshore wind vessel that was intended to work on a project off the coast of New York.
Seatrium announced Maersk terminated the contract on October 10, citing construction delays, but did not say at the time whether it had paid for the work completed.
Under the agreement reached on Monday, Maersk is set to pay the balance of $360 million of the total contract price of $475 million. Around $250 million of the balance will be paid using an interest-bearing credit arrangement for up to 10 years, where it will be repayable through cash generated by the vessel.
Both parties have also agreed to withdraw and discontinue all legal proceedings as the "optimal way forward," taking into consideration financial impacts and the risk of lengthy and costly proceedings, among others.
As of December 22, the project is around 99.8% completed, Seatrium added in its statement.
(Reporting by Shivangi Lahiri in Bengaluru; Editing by Chris Reese)
An offshore wind vessel is a specialized ship designed for the construction, maintenance, and operation of offshore wind farms, which generate renewable energy from wind.
Construction delays are interruptions in the construction schedule that can occur due to various factors, including weather, supply chain issues, or labor shortages, impacting project completion.
An interest-bearing credit arrangement is a financial agreement where borrowed funds accrue interest over time, typically requiring repayment based on the cash flow generated by the financed asset.
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