Headlines
Maersk cancels $475 million contract for US-bound offshore wind vessel
Published by Global Banking & Finance Review®
Posted on October 10, 2025
2 min readLast updated: January 21, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on October 10, 2025
2 min readLast updated: January 21, 2026
Maersk cancels a $475 million contract with Seatrium for an offshore wind vessel due to delays, affecting the Empire Wind project.
(Reuters) -Shipbuilder Seatrium said Denmark's Maersk terminated a $475 million contract for a nearly finished offshore wind vessel that was intended to work on a project off the coast of New York.
The wind turbine installation vessel is 98.9% complete and was built to serve Equinor's Empire Wind, Singapore-based Seatrium said in a statement on Friday.
A Maersk spokesperson confirmed the cancellation, citing construction delays.
"Maersk Offshore Wind can confirm that it has terminated its newbuilding contract with Seatrium Energy (International) Pte. Ltd. (formerly Sembcorp Marine Rigs & Floaters Pte. Ltd.) in Singapore for the construction of a Wind Installation Vessel due to delays and related construction issues," Maersk spokesperson Caroline Knox said in an email.
Seatrium shares slid 6.5% on the Singapore stock exchange following the announcement.
The announcement is the latest sign of trouble in the U.S. offshore wind industry, which the administration of U.S. President Donald Trump has vowed to stop.
Empire Wind was embroiled in Trump's assault on offshore wind earlier this year when his administration issued a month-long stop work order on the project.
Seatrium said it was evaluating its options for the vessel, including with Empire Wind. It also said it could take legal action over the contract termination.
Equinor said it was weighing its alternatives.
“We have been informed by Maersk of an issue concerning its contract with Seatrium related to the wind turbine installation vessel originally contracted by Empire Offshore Wind LLC for use in 2026. We are currently assessing the implications of this issue and evaluating available options.”
(Reporting by Nichola Groom; Editing by Elaine Hardcastle and Nick Zieminski)
An offshore wind vessel is a specialized ship designed for the installation and maintenance of wind turbines located in bodies of water, typically used in offshore wind farms.
Contract termination refers to the legal ending of a contract before its completion, which can occur due to various reasons such as delays, breaches, or mutual agreement.
The Empire Wind project is an offshore wind energy initiative off the coast of New York, aimed at generating renewable energy through the installation of wind turbines.
Construction delays are setbacks in the building process that can occur due to various factors, including supply chain issues, labor shortages, or unforeseen circumstances.
Market reaction refers to the response of investors and traders to news or events that can affect the financial performance of companies, often reflected in stock price changes.
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