The contract, which is 98.9 per cent complete, is for the construction of a wind turbine installation vessel in an US offshore wind farm

 

[SINGAPORE]   Seatrium   : 5E2 +0.47% is starting its own arbitration proceedings against a Maersk Offshore Wind affiliate for the termination of a US$475 million contract that was inked in 2022. 

 

In a bourse filing on Saturday (Nov 29), the offshore, marine and energy specialist said it was seeking a declaration that the buyer wrongfully terminated the contract, confirmation that the contract remains valid, an order for the buyer to take delivery and pay the instalment due, and alternatively, for damages to be assessed.

 

Seatrium added that 80 per cent of the contract price is to be paid upon delivery &ndash a legacy structure from before Seatrium&rsquo s merger with Keppel Offshore & Marine, which is unlike its usual milestone-based contract. 

 

The financial impact of the arbitration can therefore only be ascertained when the group has more visibility on the final outcome, it said. 

 

In early October, Seatrium received a termination notice for the contract with a Maersk affiliate for the construction of a wind turbine installation vessel at an US offshore wind farm. The project was scheduled to be completed in early 2025. 

 

On Oct 22, Seatrium said it rejected the notice of termination, stating that the Maersk affiliate was &ldquo in repudiatory breach of the contract&rdquo . It added that it &ldquo reserved all its rights against the buyer for wrongful termination&rdquo . 

 

Seatrium also sent a notice to the buyer that the vessel, which is 98.9 per cent complete, will be delivered on Jan 30, 2026. 

 

In response, the buyer had issued Seatrium a notice of arbitration over the contractual dispute. The notice stated that such disputes are to be referred to arbitration in London, in accordance with the current London Maritime Arbitrators Association terms.

 

The arbitration notice did not contain any particulars of the alleged disputes, the buyer&rsquo s claims or the reliefs sought by the buyer, said Seatrium.

The Tiber FPU marks Seatrium&rsquo s second consecutive deepwater project for BP

 

[SINGAPORE] Marine engineering company   Seatrium   : 5E2 +2.91% on Wednesday (Nov 26) said that it has won a BP Exploration and Production contract for the delivery of the Tiber Floating Production Unit (FPU). 

 

The FPU will be located in the Gulf of Mexico &ndash renamed the Gulf of America by US President Donald Trump.

 

This latest contract win takes the company&rsquo s new contracts won for FY2025 to more than S$2 billion. 

 

The Tiber FPU marks Seatrium&rsquo s second consecutive deepwater project for BP, following Kaskida FPU in December 2024.

 

Seatrium Energy International executive vice-president William Gu said that the contract &ldquo highlights Seatrium&rsquo s expanding foothold in the FPU segment&rdquo .

 

The Tiber FPU will have a production capacity of 80,000 barrels of crude oil per day and incorporate &ldquo advanced technologies&rdquo to enhance operational efficiency and safety. 

 

Over 85 per cent of the Tiber FPU design will replicate the Kaskida FPU. This will help it capitalise on established design efficiencies, Seatrium said. 

 

The topside for the Tiber FPU will be installed onto the hull using Seatrium&rsquo s single-lift integration methodology, enabled by its Goliath twin cranes with a combined lifting capacity of 30,000 tonnes. 

 

The company said this approach allows the topside to be fully completed and tested at ground level. 

 

The Tiber FPU adds to Seatrium&rsquo s growing portfolio of FPUs for leading global energy clients. 

 

It follows the ongoing Shell Sparta and BP Kaskida FPU newbuilds and the successful completion of Shell&rsquo s Vito and Whale FPU newbuilds in 2021 and 2023, respectively.