Seatrium has received a notice of arbitration from its customer Maersk, over a contractual dispute.
A unit of Maersk had on Oct 9 terminated a US$475 million contract to build a wind turbine installation vessel.
The nearly-completed vessel is to be used in the US offshore wind farm Empire Wind 1.
On Oct 12, Seatrium rejected Maersk's notice of termination and asserted its rights, and accused its customer of breaching the contract.
On Oct 20, Seatrium told Maersk it will deliver the vessel by Jan 30 2026 as agreed under the contract.
In Maersk's notice of arbitration served on Seatrium, the former asserts that "disputes have arisen between the parties" and that the disputes are to be referred to arbitration in London to be conducted in accordance with the current London Maritime Arbitrators Association (LMAA) terms.
According to Seatrium, the Notice of Arbitration does not contain any particulars of the alleged disputes or Maersk’s claims or the reliefs being sought.
Seatrium says it will "vigorously" prosecute its position and defend any claims that may be brought by the customer.
Seatrium adds that the financial impact arising from this "developing situation" is highly dependent on the final outcome.
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It will provide guidance when it has reliable visibility.
Seatrium shares have dropped more than 14% to close at $2.09 on Oct 21 after this dispute was announced.
