Seatrium Limited has confirmed the termination of a US$475 million contract for a near-complete Wind Turbine Installation Vessel (WTIV) by Maersk Offshore Wind, originally contracted in March 2022.

The vessel, reported to be 98.9% complete, was designed for deployment at the Empire Wind 1 offshore wind project off the coast of New York. The contract was initially awarded to Sembcorp Marine Rigs & Floaters Pte Ltd, now operating as Seatrium Energy (International) Pte Ltd (SEI).

According to Seatrium, the termination notice was received on October 9. The company has stated it is reviewing the validity of the termination and considering legal and commercial options, including possible legal proceedings.

Seatrium added that it will engage with the end customer, Empire Offshore Wind LLC, as it explores "viable solutions" and potential remedies for what it alleges could be a wrongful termination.

The move comes as the $5 billion Empire Wind 1 project, being developed by Equinor and BP, continues to face regulatory and political headwinds. The project was temporarily halted in April 2025 by the Bureau of Ocean Energy Management (BOEM), with a stop-work order later lifted in May.

Despite the resumption of construction, the Empire Wind initiative has seen broader uncertainty. Equinor recently signaled its intention not to pursue Empire Wind 2, following new regulatory reviews initiated by the Trump administration.

Seatrium has advised shareholders to exercise caution and stated further updates will be provided as the situation evolves.

Source: dredgewire.com