Seatrium and Aibel Enter Arbitration Over DolWin 5 Offshore Converter Platform

Seatrium Limited ( (SG:5E2) ) has shared an announcement.

Seatrium’s subsidiary Seatrium New Energy Limited and its consortium partner Aibel AS have commenced arbitration proceedings over their consortium agreement for the DolWin 5 project, a 900MW offshore converter platform serving the DolWin cluster in the German North Sea for end-customer TenneT Offshore GmbH. Despite disputes over alleged breaches of contract, allocation of responsibilities, and the distribution of revenue and costs for both direct and joint scopes of work, the parties continue to work on the project, which sailed from Seatrium’s Singapore yard to Aibel’s Norwegian facility in October 2023 and remains on track for delivery in 2026; financial exposure from the largest cross-claims over direct scopes, nominally around EUR180 million and EUR113 million respectively, is expected to be largely limited to reserved consortium funds of about EUR5 million, while additional contested joint-scope claims of approximately EUR17 million are being challenged by Seatrium in the arbitration.

The most recent analyst rating on (SG:5E2) stock is a Buy with a S$2.50 price target. To see the full list of analyst forecasts on Seatrium Limited stock, see the SG:5E2 Stock Forecast page.

More about Seatrium Limited

Seatrium Limited is a Singapore-based engineering and energy infrastructure group that designs and delivers offshore and marine assets, including complex projects such as offshore converter platforms for wind power transmission. Through its wholly owned subsidiary Seatrium New Energy Limited, the Group focuses on new energy solutions and large-scale offshore projects in collaboration with international partners and European grid operators.

Average Trading Volume: 9,176,188

Technical Sentiment Signal: Sell

Current Market Cap: S$7.31B

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