Overview
- Phoenix II A/S will accept the vessel and both sides will discontinue arbitration, restoring the original shipbuilding contract.
- On delivery, Seatrium expects to receive the remaining $360 million, including a $250 million interest-bearing facility from Seatrium (SG) Pte. Ltd. repayable over up to ten years.
- The Seatrium financing is secured by a mortgage on the vessel and first‑priority rights over the ship and the buyer’s bank accounts.
- Seatrium reports the wind turbine installation vessel is 99.8% complete and was intended for deployment at the Empire Wind 1 project in the United States.
- Following the US decision to freeze several offshore wind projects, Seatrium said on Dec. 23 that its delivery plan and upfront payment timeline remain unchanged and that the vessel can be redeployed if needed.