Seatrium says no change to Maersk vessel delivery after Trump halts US wind projects

SINGAPORE - Offshore, marine and energy specialist Seatrium said it is closely monitoring the situation in the United States, after news broke that the Trump administration is freezing all major offshore wind projects there.

In response to queries from The Straits Times on Dec 23, Seatrium said there will be no changes to its resolution announced on Dec 22 that it would deliver a vessel to a Maersk affiliate in an agreement that ended its contract dispute with the Danish shipping giant.

At stake is US$360 million (S$465 million) – the balance of the contract price which Seatrium said in its Dec 22 announcement that it would receive upon delivery of the vessel, which is 99.8 per cent completed.

The vessel was slated to be deployed installing massive turbines at Equinor’s Empire Wind project off the coast of New York – one of five large wind farm projects affected by the Dec 22 US order.

Seatrium also told ST that the US freezing of offshore wind projects is an ongoing development, and that it will continue to closely monitor the situation.

“We will still deliver the vessel by Feb 28, 2026 and receive our upfront payment,” the company said, adding that the buyer has 10 years to service the loan, which is mortgage-backed by the vessel.

Both parties had agreed for the Maersk affiliate to pay part of the contract price – US$250 million – using an interest-bearing, 10-year loan from Seatrium (SG). The Seatrium subsidiary will have a mortgage over the vessel, as well as first priority rights over the vessel and the Maersk affiliate’s bank accounts.

Seatrium also told ST on Dec 23 that the vessel is not limited for use in the US market, and can be redeployed or sold to other geographies.

“We believe the vessel is worth well above US$250 million,” the company added.

US President Donald Trump’s sweeping order on Dec 22 marks a major escalation in his attacks against offshore wind, a form of energy he has long railed against. The suspension of the projects could impact billions of dollars of investment, threaten thousands of jobs and cheaper energy for American consumers.

Overnight in the US, the Trump administration suspended leases for five large offshore wind projects that are under construction over what it called national security concerns.

Reuters reported that the US Department of the Interior said the decision was the result of complaints by the Pentagon that the movement of huge turbine blades for offshore wind projects, as well as the highly reflective towers that hold them up, cause radar interference that can make it hard to identify and locate security threats.

The suspension will affect Danish energy firm Orsted’s Revolution Wind and Sunrise Wind projects, Avangrid and Copenhagen Infrastructure Partners’ Vineyard Wind 1 project, Dominion Energy’s Coastal Virginia Offshore Wind, and Equinor’s Empire Wind 1 project.

Maersk had tried to cancel the Seatrium contract in October.

This was after the Trump administration earlier in 2025 issued a stop-work order on the Empire Wind project. But this order was later lifted when it reached a compromise with New York state that could pave the way for a natural gas pipeline which Mr Trump supports.

The Trump administration had also ordered Orsted to stop construction on the Revolution Wind project off Rhode Island. A federal judge later lifted the ban.

Shares of Seatrium closed unchanged at $2.13 on Dec 23, after jumping 2.9 per cent the previous day.