End-buyer of Seatrium-Maersk vessel caught in Trump’s stop-work order
A vessel built by Seatrium and sold to Maersk’s affiliate is affected by a US government halt on wind farm projects due to national security concerns.Summary
Seatrium is monitoring the impact of a stop-work order issued by the Trump administration to Empire Offshore Wind, the end-customer of a US$475 million wind vessel. The order halts construction on the Empire Wind 1 project, citing “national security concerns,” along with several other wind projects. This follows a previous termination notice from Maersk affiliate Phoenix II in October, which Seatrium has addressed with a settlement agreement. Seatrium will receive US$360 million upon vessel delivery by February 28, 2026, including an upfront payment of US$110 million and a US$250 million interest-bearing loan. Analysts at Citi believe the vessel can be redeployed to European markets, mitigating the impact of the US project suspension. Empire Offshore Wind and Equinor, the project developer, are seeking clarification from authorities, highlighting the significant workforce and investment already committed to the project. Seatrium’s shares remained stable despite the news, and analysts suggest any price dip could be a buying opportunity.
(Source：The Business Times)