SINGAPORE, Jan 16, 2026, 15:10 SGT — Regular session
- Seatrium shares dropped roughly 3% in afternoon trading, reversing gains from Thursday’s close.
- A U.S. judge has given Equinor the green light to resume work on the Empire Wind project, which involves a vessel built by Seatrium.
- Investors are closely monitoring U.S. court rulings for follow-through and potential impacts on offshore wind project schedules.
Seatrium Limited shares dropped 3.1% to S$2.22 in Singapore by mid-afternoon on Friday. The stock fluctuated between S$2.21 and S$2.27 during the session. 1
The shift comes amid new legal developments in the U.S. offshore wind space, where delays in projects often translate into sudden changes in vessel demand. Seatrium is set to deliver a $475 million wind vessel to Maersk, originally intended for Equinor’s Empire Wind project off New York, The Business Times reported.
This is key because the vessel anchors Seatrium’s most high-profile offshore wind stake. Back in December, Seatrium committed to delivering it by Feb. 28, 2026. Maersk’s affiliate Phoenix II is set to pay the remaining US$360 million on delivery, partly through an interest-bearing credit line that can stretch up to 10 years. Citi analyst Luis Hilado noted the market viewed the resolution “positively” once the legal uncertainty cleared, but emphasized the need for solid operational follow-through. 2
Overnight in Washington, U.S. District Judge Carl Nichols gave Norway’s Equinor the green light to restart work on Empire Wind, after the Interior Department paused the project last month. Government attorneys flagged new classified national-security issues linked to radar interference. Nichols pushed back, saying the project would suffer “irreparable harm” without a restart and called the suspension a threat to the entire effort, especially given the limited number of specialist vessels available. 3
The wider offshore wind landscape remains unsettled. On Thursday, German utility EnBW scrapped two UK offshore wind projects, booking a 1.2 billion euro impairment. The company cited soaring supply-chain costs, weaker power prices, and climbing interest rates as reasons. 4
For Seatrium, the immediate priority isn’t talk but timelines. A wind turbine installation vessel is a specialized ship tasked with transporting and installing massive offshore turbines; when projects get delayed, the vessel’s schedule follows suit.
Yet the boost from the U.S. court victory might not last. Legal battles are speeding up, and a change in court orders, a fresh appeal, or another delay could bring back doubts over utilisation and how fast cash flows under Seatrium’s financing setup.
Traders in Singapore are keeping an eye on whether offshore wind news remains positive enough for developers to hold onto contractors and vessels. When projects start losing access to key ships, sentiment usually takes a hit before fundamentals do.
