SINGAPORE, Jan 26, 2026, 15:17 (SGT) — Regular session
- Seatrium shares slipped roughly 0.5% in afternoon trading, last seen at S$2.10
- Investors remain focused on the arbitration case connected to the DolWin 5 offshore wind grid project
- FY2025 full-year results will be released on Feb. 26, ahead of market open
Shares of Seatrium Ltd slipped in Monday’s afternoon session in Singapore, closing down 0.5% at S$2.10 after starting the day at S$2.12. Trading volume hit roughly 7 million shares, with the price swinging between S$2.10 and S$2.14. 1
The dip is significant as Seatrium enters a crucial phase where traders demand clear updates on cash flow and project progress, beyond just new contract announcements. New legal issues typically hit offshore and marine stocks harder, given how quickly timelines and expenses can shift.
The stock has been volatile amid dispute headlines. Arbitration, a private legal process for settling conflicts outside court, often drags on, leaving investors without clear numbers early on.
On Jan. 22, Seatrium revealed that its wholly owned unit, Seatrium New Energy, together with consortium partner Aibel AS, had launched arbitration under their consortium agreement for DolWin 5. This 900-megawatt offshore converter platform serves TenneT Offshore in Germany, essentially converting and transmitting wind power to shore. The two parties have put forward mutual claims totaling roughly 180 million euros and 113 million euros. Additionally, Aibel is demanding about 17 million euros over issues it says fall under joint scope. Seatrium disputes this, noting any valid direct-scope claims should be covered by reserved consortium funds of around 5 million euros. Despite the dispute, Seatrium says project work is ongoing with delivery planned for 2026 but cautions it cannot yet pin down any financial impact. 2
Brokers stayed mostly positive despite the dispute flaring up again. CGS International’s Lim Siew Khee and Meghana Kande maintained an “add” rating, targeting S$2.67, while Citi Research’s Luis Hilado stuck with a “buy” and a S$2.65 target. CGS did warn that “litigation noises” might limit near-term gains. 3
Seatrium, created by merging Singapore’s Sembcorp Marine and Keppel Offshore & Marine, specializes in building and repairing offshore and marine assets. The company has also been expanding its footprint in renewables-linked projects. 4
The downside is clear. If the tribunal drags on or sparks new claims over shared work or delays, the market could start factoring in higher costs and slower cash flow—well before the final award comes through.
Investors are eyeing Feb. 26, when Seatrium plans to report its full-year FY2025 results ahead of the market open. Expect close scrutiny of any updates on disputes and the speed of project deliveries. 5
