Singapore, Jan 22, 2026, 15:55 SGT — Regular session
- Seatrium shares slipped in late trading following the group’s disclosure of arbitration linked to the DolWin 5 converter platform project
- Seatrium New Energy and its partner Aibel are locked in a dispute over cost and revenue sharing, as well as scope responsibilities, stemming from their 2019 consortium agreement
- Traders are waiting on additional filings detailing financial exposure, with the project’s delivery now pushed to 2026
Shares of Seatrium Ltd slipped 0.5% to S$2.12 by mid-afternoon Thursday following the announcement of arbitration proceedings related to its DolWin 5 consortium project with European grid operator TenneT. Earlier, the stock fluctuated between S$2.11 and S$2.16, with roughly 8.0 million shares traded. 1
This dispute is grabbing attention because investors are jittery about fresh claims popping up in long-cycle offshore and wind projects. Arbitration tends to drag on and get complicated, often ending with cash settlements, contractual changes, or a mix of both.
Seatrium revealed that its fully owned subsidiary, Seatrium New Energy, along with Norway’s Aibel, have initiated arbitration over disputes concerning revenue and cost sharing, as well as the roles and scope defined in their consortium deal for a 900-megawatt offshore converter platform. The company is pursuing about 180 million euros from Aibel, while facing claims near 130 million euros. Seatrium said it is “unable to definitively ascertain the financial impact, if any,” as the case is still in its early stages. The converter platform, currently located in Germany’s North Sea, aims for delivery in 2026, with both parties continuing collaboration on the project. 2
An offshore converter platform serves as a key link, transmitting electricity from wind farms at sea to the shore. It involves massive steel structures, thick cables, and stringent timelines — a setup ripe for design tweaks and handover clashes to escalate quickly.
DBS Group Research pointed to the S$2.16 mark as a near-term resistance level after dropping Seatrium from its equity picks on Wednesday. The bank noted the stock had slipped below support, triggering a stop loss. In a Jan. 21 note, DBS said, “We see scope for a possible near-term oversold rebound from around SGD2.08, with any upside capped at the SGD2.16 support-turned resistance level.” 3
DolWin 5’s story goes back to 2019, when Keppel Offshore & Marine—before merging with Sembcorp Marine to become Seatrium—secured the contract as part of a consortium with Aibel for TenneT. The platform was initially built in Singapore, then sent to Aibel for additional work in October 2023. 4
The latest filing comes after months of wrangling between Seatrium and Denmark’s Maersk over an offshore wind vessel contract, which they resolved in late December. According to the settlement, Maersk agreed to pay the outstanding balance on the US$475 million contract, with part of the sum arranged as an interest-bearing credit. 5
Arbitration outcomes remain tough to predict. Companies might downplay their exposure, but claims often shift, deadlines stretch, and counterparties hold firm—particularly if the project is offshore and tied to a handover timeline.
Investors are eyeing upcoming SGX filings for updates on provisions, cash exposure, and the delivery schedule as the Stockholm process kicks off. Traders in Singapore, meanwhile, will be watching closely to see if Seatrium can push back above S$2.16 or stumbles again ahead of Friday’s session.
