SINGAPORE, Jan 18, 2026, 15:06 SGT — Market closed
- Seatrium ended Friday at S$2.24, slipping 2.2%
- A U.S. judge has cleared the way for Equinor to resume work on New York’s Empire Wind project
- Seatrium remains on track to deliver a wind vessel to a Maersk unit by February 28
Shares of Seatrium Limited slipped 2.2% to close at S$2.24 on Friday, ahead of the weekend shutdown of Singapore markets. The stock fluctuated between S$2.21 and S$2.27, with roughly 21.3 million shares traded. 1
The stock’s next move may depend more on New York than Singapore. Seatrium is pushing to hand over a US$475 million wind turbine installation vessel by Feb. 28, linked to Equinor’s Empire Wind project. This follows a U.S. stop-work order and a legal battle. “The group remains focused on delivering the vessel to the customer by Feb 28,” a Seatrium spokesperson told The Business Times on Friday, confirming the settlement terms remain unchanged. 2
A U.S. District Court judge in Washington has granted Equinor a preliminary injunction, temporarily blocking the government from halting construction on Empire Wind. The Interior Department had paused several offshore wind projects on Dec. 22, citing national security concerns tied to classified information. While government lawyers highlighted the Defense Department’s worries over radar interference, the judge ruled that stopping work now could cause “irreparable harm” to Empire Wind. Equinor says it has already invested about $4 billion, with the project around 60% complete. 3
For Seatrium, the court ruling eases a looming concern: the risk that a politically charged delay might throw off timelines for specialised vessels and offshore projects, which depend heavily on narrow weather windows and limited gear.
The vessel has been at the heart of a clash between Seatrium and Maersk. The two sides settled in December after Maersk pulled out of the contract due to delays. According to Seatrium, Maersk will pay the remaining US$360 million owed, with roughly US$250 million arranged as an interest-bearing credit line lasting up to 10 years. Repayment will come from the cash flow generated by the vessel. 4
Equity investors care about that structure since it moves some of the cash recovery from “at delivery” to “over time,” making returns more dependent on operating performance and any setbacks after the vessel starts service.
Legal risks remain. The injunction allows work to continue as the court reviews the case, but opponents are pushing the U.S. government to appeal. That move could once again disrupt timelines for developers and contractors involved in the East Coast offshore wind projects. 5
When SGX reopens Monday (Jan. 19), traders will be watching closely to see if the Empire Wind restart signals a smoother delivery track for Seatrium. Or if the focus remains locked on execution risks — completing the job, handing it off, and getting paid on time.
The next major milestone is Feb. 28, the date Seatrium has set to deliver the vessel to Maersk’s unit. This deadline could shed light on cash inflows and clarify the outlook for the longer-term credit portion.
