Seatrium Limited announced on Feb, 10 2026 that its wholly owned unit, Jurong Shipyard Pte Ltd, has initiated London-seated UNCITRAL arbitration against Petrobras Netherlands B.V. over a payment dispute linked to the P-54 FPSO conversion contract signed in 2004.

The shipyard seeks to recover about 75.2 million Singapore dollars that was retained by Petrobras Netherlands under a 2008 settlement agreement, after Brazil’s Tribunal de Contas da União completed its review of the project in Nov, 2023 and the basis for withholding the funds lapsed.

Petrobras, parent of the respondent, has meanwhile demanded roughly 182.7 million Singapore dollars in alleged overpayments on the project, netting off the withheld sum and calling for a payment of about 107.5 million Singapore dollars from Jurong Shipyard.

Seatrium said it has made no balance-sheet provision for the withheld amount and that any financial impact will depend on the outcome of the arbitration, which is still at an early stage. The company pledged to update the market on any material developments.