Seatrium (S51) and Aibel start arbitration over DolWin 5 offshore platform

SGX Filings

Jan 22

Seatrium Limited (S51) said on Jan, 22 2026 that its wholly-owned subsidiary Seatrium New Energy and consortium partner Aibel AS have each filed requests for arbitration with the Arbitration Institute of the Stockholm Chamber of Commerce in relation to the DolWin 5 offshore converter platform project.

The proceedings stem from their May, 03 2019 consortium agreement covering the design, construction, installation and commissioning of a 900 MW platform for grid operator TenneT Offshore GmbH.

Seatrium New Energy is claiming about EUR180 million from Aibel for alleged breaches of its direct scope of work, while Aibel is seeking roughly EUR113 million from Seatrium New Energy. Seatrium said any valid direct-scope claims should be met from reserved consortium funds capped at approximately EUR5 million.

Aibel is further demanding around EUR17 million for items it regards as joint-scope responsibilities, a position Seatrium contests. Seatrium intends to defend the claims and seek declarations clarifying each party’s obligations.

The platform sailed from Seatrium’s Singapore yard in Oct, 2023 and is now at Aibel’s Haugesund facility, with delivery still targeted in 2026. Seatrium stated it is too early to assess the financial impact of the arbitration and will update investors on material developments.

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