Seatrium seeks $270m from Aibel, faces $169.5 counterclaim

The arbitration was filed over cost and revenue split in DolWin 5 platform project.

Seatrium New Energy (SNE)—a wholly owned subsidiary of Seatrium Limited—is pursuing arbitration proceedings against its Norwegian consortium partner, Aibel AS, over the DolWin 5 project.

SNE is claiming $270m (EU180m) from Aibel due to differences in revenue and cost distribution, while a counterclaim from Aibel is seeking $169.5 (EU113m) from Seatrium.

This follows disagreements over the distribution of costs and revenues, as well as alleged breaches related to the scope of work and responsibilities assigned under the 2019 consortium agreement.

The 900-megawatt offshore converter platform is being built for TenneT Offshore GmbH, with its design based on work by Aibel intended for the DolWin cluster in the German sector of the North Sea wind farm.

Construction was carried out in Singapore, and the platform was transported to Norway in late 2023 for final works.

SNE said it is unable to ascertain the financial impact arising from the arbitration proceedings, as this will depend on the final outcome of the case.

1 EU = 1.5 SG$