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SEATRIUM SUPPLIES WTIV TO MAERSK OFFSHORE WIND
DETAIL INFORMATION
The advanced wind turbine installation vessel, which was at the heart of a controversy prior to its completion, has been successfully delivered, and both companies are now rejoicing at the potential it brings. Seatrium announces it finalized the delivery on February 26 following sea trials and final readiness assessments at the Tuas Boulevard Yard in Singapore, whereas Maersk Offshore Wind refers to the vessel as the initial step in its effort to develop a future-ready fleet.
Maersk Offshore Wind, owned by the investment firm A.P. Moller Holding, was established through the divestiture of the prior Maersk Supply Services offshore division. The firm transformed into a dedicated player in the offshore wind industry and engineered its vessel to focus on the U.S. market. Last autumn, amid market pressures and an unclear future, the company declared it was terminating the construction contract, even though Seatrium insisted that the vessel was over 90 percent finished.
The Finnish Transport Infrastructure Agency acknowledged in a statement on February 26 that numerous cargo vessels are trapped in the ice in both international waters and Finnish territorial zones. It had earlier been reported that a significant ice expanse developed in the Gulf of Finland due to severe cold temperatures and minimal winds. As the winds gust, they make the ice accumulate.
The companies resolved their disagreement with Maersk Offshore Wind by agreeing to the construction contract amount of $360 million, including a cash payment of around $110 million upon delivery. Seatrium is offering a loan on the vessel backed by its anticipated revenues.