Seatrium unit files arbitration proceedings over dispute with consortium partner Aibel

[SINGAPORE] Seatrium New Energy (SNE), a wholly owned subsidiary of Seatrium, and Norwegian energy services firm Aibel have filed arbitration proceeds in relation to a consortium agreement they inked in May 2019.

The parties are disputing the distribution of revenue and costs incurred in relation to the scope of the project under the consortium, to design and build a 900 megawatt offshore converter platform for end-customer TenneT Offshore.

They have also lodged claims against one another for breaches related to the scope of works and responsibilities allocated under the project, said Seatrium on Thursday (Jan 22).

The financial impact arising from the proceedings will depend on the outcome of the arbitration, it said.

The group added that it is currently “unable to definitively ascertain the financial impact, if any, arising from the arbitration proceedings”.

“SNE will prosecute and protect its position and, where appropriate, will vigorously defend Aibel’s claims,” said Seatrium.

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Seatrium shares ended Wednesday 0.5 per cent or S$0.01 higher at S$2.13, before the news.