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Seatrium to pay US$108 million to vendor following arbitration ruling

The Edge Singapore

Additional interest costs will be determined

Seatrium is to pay US$108 million to MH Wirth, following an arbitration filed in 2021 over the supply of certain equipment for certain past projects.

In an announcement on April 18, Seatrium says that arbitration proceedings were concluded last July.

The arbitration award included termination fees of US$101 million plus other costs including labour and legal.

Seatrium adds that it has already made provision for this US$108 million.

However, interest costs will be further determined. Seatrium will book this amount within this current FY2024.

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