Seatrium stock: unit starts Petrobras arbitration over 55.7m US dollars

Published on 11/13/2026 at 20:50 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Seatrium stock is linked to a legacy FPSO contract dispute involving Petrobras Netherlands. The case will be heard in London under UNCITRAL rules.

Payment dispute moves to arbitration

Jurong Shipyard is seeking payment linked to a withheld amount under a 2008 settlement.
Petrobras has issued a separate demand tied to alleged overpayments under the same FPSO contract.
The proceedings are set for London under UNCITRAL rules and English law.

Seatrium, SGXE34184239, Illustration mit AI erstellt.

On Friday, November 13, 2026, Infomarine reported that Jurong Shipyard, a wholly owned Seatrium subsidiary, had started arbitration against Petrobras Netherlands over a legacy contract for the conversion of the P-54 floating production, storage and offloading vessel.

Seatrium said the dispute relates to a 2008 settlement following amendments to the original 2004 contract. Petrobras Netherlands agreed to pay Jurong Shipyard a close-out amount of 152.3 million US dollars, with 55.7 million US dollars withheld pending a final decision by Brazil's Federal Court of Accounts.

Claims extend beyond withheld payment

Seatrium said the Brazilian court issued its final decision in November 2023, removing the basis for withholding the funds, but the payment was not released. Jurong Shipyard is seeking recovery of the withheld amount and says Petrobras Netherlands breached the settlement agreement.

Petrobras, the parent of Petrobras Netherlands, has separately issued a demand letter claiming 135.3 million US dollars in alleged overpayments under the P-54 contract. After deducting the withheld amount, the claimed net payment is 79.6 million US dollars.

The arbitration is to take place in London under UNCITRAL rules and English law. The case adds a legal dispute to Seatrium's broader offshore engineering and FPSO project exposure.

Seatrium stock traded at 1.27 euros on Lang & Schwarz at 20:46 CET on Friday, November 13, 2026.