Seatrium has completed its inaugural $400m fixed-rate notes issue, with the order book about 1.7 times covered, the company said.

Monday, 10 June 2024The project is expected to begin in June 2024, with commissioning expected by 2031. The contract is part of the five-year Framework Cooperation Agreement with TenneT announced by the GE Vernova-Seatrium consortium in March 2023. The agreement was signed to cover three projects, each valued at approximately EURO 2 billion: IJmuiden Ver Beta, IJmuiden Ver Gamma, and Nederwiek 2. The current contract is for Nederwiek 2, TenneT’s third project with this consortium. The contracts for IJmuiden Ver Beta and IJmuiden Ver Gamma were awarded to the consortium in March 2023.The HVDC system will support TenneT's sustainability goal of connecting 40 GW of offshore wind energy in the German and Dutch North Sea and will serve the Nederwiek 2 offshore wind farm, located approximately 95 kilometres off the coast of the Netherlands.“With the successful call-off of Nederwiek 2 from the Framework Cooperation Agreement with our Partners GE Vernova and Seatrium, we are now starting into the delivery of the third project with this consortium” said Dr. Johannes Kammer, Associate Director of Large Projects Offshore - 2GW, TenneT