Maritime Industry Briefing: TotalEnergies Exits Arctic LNG 2, VARD Vessel Heads to Norway, Terminal Dispute Heads to Arbitration

## Maritime Industry Briefing ### TotalEnergies Closes Arctic LNG 2 Chapter, Preserves $1.3 Billion Claim France's TotalEnergies has formally completed its exit from Russia's Arctic LNG 2 project, relinquishing its equity stake in the sanctioned liquefied natural gas venture while retaining the right to pursue recovery of approximately $1.3 billion in outstanding shareholder loans, according to Offshore Energy. The move marks a significant milestone in the French energy major's broader effort to disentangle itself from Russian energy assets following the imposition of Western sanctions. TotalEnergies had previously faced criticism for its continued involvement in Russian LNG infrastructure after Moscow's 2022 invasion of Ukraine. The retention of the loan claim — subject to applicable sanctions frameworks — signals the company's intent to preserve financial recourse even as it exits operationally. Arctic LNG 2, operated by Novatek, has been severely hampered by sanctions, with offtake partners and contractors withdrawing and tanker deliveries disrupted. --- ### VARD-Built Subsea Construction Vessel Transits to Norway for Final Outfitting A subsea construction vessel (OSCV) under construction by Norwegian shipbuilder VARD for a Taiwan-based client is now en route to Norway for final outfitting, Offshore Energy reports. The vessel's transit represents a key milestone in its delivery schedule, with Norwegian yards remaining a preferred destination for the complex integration work associated with advanced offshore construction vessels. The project underscores continued demand for sophisticated offshore infrastructure assets in Asia-Pacific markets, where subsea development activity — particularly in renewables and oil and gas — continues to drive newbuild orders. VARD, a subsidiary of Italy's Fincantieri, has established a strong position in the design and construction of specialized offshore vessels. --- ### IPA Terminal Files Arbitration Against LOGISTEC Over Altamira Port Deal A dispute over the sale of a terminal at the Port of Altamira, Mexico has escalated to formal arbitration, with sellers Christian Hess Ratz, Jurgen Hess Ratz, and Steel Connect B.V. — operating collectively as IPA Terminal — filing proceedings against Canadian port operator LOGISTEC, according to a PR Newswire release dated 31 August 2026. The sellers allege that LOGISTEC is attempting to renege on a signed purchase agreement, citing what the sellers characterize as a 'bogus sanctions issue' as a pretext for withdrawal. The deal had previously received recognition from both Mexican and Canadian government officials. LOGISTEC has not publicly commented on the arbitration filing at the time of publication. The dispute highlights the growing complexity of cross-border port asset transactions, particularly where sanctions compliance concerns — real or alleged — can be invoked to complicate or unwind commercial agreements. The outcome of the arbitration could have broader implications for investor confidence in Mexican port infrastructure deals.