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Eneti Inc. Signs Vessel Reservation Contract for Newbuild WTIV

Monday, 18 September 2023 | 20:00

Eneti Inc. announced that Seajacks UK Limited, a wholly-owned subsidiary of the Company and a leading provider of installation and maintenance vessels to the offshore wind sector, has signed a vessel reservation agreement with an undisclosed client to transport and install turbines.

With mobilization commencing in the first quarter of 2027, the contract will be performed by one of the Company’s two NG16000X Wind Turbine Installation Vessels currently under construction at Hanwa Ocean in South Korea. Inclusive of mobilization and demobilization, the engagement is expected to be between 210 and 245 days and generate approximately USD 87 million to USD 100 million of gross revenue. Project costs are expected to be USD 15 million in aggregate.

Emanuele Lauro, CEO of Eneti, says, “Through the ability to employ either of our two newbuilds, this project provides both maximum flexibility and accretive future cash flows. With net revenues approaching $350,000 per day, the contract reflects the improving fundamentals of offshore wind and current market conditions.”
Source: Eneti Inc.

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