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Eneti offshore wind turbine installation vessel

An illustration showing Eneti's Wind Turbine Installation Vessel (WTIV) under construction at Hanwha Ocean. Illustration courtesy Eneti Inc.

Eneti Lands Contract for Newbuild WTIV at Attractive Dayrate

Mike Schuler
Total Views: 1243
September 18, 2023

Offshore wind installation vessel (WTIV) shipowner Eneti Inc. (NYSE:NETI) has announced a new vessel reservation contract for Seajacks UK Limited for one of its newbuild WTIVs at an attractive dayrate.

Seajacks UK is a wholly-owned subsidiary specializing installation and maintenance services to the offshore wind sector.

The contract was signed with an undisclosed customer with mobilization commencing in the first quarter of 2027.

The contract will be performed by one of Eneti’s two NG16000X WTIVs currently under construction at Hanwa Ocean in South Korea, formerly known as Daewoo Shipbuilding and Engineering. The newbuilds will be capable of handling the world’s largest wind turbines.

Inclusive of mobilization and demobilization, the engagement is expected to be between 210 and 245 days and generate approximately $87 million to $100 million of gross revenue, amounting to a day rate of around $410,000. Project costs are expected to be $15 million in aggregate.

“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,” said Emanuele Lauro, CEO of Eneti.

Eneti ordered the two newbuild WTIVs in 2021 with deliveries planned in the fourth quarter of 2024 and second quarter of 2025, respectively.

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