Eneti Lands New Offshore Contracts in the UK

Offshore wind turbine installation specialist Eneti (NYSE: NETI) has announced new contracts for two of Seajacks’ NG2500X-class jack-up vessels in the UK sector of the North Sea.

The contracts were signed between Eneti subsidiary Seajacks UK Limited with a UK-based utility and a UK-based energy company, respectively, the identify of which were did not disclosed.

One of the vessels will support offshore wind farm substation commissioning in the UK sector of the North Sea for a period of 90-120 days in each of 2023, 2024, and 2025. In aggregate, over the three years, the contract is expected to generate up to $20.5 million of revenue.

The other will support offshore facility maintenance in the UK sector of the North Sea. The contract, which has a duration of between 14 and 21 days, will generate approximately $800,000 to $1.2 million of revenue in the second quarter of 2022.

Following Eneti’s transition from bulk carriers (formerly known as Scorpio Bulkers) into a pureplay offshore wind installation specialist, the company announced a deal to acquire UK-based Seajacks in August 2021, becoming the world’s largest owner of purpose-built self-propelled Wind Turbine Installation Vessels (WTIV) with a fleet of 5 vessels on the water and more on order.

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