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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 Wins Contract for Newbuild Wind Turbine Installation Vessel

Mike Schuler
Total Views: 1139
October 24, 2023

Offshore wind installation company Eneti Inc. (NYSE:NETI) announced today that its wholly-owned subsidiary, Seajacks UK Limited, has secured a contract with an undisclosed client for the transportation and installation of turbines using one of its newbuild Wind Turbine Installation Vessels (WTIVs).

The contract, set to begin in the second quarter of 2027, will be carried out by one of Seajacks’ two NG16000X WTIVs currently being constructed by Hanwha Ocean in South Korea.

Expected to last between 180 and 210 days, including mobilization and demobilization, the engagement is projected to generate gross revenue ranging from US $73 million to $84 million. The total project costs are estimated to be $8 million.

“This contract emphasizes our position that market fundamentals remain strong,” said Eneti’s CEO, Emanuele Lauro. “As with our previous newbuilding contract, we have secured optionality in providing either of our newbuildings to service the contract, which maximizes vessel utilization and generates accretive cash flows. All in all, this contract serves both the needs of our customer and returns required of our shareholders.”

The previous contract Lauro is referring to was announced in September. The contract was signed with an undisclosed customer with mobilization commencing in the first quarter of 2027 at a day rate of around $410,000.

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

Eneti debuted in early 2021 as pure-play offshore WTIV shipowner after transitioning away from the dry bulk shipping sector under its former name “Scorpio Bulkers”. The company currently operates a market-leading fleet of five WTIVs through its wholly-owned subsidiary Seajacks UK Limited, which it acquired in 2021.

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