Ziton Signs Long-Term Vessel Agreements with Siemens Gamesa

Ziton has entered into new strategic agreements with the wind turbine maker Siemens Gamesa, extending the current charter contract it has with the company and signing a new charter for another jack-up vessel.

The current charter agreement for the vessel Wind Enterprise will be extended for four and a half years, keeping the vessel busy until 31 December 2029 at a higher day-rate.

After 1 January 2027, Siemens Gamesa will retain an option for early termination of the contract against payment of a one-off compensation.

The two companies have also entered into an agreement of time charter of a new vessel on terms similar to the extension agreement for Wind Enterprise.

The time charter is expected to be initiated when the vessel is operational which is planned for the beginning of 2024.

The time charter will end on 31 December 2029 and for this charter, Siemens Gamesa does not hold any options for early termination.

Ziton has signed an agreement to purchase the sister vessel to Wind Enterprise, subject to securing financing. The vessel has the same specifications as Wind Enterprise and was built a few months later than the abovementioned vessel in 2011 at the same yard and is currently operating in China with the installation of offshore wind turbines.

The vessel will shortly depart for a dry dock in China to have a final inspection of legs and spud cans. Upon inspection, the living area will be prepared in China for a complete upgrade at yard stay in Europe.

According to Ziton, the total value of the remaining part of the Wind Enterprise time charter and the six years time charter agreement for the sister vessel could amount up to approximately EUR 373 million in the duration of the agreements.

Ziton also added that the two vessels contracted with Siemens Gamesa are expected to generate about 55 per cent of the company’s run rate revenue from mid-2025.

The Denmark-based company recently entered into an operations and maintenance jack-up vessel framework agreement with RWE to provide support to RWE’s offshore wind business with vessel, lifting, and auxiliary services.

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