Eneti Newbuild Jack-Ups Secure More Work While Under Construction

Eneti’s wholly-owned subsidiary, Seajacks UK Limited, has signed a vessel reservation agreement with an undisclosed client to transport and install wind turbines.

With mobilization commencing in the first quarter of 2027, the contract will be performed by one of Eneti’s two NG16000X Wind Turbine Installation Vessels (WTIVs) 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, said: ”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.”

Back in December 2022, Seajacks UK signed a similar contract with an undisclosed client for a transport and installation project scheduled to start in 2025.

The contract will be performed by Eneti’s first of two NG16000X WTIVs ordered at Daewoo Shipbuilding and Marine Engineering in Korea.

The vessel, to be named Nessie, will be delivered by the shipyard during the fourth quarter of 2024.

Nessie and her sister vessel will be capable of installing up to 20-megawatt turbines at depths of up to 65 metres of water.

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