Eneti’s Seajacks Lands More Work for Newbuild Jack-Up

October 24, 2023, by Adnan Memija

Eneti has unveiled that Seajacks UK, a wholly-owned subsidiary of the company, signed a contract with an undisclosed client to transport and install turbines.

With mobilization commencing in the second 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 180 and 210 days and generate approximately USD 73 million to USD 84 million of gross revenue.

Project costs are expected to be USD 8 million in aggregate.

“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,” Emanuele Lauro, CEO of Eneti.

In September, Seajacks UK signed a similar contract with an undisclosed client for a transport and installation project scheduled to start in 2027.

Eneti Newbuild Jack-Ups Secure More Work While Under Construction

Vessels

The contract will be performed by one of Eneti’s two NG16000X WTIVs with the engagement expected to be between 210 and 245 days.

In addition, Seajacks UK also signed another contract with an undisclosed client last week to assist with the installation of wind turbines. The contract will be performed by NG14000X- class vessel, Seajacks Scylla.