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$100m turbine installation deal signed by Eneti

4C Offshore | Mark Casey
By: Mark Casey 18/09/2023 ENETI
Seajacks UK

Eneti subsidiary Seajacks UK has signed a vessel reservation agreement with an undisclosed client to transport and install turbines.

With mobilization commencing in the first quarter of 2027, the contract will be performed by one of the Company’s two NG16000X Wind Turbine Installation Vessels currently under construction at Hanwa Ocean in South Korea.

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.

“Through the ability to employ either of our two newbuilds, this project provides both maximum flexibility and accretive future cash flows,“ Commented Emanuele Lauro, CEO of Eneti.

“With net revenues approaching $350,000 per day, the contract reflects the improving fundamentals of offshore wind and current market conditions.”

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