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Eneti reports on financial performance following Seajacks acquisition

By: Tom Russell 05/08/2022 Eneti Inc.

General Vessels

Eneti Inc. has published its results for the Q2 2022 ended 30 June 2022. The Company’s results for the three and six months include the impact of Seajacks International Limited’s (Seajacks) earnings, which was acquired on 12 August 2021.

Eneti Inc. (previously Scorpio Bulkers Inc.) is currently transitioning away from the business of dry bulk commodity transportation and towards marine-based renewable energy including investing in the next generation of wind turbine installation vessels.

For the second quarter of 2022, the Company’s GAAP net income was $52.7 million compared to $13.0 million for the same period in 2021..

Total revenues for the second quarter of 2022 were $61.3 million, up from $37.7 million for the same period in 2021. Second quarter 2022 revenues consisted primarily of revenues generated by the Seajacks Scylla,which was continuing its transportation and installation services for an offshore wind farm project in Taiwan, the Seajacks Zaratan which commenced work on the Akita project

EBITDA for the second quarter of 2022 was $60.2 million and EBITDA for the second quarter of 2021 was $19.7 million.

Total revenues for the first half of 2022 were $83.7 million compared to $97.5 million for the same period in 2021. First half 2022 revenues were generated by the same projects as in the second quarter of 2022.

For the first half of 2021, the Company’s GAAP net income was $54.9 million, or $5.03 per diluted share,

EBITDA for the first half of 2022 was $74.4 million and EBITDA for the first half of 2021 was $71.7 million.

Eneti also revealed that three of its newly acquired offshore wind installation assets have been designated as "non-core assets". This includes the NG 2500X design Kraken, Hydraand Leviathan. Eneti stated it is initiating a process through which it determines how to best monetise these assets.

The three vessels which were originally built for the installation of offshore wind farms were used in the performance of maintenance on offshore gas production platforms in the North Sea throughout Q2 of 2022. Both the Kraken and Leviathan were delivered in 2009 with the Hydra following in 2014.

For more information on installation and maintenance of major offshore wind farm components, click here.

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Eneti reports on financial performance following Seajacks acquisition

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