Eneti Inc. (NYSE:NETI) reports that its Seajacks UK Limited subsidiary has signed a contract with an undisclosed client to transport and install turbines for an offshore wind project commencing in the first half of 2025. The contract will be performed by the first of the company’s two NG16000X Wind Turbine Installation Vessels currently under construction 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. Inclusive of mobilization beginning early in the first quarter of 2025, the engagement is expected to be between 226 and 276 days and to generate approximately EUR 60 million to EUR 73 million (about $64 million to $78 million) of net revenue after forecast project costs.
“Securing this charter for our first newbuilding WTIV is an important milestone for the company,” said Eneti CEO Emanuele Lauro. “It represents a proof of concept for our newbuildings and reflects the improving fundamentals of the installation market and the expanding capability of our fleet. With open vessel capacity, we are well positioned to contract the fleet in a tightening market and a rising rate environment.”