Eneti puts U.S.-built WTIV plan on hold

Eneti Chairman and CEO Emanuele A. Lauro: "Right now we are focused on delivering on our existing commitments and deriving value from our existing fleet.”

Eneti Inc. (NYSE:NETI) said today that it has discontinued discussions with a shipyard in the United States to build a Jones Act-compliant Wind Turbine Installation Vessel (WTIV).

Chairman and CEO Emanuele Lauro said, “We believe the U.S. market for offshore wind will offer significant opportunities for the company in the future, but right now we are focused on delivering on our existing commitments and deriving value from our existing fleet.”

Though its U.S. plans might be on hold, Eneti reported that in northwest Europe, its Seajacks UK Limited subsidiary has signed four contracts for between 189 to 240 days of employment for its NG2500-class vessels that will generate between approximately $11.6 million to $14.3 million of revenue in 2022.

Those contracts follow the December 2021 signing of a contract with Van Oord covering employment of another Seajacks UK vessel, Seajacks Scylla, in Europe in 2023. The firm charter duration of the contract will generate approximately $60.0 million of revenue from the first quarter through the fourth quarter of 2023.