Monaco-based Eneti, led-by Emanuele A. Lauro, a provider of installation and maintenance vessels to the offshore wind sector, has confirmed that Seajacks UK Limited, a subsidiary of the company, signed a vessel reservation agreement with an undisclosed client to transport and install turbines.
Eneti said project costs are expected to be $15 million in aggregate.
Mobilisation starts in the first quarter of 2027. New-York listed Eneti revealed the contract will be performed by one of the company’s two NG16000X Wind Turbine Installation Vessels.
The ships are currently under construction at Hanwha Ocean in South Korea.
Inclusive of mobilization and demobilization, the contract is expected to last for between 210 and 245 days and generate between $87m to $100m of gross revenue.
The company until now has invested heavily in the next generation of wind turbine installation vessels.
Emanuele Lauro, chief executive of Eneti, said, “Through the ability to employ either of our two newbuilds, this project provides both maximum flexibility and accretive future cash flows.”
“With net revenues approaching $350,000 per day, the contract reflects the improving fundamentals of offshore wind and current market conditions.”
In July Eneti sealed a deal to sell the three NG 2500 units – Seajacks Hydra, Seajacks Leviathan and the Seajacks Kraken – to an undisclosed buyer for about $70m.
The delivery of the units is expected to take place before the end of 2023.
The sales will provide net cash proceeds of about $56.8m, after the repayment of amounts due on the term loan tranche under the $175.0m credit facility.
