New York-listed Eneti has found work for one of its new offshore wind ships at an eye-catching rate.
The Scorpio Group-backed shipowner said Seajacks — its UK subsidiary — has fixed an NG16000X wind turbine installation vessel (WTIV) at nearly $350,000 per day.
The company has secured a reservation agreement for the WTIV with an undisclosed client to transport and install turbines.
Mobilisation starts in the first quarter of 2027. The ship is being built at Hanwha Ocean in South Korea.
Inclusive of mobilisation and demobilisation, the contract is expected to last for between 210 and 245 days and generate between $87m and $100m of gross revenue.
Eneti said project costs are expected to be $15m in aggregate.
Chief executive Emanuele Lauro 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 August, Eneti shed its last connections to the offshore oil-and-gas business with the sale of three smaller vessels that were sometimes used to serve that sector.
The owner offloaded its three NG 2500 units — Seajacks Hydra, Seajacks Leviathan and Seajacks Kraken — to an unidentified Middle Eastern buyer for about $70m.
The sales will net about $57m after bank debt is repaid.
The disposals had been expected, as Eneti has said for months that the units were non-core to its fleet of WTIVs and designated for sale.
Eneti was able to turn in a second-quarter profit of $2.8m, or $0.08 per share.
In June, shipping giants BW Group and Scorpio Group struck a deal to form the world’s biggest owner of WTIVs.
They are merging BW and Swire Pacific-backed owner Cadeler with Eneti in a $1.2bn all-share deal.
Oslo-listed Cadeler will offer Eneti investors 3.409 Cadeler shares for every Eneti one.
Cadeler will have 60% and Eneti 40% of the combined company.