Offshore wind-market player Eneti is making the case for a substantial ramp-up in valuation as contract coverage grows and funding requirements for its newbuilding programme appear to have been met.

That was the take from Clarksons Platou Securities analyst Turner Holm on Friday after the New York-listed owner of wind turbine installation vessels (WTIVs) reported first-quarter earnings.

35% of NAV

Eneti is trading at only 35% of its estimated net asset value of $15.90 per share and the huge discount is getting more difficult to justify, Holm told clients.