'Our $350,000 a day contract shows improving offshore wind fundamentals': vessel giant CEO
Eneti books work for under-construction vessel as it prepares for $1.2bn merger with Cadeler
Installation vessel operator Eneti claimed a contract for one of its giant new ships showed “improving fundamentals of offshore wind and current market conditions” as it prepares for a $1.2bn merger.
Eneti announced the reservation agreement for one of its Seajacks subsidiary’s two NG16000X vessels that are currently being built in South Korea.
The deal will from the first quarter of 2027 see the vessel mobilised for between 210 and 245 days to work on an unidentified wind development, generating between $87m and $100m of gross revenue with project costs an aggregate $15m.
Eneti CEO 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.”
Like the rest of the supply chain, wind vessel operators have been under pressure from a costs crunch that has rocked the global offshore wind industry, which has been squeezed between soaring inflation and power deals that do not reflect current conditions.
Vessel operators have, however, found themselves in demand as developers race to ensure that they have enough capacity in place to install foundations and turbines in the run up to the end of the decade.
The deal brings together two of the world’s highest profile shipowners and deal-makers— Cadeler is chaired by Andreas Sohmen-Pao of BW Group and Eneti, led by Monaco-based magnate Emanuele Lauro.
Cadeler said in late August that it had seen no signs so far of any potential regulatory obstacles that would prevent the deal proceeding as planned.
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