Eneti Inc. Signs Installation Contract for Newbuild WTIV

MONACO, Oct. 24, 2023 (GLOBE NEWSWIRE) -- Eneti Inc. (NYSE:NETI) (the “Company”) announced today that Seajacks UK Limited, a wholly-owned subsidiary of the Company and a leading provider of installation and maintenance vessels to the offshore wind sector, has signed a contract with an undisclosed client to transport and install turbines.

With mobilization commencing in the second quarter of 2027, the contract will be performed by one of the Company’s two NG16000X Wind Turbine Installation Vessels currently under construction at Hanwha Ocean in South Korea. Inclusive of mobilization and demobilization, the engagement is expected to be between 180 and 210 days and generate approximately USD 73 million to USD 84 million of gross revenue.  Project costs are expected to be USD 8 million in aggregate.

Emanuele Lauro, CEO of Eneti, says, “This contract emphasizes our position that market fundamentals remain strong.  As with our previous newbuilding contract, we have secured optionality in providing either of our newbuildings to service the contract, which maximizes vessel utilization and generates accretive cash flows.  All in all, this contract serves both the needs of our customer and returns required of our shareholders.”

About Eneti Inc.

Eneti Inc. is a leading provider of installation and maintenance vessels to the offshore wind sector and has invested in the next generation of wind turbine installation vessels. The Company is listed on the New York Stock Exchange under the ticker symbol NETI. Additional information about the Company is available on the Company’s website: www.eneti-inc.com.

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “targets,” “projects,” “likely,” “would,” “could” and similar expressions or phrases may identify forward-looking statements.