Eneti's Seajacks Lands New Jack-up Vessel Contract

A Seajacks jack-up ©Seajacks (File photo)
A Seajacks jack-up ©Seajacks (File photo)

Seajacks, a division of Eneti that provides offshore installation services, has won a contract for one of its jack-up vessels.

Eneti said Tuesday that the contract was in northwest Europe. The contract, with an unnamed client, is for 41 to 53 days.

Seajacks, which offers services in the offshore energy sector, will deploy one of its NG2500-class vessels as part of the deal.

The contract will generate between $3.3 million and $4.1 million in revenue in 2023.

To remind, late in January, Eneti said that Seajacks had signed two new contracts in northwest Europe. Read more here.

Eneti's operations are currently primarily those of Seajacks. Eneti, formerly known as Scorpio Tankers, exited its dry bulk carrier business in July 2021, to focus on the offshore wind services sector.

The company has since ordered two newbuild offshore wind installation vessels, currently under construction in South Korea, and acquired Seajacks (in August 2021).

The two new NG-160000X vessels will be known as Nessie and Siren, in line with the Seajacks' tradition of naming vessels after mythological sea creatures. They also have a Zaratan, a Kraken, a Scylla, a Hydra, and a Leviathan in their fleet.

Nessie gets work

In December 2022, Seajacks signed a contract with an undisclosed client to transport and install offshore wind turbines for a project starting in the first half of 2025. Seajacks will use the Nessie, Eneti's first of two NG16000X wind turbine installation vessels (WTIV) under construction at Daewoo Shipbuilding and Marine Engineering (DSME) in South Korea. 

The vessel will be delivered by the shipyard during the fourth quarter of 2024. The WTIV will be fitted with a high-capacity 2600t at a 31m radius crane, allowing the installation of 14MW+ offshore wind turbines.

Scylla & Zaratan Drive Revenue

Earlier this month, Eneti released its fourth-quarter results. For the fourth quarter of 2022, Eneti's GAAP net income was $11.8 million.

Total revenues for the fourth quarter of 2022 were $46.6 million, compared to $21.3 million for the same period in 2021. 

Eneti said that the fourth quarter of 2022 revenues primarily consisted of revenues generated by the Seajacks Scylla and Seajacks Zaratan jack-up vessels, both of which completed their respective projects providing transportation and installation services for an offshore wind farm project in Taiwan and work on the Akita project. 

"The Seajacks Scylla is currently en route to Europe for its next project, which is expected to commence in March 2023 and Seajacks Zaratan is expected to begin its next project in June 2023," Eneti said on February 9.

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