Monaco-based owner and operator of offshore wind vessels Eneti is exploring options for three of its smaller wind turbine installation self-propelled jackups it obtained by taking over UK-based Seajacks last year.
The company has identified the NG 2500Xs as non-core assets and is initiating a process through which it determines how to best monetise these assets, the New York-listed Eneti said in its second-quarter report, without putting a potential price tag on the vessels.
The GustoMSC-designed NG 2500s multi-purpose jackups, the 2014-built Seajacks Hydra, and the 2009-built Seajacks Leviathan and Seajacks Kraken, all fit for oil and gas work and installing up to 4 MW turbines, are currently employed, but Eneti noted they have a shorter contracting cycle than larger vessels.
“The market conditions for those assets which have a fair bit of employment in oil and gas related work have tightened significantly over the last several months, so we’re seeing increased inbound inquiries not just for employment but for longer-term employment and also sale,” said Cameron Mackey, chief operating officer at Eneti.
“There is such a discrepancy between the share price and what the vessels can earn, and we are currently in the early stages of evaluating either selling or putting out on a longer-term business to try and capture that spread. We don’t expect this to happen overnight,” Mackey added.
Formerly Scorpio Bulkers, Eneti currently has a fleet of five wind turbine installation vessels. The most advanced vessel in the company’s fleet is the 2015-built Scylla, fit to handle up to 14 MW turbines and currently employed by Ørsted in Taiwan, setting up 8 MW units.
The company also has two NG-16000X designed by GustoMSC under contract with South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering, each capable of installing up to 20 MW turbines. The vessels are expected to deliver in the third quarter of 2024 and the second quarter of 2025 and have not yet been fixed on contracts.