Eneti Sells Three Seajacks Vessels for USD 70 Million

Business & Finance

August 9, 2023, by Adrijana Buljan

Eneti, former Scorpio Bulkers and the owner of Seajacks UK, has entered into an agreement to sell the Seajacks Hydra, Seajacks Leviathan and Seajacks Kraken vessels for a total of USD 70 million (around EUR 63.7 million).

According to information the company shared in its results for the second quarter and the first half of 2023, the agreement was signed last month “with an unaffiliated third party” to whom Eneti and Seajacks are expected to deliver the three vessels of the GustoMSC NG-2500X design before the end of 2023.

Two of the vessels will still have some work to do before being delivered to their new owner as Seajacks UK last month signed new contracts in the offshore wind sector for two of its NG-2500Xs. The vessels have been booked for work in northwestern Europe for between 62 and 82 days and will generate approximately USD 5.2 million (approx. EUR 4.7 million) and USD 6.7 million (approx. EUR 6.1 million) in revenue in 2023.

A year ago, in its second quarter results for 2022, Eneti said that it had identified the NG-2500Xs as non-core assets and that it was initiating a process to determine how to best monetize these assets.

The vessels have been deployed under several contracts since then and have continued to perform maintenance on offshore gas production platforms and wind turbine gear maintenance over the last quarter; however, the NG2500Xs have a shorter contracting cycle than larger vessels, according to Eneti’s presentation from August 2022.

Besides the three NG-2500Xs, Eneti, through its subsidiary Seajacks UK, also owns Seajacks Scylla (NG-14000X) and Seajacks Zaratan (NG-5500C), both of which have significantly contributed to its revenues in the second quarter of this year, with Seajacks Scylla currently deployed in the Netherlands and Seajacks Zaratan starting work on the Yunlin project offshore Taiwan in June.

Eneti also has two next-generation offshore wind turbine installation vessels (WTIVs) under construction at Daewoo Shipbuilding and Marine Engineering (DSME) in Korea. Both vessels are of the GustoMSC NG-16000X design.

The first WTIV, Nessie, is scheduled to be delivered in the fourth quarter of 2024 and already has a contract for an offshore wind project shortly after it goes into service.

The second NG-16000X vessel, to be named Siren, will be delivered in the second quarter of 2025.