WTIV contracted out before build is complete

Monaco-based Eneti, which has a fleet of two WTIVs with another two under build, has just signed a contract to merge with Cadeler, as reported in Maritime Journal.

Eneti’s wholly-owned subsidiary Seajacks UK will perform the transport and installation when the new vessel is finished, which is slated for the second quarter of 2027.

The new WTIVs are similar to Eneti’s vessel Siren (pictured), which has a carrying capacity of five to six 12-15MW turbines, the company’s specs say, and can operate in water depths of 65 metres.

They are 148 metres in length and 56 metres wide, with a deck area of 5,400m². and accommodation for 130 people.

“Inclusive of mobilization and demobilization, the engagement is expected to be between 180 and 210 days and generate approximately $73 million to $84 million of gross revenue,” says Eneti. “Project costs are expected to be $8 million in aggregate.

“This contract emphasizes our position that market fundamentals remain strong,” said Eneti CEO Emanuele Lauro. “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.