Wind Energy – South Korea
The contract with an unnamed project due to start in early 2025 is for the first of two large installation vessels the former Scorpio Bulker ordered in 2021 that are being built in South Korea.
The contract is for the transport and installation of turbines for a project commencing in the first half of 2025. Eneti reports that inclusive of mobilization beginning early in the first quarter of 2025, the engagement is expected to be between 226 and 276 days and generate approximately $63 to $77 million of net revenue after forecasted project costs.
Scorpio Group headed by Emanuele Lauro announced plans in 2020 to exit its historic business in bulkers and transform into a wind installation company. In May 2021, the company ordered the first of its next-generation installation vessels, to be built by Daewoo Shipbuilding and Marine Engineering at a cost of $330 million.
The vessel will be capable of installing up to 20 MW turbines at depths over 200 feet of water, and it can be adapted to operate on the alternate fuels of LNG or Ammonia. A year ago, the company placed an order for a sister ship also to be built by DSME.
Eneti reports that the first vessel will be named Nessie and that they are expecting it to be delivered during the fourth quarter of 2024.
It is the next major step for the company in its transformation. The second newbuild is due to begin operation early in the second quarter of 2025. In addition, Eneti in 2021 acquired Seajacks and currently has a fleet consisting of five WTIVs.