Eneti Inc. announces that it has suspended its discussions
MONACO, 01 Feb. 11, 2022 (GLOBE NEWSWIRE) — Eneti Inc. (NYSE: NETI) (the “Company”) announced today that it has terminated discussions with a shipyard in the United States to build a wind turbine that complies with the law. Jones Installation Vessel. Emanuele A. Lauro, President and CEO, said, “We believe the U.S. offshore wind market will provide significant opportunities for the company in the future, but for now, we are focused on meeting of our existing commitments and the enhancement of our existing fleet. .”
In addition, the company today announced that Seajacks UK Limited, a wholly owned subsidiary of the company and a leading supplier of installation and maintenance vessels to the offshore wind industry, has signed four contracts with customers in North West Europe for a period between 189 and 240 days. jobs for its NG2500 class vessels which will generate between approximately $11.6 million and $14.3 million in revenue in 2022.
Additionally, the company announced on December 27, 2021 that Seajacks Scylla, another Seajacks UK limited vessel, has signed a contract with Van Oord for employment in Europe in 2023. The firm charter duration of the contract will generate approximately 60 $.0 million in revenue from the first quarter to the fourth quarter of 2023.
Eneti Inc. focuses on the offshore wind industry and marine renewable energy and has invested in the next generation of wind turbine installation vessels. The Company is listed on the New York Stock Exchange under the symbol NETI. Additional information about the Company is available on the Company’s website: www.eneti-inc.com
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements to encourage companies to provide forward-looking information about their businesses. Forward-looking statements include statements regarding future plans, objectives, goals, strategies, events or performance, as well as underlying assumptions and other statements, that are other than statements of historical fact. The Company wishes to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and includes this disclaimer as part of such safe harbor legislation. The words “believe”, “expect”, “anticipate”, “estimate”, “intend”, “plan”, “targets”, “projects”, “likely”, “would”, ” could” and similar phrases or expressions may identify forward-looking statements.
The forward-looking statements contained in this press release are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, including many are beyond our management’s control, which could cause actual results or results to differ materially from those discussed in the forward-looking statements. These forward-looking statements are based on information available as of the date hereof, and on current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Although we believe that these assumptions were reasonable when made, because they are inherently subject to important uncertainties and contingencies which are difficult or impossible to predict and which are beyond our control, we cannot guarantee that we will achieve or achieve those expectations, beliefs or projections and we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date on which they were made, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
In addition to these important factors, other important factors that we believe could cause actual results to differ materially from those discussed in the forward-looking statements include:
our future operating or financial results; variations in demand for capacity of Wind Turbine Installation Vessels (“WTIV”); the strength of global economies and currencies; the duration and severity of the recent novel coronavirus (COVID-19) outbreak, including its effects on demand for WTIV and the installation of offshore wind turbines; our ability to successfully utilize our existing and new WTIVs and the availability and suitability of our vessels for our customers’ projects; our ability to determine a successful plan to achieve Jones Law compliance and secure Jones Law vessels; our ability to compete successfully for future charter and new construction opportunities; our continued ability to employ our vessels; interest rate and currency exchange rate fluctuations; the early termination of customer contracts, our inability to win new contracts for our vessels or the inability of counterparties to fully perform their contracts with us; our ability to identify, consume, integrate and successfully realize the expected benefits of acquisitions and changes to our business strategy; our ability to operate successfully in new markets; changes in our operating expenses, including bunker prices, dry docking and insurance costs; compliance with and our responsibilities under governmental, tax, environmental and safety laws and regulations; changes in governmental rules and regulations or actions taken by regulatory authorities; potential liability for pending or future litigation; general national and international political conditions; potential disruption of shipping routes due to accidents or political events; our ability to obtain or access financing, our liquidity and the adequacy of cash flows for our operations; our continued borrowing capacity under our debt agreements and compliance with the covenants contained therein; fluctuations in the value of our vessels and investments; our ability to finance capital expenditures and future investments in the construction, acquisition and renovation of our vessels (including the amount and nature thereof and the timing of their completion, timely delivery and start dates of operations, planned downtime and loss of revenue); potential exposure or loss from investment in derivatives or other equity investments in which we invest; potential conflicts of interest involving members of our board of directors and senior management and our significant shareholders; and our expectations regarding the availability of vessel acquisitions and our ability to complete anticipated acquisition transactions and other factors.