Monaco’s Eneti exceeded analysts’ forecasts on Thursday, April 27, when it reported results for the three months ended March 31, 2023.

For the first quarter of 2023, the Company’s GAAP net loss was $17.6 million, or $0.48 per diluted share, whereas the average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 84 cents per share

Total revenues for the first quarter of 2023 were $13.8 million, compared to $22.4 million for the same period in 2022. First quarter 2023 revenues consisted of revenues generated by the Seajacks Scylla, which began work at an offshore wind farm project in the Netherlands, as well as the NG2500Xs which performed maintenance on offshore gas production platforms and wind turbine gear maintenance and consulting revenue. Seajacks Zaratan is expected to begin its next project in June 2023.

Earnings before interest, taxes, depreciation and amortisation for the first quarter of 2023 was a loss of $10.3 million and EBITDA for the first quarter of 2022 was $14.2 million.

As of April 21, 2023, the Company had approximately $112.2 million in cash and cash equivalents and $2.1 million in restricted cash.

The Company is currently under contract with Daewoo Shipbuilding and Marine Engineering for the construction of two next-generation offshore wind turbine installation vessels. The aggregate contract price is approximately $654.8 million, of which $98.5 million has been paid. The WTIVs are expected to be delivered in the fourth quarter of 2024 and second quarter of 2025, respectively.

FILE PHOTO: NOV won a contract for a wind turbine installation jack-up vessel for Eneti in 2021. NOV