Eneti Inc. (NYSE:NETI) Q2 2023 Results Conference Call August 8, 2023 10:00 AM ET

Company Participants

James Doyle - Head-Corporate Development and Investor Relations

Emanuele Lauro - Chief Executive Officer

Robert Bugbee - President

Hugh Baker - Chief Financial Officer

Sebastian Brooke - Chief Operating Officer, Seajacks

Conference Call Participants

Sherif Elmaghrabi - BTIG

Liam Burke - B. Riley FBR

Ben Nolan - Stifel

Adam Forsyth - Longspur Research

Operator

Hello, and welcome to the Eneti Inc., Second Quarter 2023 Conference Call.

I would now like to turn the call over to James Doyle, Head of Corporate Development and IR. Please go ahead, sir.

James Doyle

Thank you for joining us today. Welcome to the Eneti Inc.'s Second Quarter 2023 Earnings Conference Call. On the call with me are Emanuele Lauro, Chief Executive Officer; Robert Bugbee, President; Cameron Mackey, Chief Operating Officer; Hugh Baker, Chief Financial Officer; Sebastian Brooke, CEO of Seajacks.

Earlier today, we issued our second quarter earnings press release, which is available on our website, enetiInc.com. The information discussed on this call is based on information as of today, August 8, 2023, and may contain forward-looking statements that involve risk and uncertainty.

Actual results and events may differ materially from those set forth in such statements. For a discussion of these risks and uncertainties, you should review the forward-looking statement disclosure in the earnings press release issued today as well as Eneti Inc.'s SEC fillings, which are available at enetiinc.com and sec.gov.

Call participants are advised that the audio of this conference call is being broadcast live on the Internet and is also being recorded for playback purposes. An archive of the webcast will be made available on the Investor Relations page of our website for approximately 14 days. While we will not be going through slides, there is an earnings presentation on our website under the Investor Relations page and reports and presentation.

After opening remarks, we will go to Q&A. Now I'd like to introduce our Chief Executive Officer, Emanuele Lauro.

Emanuele Lauro

Thank you, James, and welcome, and thank you, everybody, for joining us today. In the second quarter, the Company generated close to $39 million of revenue and adjusted net income of $8 million. This represents a strong improvement from the first quarter. During this quarter, all five vessels were on employment contracts. Today, we announced the sale of the NG2500 for a price of $70 million. These are assets which we had previously identified as noncore and discussed the fact that we were marketing them for sale.