Eneti Inc. (NYSE:NETI) Q4 2022 Earnings Conference Call February 9, 2023 9:00 AM ET

Company Participants

James Doyle - Head of Corporate Development & Investor Relations

Emanuele Lauro - Chief Executive Officer

Sebastian Brooke - Chief Operating Officer of Seajacks

Cameron Mackey - Chief Operating Officer

Hugh Baker - Chief Financial Officer

Conference Call Participants

Greg Lewis - BTIG

Liam Burke - B. Riley

Operator

Hello, and welcome to the Eneti Inc. Fourth Quarter 2022 Conference Call.

I would now like to turn the conference 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 fourth quarter 2022 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, Chief Operating Officer of Seajacks.

Earlier today, we issued our fourth quarter earnings press release which is available on our website eneti-inc.com. The information discussed on this call is based on information as of today, February 9, 2023 and may contain forward-looking statements that involve risks 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 filings which are available at eneti-inc.com and sec.gov.

Call participants are advised that the audio of this conference call is being broadcast live on the Internet, and it 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. We will be giving a short presentation today. The presentation is available at eneti-inc.com on the Investor Relations page, under Reports and Presentation. The slides will also be available on the webcast. After the presentation, 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 everybody to our fourth quarter and full year 2022 results. In the fourth quarter, the company generated around $46.5 million of revenue and around $12 million of net income, which is a significant year-over-year improvement. 2022 was a profitable year for Eneti. We've generated around $200 million of revenue and more than $100 million in net income. This includes a realized gain on the divestiture of the STNG investment.