Eneti, Inc. (NYSE:NETI) Q1 2022 Earnings Conference Call May 12, 2022 11:30 AM ET

Company Participants

James Doyle - Head of Corporate Development & IR

Emanuele Lauro - CEO

Sebastian Brooke - Seajacks International Limited, Director of Business Development

Conference Call Participants

Greg Lewis - BTIG

Turner Holm - Clarksons

Liam Burke - B. Riley

Operator

Hello, and welcome to the Eneti Incorporated First Quarter 2022 Conference Call.

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

James Doyle

Thank you for joining us today. Welcome to the Eneti, Inc. first 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 first 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, May 12, 2022 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 the 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 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 Presentations. 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. Good morning, and afternoon to everyone. Thanks for your time today. The contract backlog on our existing fleet continues to grow. Since we last spoke, we've added nearly $80 million of additional revenue backlog for 2022 and 2023, including options. From November 2021, we have increased our contracted backlog by almost $170 million for 2022 and 2023. This includes a contract for our second largest WTIV, the Zaratan for employment with Siemens Gamesa Renewable Energy in Taiwan in 2023. These projects will generate between $32 million and $36 million. So now the Zaratan and Scylla are both contracted for 2023, giving the company the necessary visibility.