Eneti, Inc. (NYSE:NETI) Q3 2023 Earnings Conference Call November 14, 2023 9:00 AM ET

Company Participants

James Doyle - Head, Corporate Development & IR

Emanuele Lauro - Co-Founder, Chairman & CEO

Sebastian Brooke - Director, Business Development, Seajacks International Limited

Conference Call Participants

Gregory Lewis - BTIG

Benjamin Nolan - Stifel, Nicolaus & Company

Liam Burke - B. Riley Securities

Adam Forsyth - Longspur Clean Energy

Operator

Good morning, and welcome to the Eneti Inc. Third Quarter 2023 Conference Call. [Operator Instructions]. Please note this event is being recorded. I would now like to turn the conference over to James Doyle, Head of Corporate Development and Investor Relations. Please go ahead.

James Doyle

Thank you for joining us today. Welcome to the Eneti Inc. Third 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; Michael Ferrante, Chief Accounting Officer; and Sebastian Brooke, Chief Executive Officer of Seajacks.

Earlier today, we issued our third 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, November 14, 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 filings, 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. After opening remarks, we'll go to Q&A.

Now I'd like to introduce our Chief Executive Officer, Emanuele Lauro.

Emanuele Lauro

Thank you, James. Welcome, everybody, and thank you for joining us today. The third quarter was a productive quarter for the company on many different levels. We have generated more than $53 million of revenue and an adjusted net income of $18.5 million. Since September, we have announced 3 employment contracts which are expected to generate between $250 million and $330 million of revenue. This is figures after project costs. For our new buildings, we have secured 2 major contracts at rates in excess of $350,000 per day. And even more impressively, we've secured $255,000 per day contract for the Scylla, which is starting in 2024 with a perfectly timely start upon conclusion of our current employment.