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NOV Lands Equipment Delivery Contracts for Eneti's WTIV
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Nov Inc. (NOV - Free Report) has been offered contracts by Eneti Inc. to design and supply equipment for the latter’s wind turbine installation jack-up vessel (“WTIV”), which is currently being built in South Korea. Notably, the contract offers Eneti an option to build an additional jack-up vessel.
In May 2021, Eneti, which specializes in offshore wind farm construction and services, ordered WTIV from South Korea builder Daewoo Shipbuilding and Marine Engineering for $330 million. Notably, the vessel is expected to be delivered in the third quarter of 2024.
Per the terms of the contract, Eneti will receive a NG-16000X design vessel, which is engineered by NOV subsidiary GustoMSC, to enhance carrying and lifting capacity, and a higher lifting height above the deck. The design includes a 2600-ton leg-encircling crane, which is capable of installing 20-megawatt turbines in up to 65 meters of water depth. Beside this, it provides the option to modify the vessel, thereby, enabling it to operate on alternate liquefied natural gas or ammonia fuel in the future.
The GustoMSC NG-16000X consists of the GustoMSC Rack & Pinion jacking system, with a variable speed drive. Notably, it is expected to provide high performance, reliableness and safety for hundreds of jacking moves throughout the vessel lifespan. The jacking system will have a regenerative power option, wherein the generated power is carried back into the vessel system.
Eneti has been planning to turn its focus from the dry bulk shipping sector to offshore wind. The company has been clear about its intent to enter the wind turbine installation sector since August 2020. Per Eneti, the vessels will possess advanced lifting capabilities and energy efficiency, which offshore wind developers need to generate electricity.
The wind turbine installation jack-ups, which are capable of installing heavier and higher turbines in deeper waters, are expected to be in shortage. Meanwhile, GustoMSC invested and prepared for this change and is well-positioned to support its customer demands. Notably, both companies made great efforts to have the NG-16000X ready for construction in a relatively short time.
Company Profile & Price Performance
Headquartered in Houston, TX, NOV is a leading oil and gas mechanical and equipment company.
Shares of the company have outperformed the industry in the past three months. Its stock has gained 13% compared with the industry’s 6% growth.
In the past 60 days, the Zacks Consensus Estimate for Magnolia’s 2020 earnings has been raised 21.7%.
Exxon’s earnings for 2021 are expected to increase 15.3% year over year.
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Zacks’ has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.
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NOV Lands Equipment Delivery Contracts for Eneti's WTIV
Nov Inc. (NOV - Free Report) has been offered contracts by Eneti Inc. to design and supply equipment for the latter’s wind turbine installation jack-up vessel (“WTIV”), which is currently being built in South Korea. Notably, the contract offers Eneti an option to build an additional jack-up vessel.
In May 2021, Eneti, which specializes in offshore wind farm construction and services, ordered WTIV from South Korea builder Daewoo Shipbuilding and Marine Engineering for $330 million. Notably, the vessel is expected to be delivered in the third quarter of 2024.
Per the terms of the contract, Eneti will receive a NG-16000X design vessel, which is engineered by NOV subsidiary GustoMSC, to enhance carrying and lifting capacity, and a higher lifting height above the deck. The design includes a 2600-ton leg-encircling crane, which is capable of installing 20-megawatt turbines in up to 65 meters of water depth. Beside this, it provides the option to modify the vessel, thereby, enabling it to operate on alternate liquefied natural gas or ammonia fuel in the future.
The GustoMSC NG-16000X consists of the GustoMSC Rack & Pinion jacking system, with a variable speed drive. Notably, it is expected to provide high performance, reliableness and safety for hundreds of jacking moves throughout the vessel lifespan. The jacking system will have a regenerative power option, wherein the generated power is carried back into the vessel system.
Eneti has been planning to turn its focus from the dry bulk shipping sector to offshore wind. The company has been clear about its intent to enter the wind turbine installation sector since August 2020. Per Eneti, the vessels will possess advanced lifting capabilities and energy efficiency, which offshore wind developers need to generate electricity.
The wind turbine installation jack-ups, which are capable of installing heavier and higher turbines in deeper waters, are expected to be in shortage. Meanwhile, GustoMSC invested and prepared for this change and is well-positioned to support its customer demands. Notably, both companies made great efforts to have the NG-16000X ready for construction in a relatively short time.
Company Profile & Price Performance
Headquartered in Houston, TX, NOV is a leading oil and gas mechanical and equipment company.
Shares of the company have outperformed the industry in the past three months. Its stock has gained 13% compared with the industry’s 6% growth.
Zacks Rank & Stocks to Consider
NOV currently carries a Zack Rank #3 (Hold).
Some better-ranked players in the energy space include Magnolia Oil & Gas Corp (MGY - Free Report) and Exxon Mobil Corporation (XOM - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, the Zacks Consensus Estimate for Magnolia’s 2020 earnings has been raised 21.7%.
Exxon’s earnings for 2021 are expected to increase 15.3% year over year.
Bitcoin, Like the Internet Itself, Could Change Everything
Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities.
Zacks’ has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.
See 3 crypto-related stocks now >>