Ziton Secures New Charter Agreements with Siemens Gamesa for Offshore Wind Vessels in Europe

Credit: Ziton

firm, Ziton, has announced that it has entered into new charter agreements with for an existing vessel, , as well as an additional one to work on wind sites in Europe. The agreement will extend the charter of Wind Enterprise by four-and-a-half years and includes an option for early termination after 1 January 2027 against payment of a one-off compensation.

Gamesa and Ziton have also entered into a new six-year time charter agreement for a new vessel to be purchased by Ziton. The total value of the remaining part of the Wind Enterprise time charter and the six-year time charter agreement for the sister vessel is estimated to be around €373m for the duration of the agreements.

The current time charter agreement for Wind Enterprise is set to expire on 31 October 2024 with Siemens Gamesa having various extension options to extend this until 20 June 2025, and the company is expected to make use of all options to extend the agreement on similar terms.

“In addition, the parties have reached an agreement for extension of the time charter from 21 June 2025 to 31 December 2029 at terms reflecting the changes in the market environment since the original time charter was entered into in December 2020, including a higher day-rate,” said a Ziton spokesperson.

Ziton has also signed an agreement to purchase the sister vessel to Wind Enterprise, subject to securing financing. The vessel has the same specifications as Wind Enterprise and was built a few months later in 2011 at the same yard in China, where it is currently operating. Upon satisfactory inspection, the living area will be prepared in China for complete upgrade at a yard stay in Europe. Thereafter, the vessel will be transported back to Europe to complete a yard stay and be upgraded according to dock specifications prepared from the findings in inspection reports.

Ziton has seen strong financial performance in the last 12 months, with unaudited revenue and EBITDA amounting to €61.9m and €29.5m, respectively. Based on the first three months' performance and a positive outlook, Ziton has increased its guidance for 2023 EBITDA to €30m-€34m from €28m-€32m.

“The new charter agreements with Siemens Gamesa, as well as the acquisition of the sister vessel to Wind Enterprise, underscore Ziton's commitment to the growing offshore wind industry and our ability to deliver high-quality services to our clients,” said a Ziton spokesperson.

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