Dominion Energy has reported that the cost of its Charybdis installation vessel has risen to $715 million from $625 million in the previous quarter. The increase is attributed to modifications required to accommodate heavier turbines and a rise in financing costs.
Despite the cost increase, Dominion confirmed that the vessel remains on schedule for delivery in late 2024 or early 2025, with construction now 89% complete. The company noted that the modifications are intended to advance the US offshore wind sector and strengthen the domestic supply chain.
Executive Vice President and Chief Operating Officer Diane Leopold clarified that the increase was due to changes in vessel requirements rather than the base cost of the ship itself. “It really wasn't any change to the base ship, those costs did not increase,” Leopold told analysts.
The vessel's design adjustments include deck stiffening and hull reinforcement to support cantilevered blade racks. Of the $90 million increase, $55 million is attributed to capital expenditure, while the remainder is due to higher financing costs. Dominion stated that no further increases in financing costs are anticipated for the vessel.
