Page 37: of Marine News Magazine (May 2025)

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Offshore Wind around options and SOV daughter ? rst assignment, foundation prepa- ~$12-15.5 million per vessel with craft) are currently either operational ration at Empire Wind, where work a construction cycle time of at least or are being built. will be undertaken by Great Lakes’ 12 months per vessel (and as much

Further, ongoing construction of partner Van Oord. The delivery date as 15-20 months). By comparison, windfarms in the Northeast Atlan- for the vessel has slipped from No- leading Southeast Asian yards will tic has resulted in numerous short vember 2024 to September 2026. sell European speci? cation CTVs for – and medium-term vessel charters The vessel is contracted to work at around ~$6 million per vessel, with for vessels holding a U.S ? ag, includ- Ørsted’s Sunrise Wind and a further build cycles of 8-10 months and ca- ing tugs, AHTSs, PSVs, MPSVs and unnamed permitted project. Given pacity to produce 10 vessels a year.

OSVs, many from the Gulf of Mexi- the current vessel delivery delays and The challenge for much of CTV co oil & gas ? eet. challenges to permitted projects, this ? eet will be redeployment. Over one

However, the uncertain outlook vessel may still face signi? cant utili- quarter of the ? eet has secured long- for the Jones Act wind ? eet is not so zation risks. term operations support charters, positive. Pricing challenges have also im- with the remaining delivered ves-

The cost of Dominion’s WTIV pacted the logistics segment. sels working in the construction and

Charybdis is forecast to rise to Three tier one SOVs are being commissioning phases. As project around $625 million by time of de- built by ECO (two) and Fincantieri permitting stops and challenges to livery (at least one year late) versus Bay Shipbuilding (one). These ves- existing permitted projects and leases an initial $500 million cost estimate sels currently have secured long-term increases, the utilization outlook is and compared to the $325 million contracts for permitted projects with not positive.

cost of WTIVs contracted in Asian offtakes, which currently provides yards with similar speci? cations in utilization mitigation. If off-hire, it is Wait and See the same period. The WTIV will anticipated that these vessels would While it would be easy to write-off initially be busy with the construc- struggle to ? nd pro? table utilization. the U.S. wind market, there remain tion of 176 turbine CVOW project, The vessels are reported to cost ~$97- short- and mid-term opportunities. but thereafter opportunities outside 168 million. Similar spec SOVs con- As long as developer con? dence in of new construction and major com- tracted in Europe in the same period the market can sustain, the longer- ponent exchange for existing wind were priced at ~$62-69 million. term opportunity continues to have turbines are potentially limited. The U.S. CTV pricing is indicated at great potential.

Charybdis could possibly take work in the European segment if the mar- ket supply tightens and rates increase suf? ciently, although this is not an immediate opportunity.

Great Lakes Dredge & Dock is building the ? rst Jones Act compli- 3030 E. Pershing St.

ant purpose-built wind farm fallpipe

Appleton, WI 54911 USA rock installation vessel, the Acadia. [email protected]

Originally estimated to cost around $197 million, the current cost esti- www.appletonmarine.com mate for the vessel which is being

Phone: (920) 738-5432 built at Hanwha Philly Shipyard is close to $250 million. The vessel will

Manufactured in the USA be delivered too late for its planned www.marinelink.com MN 37|