Back to top

Image: Bigstock

NOV Inks Deal to Offer Two Self-Propelled Wind Turbine Vessels

Read MoreHide Full Article

NOV Inc. (NOV - Free Report) recently inked a deal wherein it agreed to supply two GustoMSCTM NG-20000X self-propelled wind turbine installation jack-up vessel designs known as the Cadeler X-Class to COSCO SHIPPING Heavy Industry and Cadeler.

The Cadeler X-Class has a deck area of 5,600-meter square and a carrying potential of above 17,600 tons. The hybrid, DNV-certified, cyber-secure jack-up vessel is devised to transport and install seven complete 15-Megawatt (MW) turbine sets or five sets of 20-plus MW turbines, representing a major improvement from the previous designs.

The jacking systems will use NOV's proprietary advanced regenerative power system technology, which will save fuel and lower emissions.

The first NG-20000X jack-up vessel is slated for delivery in the third quarter of 2024 for RWE's 1.4 GW Sofia wind park, one of the world's largest offshore windfarms.

NOV’s chairman, president and CEO Clay Williams stated that "NOV is honored to partner with Cadeler and COSCO as we design and deliver the next generation of wind turbine installation jack-up vessels. These vessels, which will be a key part of the next stage in the evolution of offshore wind energy, are a perfect example of what comes from close collaboration with our customers and an unending desire to seek improvement."

In the meantime, NOV is delivering a set of new heavy-lift cranes to Cadeler's current O-Class vessels Wind Orca and Wind Osprey to enhance the fleet's capability to manage the next-generation turbines. Cadeler's fleet will lead the market in terms of both loading capacity and the ability to ship, service and install next-generation offshore wind turbines, courtesy of the updated O-Class and the new X-Class vessels.

Company Summary

NOV, formerly known as National Oilwell Varco, is a world leader in designing, manufacturing and selling comprehensive systems, components, products and equipment used in oil and gas drilling, and production worldwide. This Houston, TX-based player rechristened itself in the beginning of this year, which reflects its aim to expand its scope and scale in enhancing economic efficiencies as well as safety within the energy sector. The company's extensive portfolio of proprietary technologies is intended at lowering the industry's marginal cost per barrel.

The company is set to release third-quarter 2021 earnings results on Oct 26, after the market closes. The current Zacks Consensus Estimate is pegged at a loss of 8 cents per share for the to-be-reported quarter while the same for revenues stands at $1.43 billion.

Zacks Rank & Key Picks

NOV  currently carries a Zacks Rank #3 (Hold). Some better-ranked players in the  energy  space are Devon Energy Corporation (DVN - Free Report) , Matador Resources Company (MTDR - Free Report) and Continental Resources, Inc. (CLR - Free Report) , each presently flaunting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.