Eneti Inc. to Acquire Seajacks
Eneti Inc. (NYSE: NETI) (“Eneti” or the “Company”) announced today that one of its wholly-owned direct subsidiaries entered into a binding agreement with Marubeni Corporation, INCJ, Ltd. and Mitsui O.S.K., Lines Ltd. (together, the “Sellers”) under which Eneti will acquire 100% of Atlantis Investorco Limited, the parent of Seajacks International Limited (“Seajacks”), for consideration of approximately 8.13 million shares, $299 million of assumed net debt, $74 million of newly-issued redeemable notes, and $12 million of cash.
Upon closing, existing Eneti shareholders will own 58% of Eneti and the Sellers (Marubeni Corporation, INCJ, Ltd. and Mitsui O.S.K., Lines Ltd.) will own 42%. As a result of the transaction, Mr. Hiroshi Tachigami of Marubeni Corporation, and Mr. Peter Niklai of INCJ, Ltd. will join the Eneti Board of Directors.
Seajacks was founded in 2006 and is based in Great Yarmouth, UK. It is the largest owner of purpose-built self-propelled WTIVs in the world and has a track record of installing wind turbines and foundations dating to 2009. Seajacks’ flagship, NG14000X design “Seajacks Scylla”, was delivered from Samsung Heavy Industries in 2015, and it is currently employed in Asia. Seajacks also owns and operates the NG5500C design “Seajacks Zaratan” which is currently operating in the Japanese market under the highly coveted Japanese flag, as well as three NG2500X specification WTIVs which are employed in the North Sea market.
Eneti Inc were in the news last month when Huisman annouced that their 2600t Leg Encircling Crane had been ordered for installation on the Eneti new build WTIV.
Eneti Inc was known as Scorpio Bulkers Inc. and announced on 6 January 2021 their intention to change name to Eneti Inc. Since the announcement Eneti declared their intention to have sold 12 vessels or have commitments to sell a further 25 dry bulk carrier vessels in their fleet within the first half of 20121. There remained 24 unsold vessels on 2 February 2021.
Emanuele A. Lauro, Eneti’s Co-Founder, Chairman, Director, and Chief Executive Officer, joined Scorpio in 2003 and continued to serve there in a senior management position since 2004. Under his leadership, Scorpio grew from an owner of 3 vessels in 2003 to become a leading operator and manager of more than 250 vessels in 2021. (Source: Eneti-inc.com)
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Eneti’s new build GustoMSC NG-16000X design Wind Turbine Installation Vessel (courtesy of Huisman Equipment BV)
Source Eneti Inc, Seajacks and Huisman