One of Eneti Inc.’s wholly owned direct subsidiaries has signed a binding agreement with Marubeni Corp., INCJ Ltd. and Mitsui O.S.K., Lines Ltd. under which Eneti will acquire 100% of Atlantis Investorco Ltd., the parent of Seajacks International Ltd.

The deal is for 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 will own 42%. As a result of the transaction, Hiroshi Tachigami of Marubeni and Peter Niklai of INCJ will join Eneti’s board of directors.

Seajacks was founded in 2006 and is based in Great Yarmouth, U.K. It owns self-propelled wind turbine installation vessels (WTIV) and has installed wind turbines and foundations since 2009.

Seajacks’ flagship Seajacks Scylla NG14000X design was delivered from Samsung Heavy Industries in 2015; it is currently employed in Asia. Seajacks also owns and operates the Seajacks Zaratan NG5500C design, which is currently operating in the Japanese market as well as three NG2500X specification WTIVs which are employed in the North Sea market.

“This transaction reflects the biggest step yet in our transformation into a world-class contractor for offshore wind,” says Emanuele A Lauro, chairman and CEO. “Seajacks is a market leader with a fleet of five advanced jack-up vessels. Moreover, what is central to this combination is the committed and experienced professionals who join our team. Seajacks has successfully installed 2.2 GW of offshore wind capacity since its inception. Their organization has delivered on complex projects for demanding customers in the most difficult operating environments. We are truly excited to be able to work with the Seajacks management team to build on these accomplishments.”

This post appeared first on North American Windpower.

Comments are closed.