Eneti, a company until recently known as Scorpio Bulkers, has completed the exit from its bulk carrier business and has also completed the acquisition of Seajacks, boosting its offshore wind ambitions.

In its quarterly results release on Tuesday, Eneti said it had on August 12 completed the previously announced transaction to acquire offshore wind installation firm Seajacks for consideration of around 8.13 million shares, $302 million of assumed net debt, $71 million of newly-issued redeemable notes, and $12 million of cash. 

Upon completion, 7,000,000 common shares and 700,000 preferred shares were issued to the sellers Marubeni Corporation, INCJ, Ltd. and Mitsui O.S.K. with the remainder expected to be issued prior to the end of 2021.

When it first announced the proposed acquisition early in August, Eneti said that 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 Corporation, and Peter Nikolai of INCJ, Ltd. will join the Eneti board of directors, Eneti said at the time.

Seajacks, founded in 2006 and based in Great Yarmouth, UK, owns a fleet of self-propelled wind turbine installation vessels.

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 Japanese flag, as well as three NG2500X specification WTIVs. 

Eneti has recently ordered a $330M next-gen WTIV from South Korea’s Daewoo Shipbuilding & Marine Engineering. The jack-up unit, an NG-16000X design by NOV subsidiary GustoMSC, is expected to be delivered in the third quarter of 2024.

Eneti also said that during July 2021 it completed its exit from the business of dry bulk commodity transportation. 

To remind, Scorpio Bulkers in December 2020 said its Board of Directors had authorized the company, as part of its transition to a sustainable future, to sell its remaining dry bulk vessels and exit the dry bulk sector during 2021.  

 

This post appeared first on Offshore Engineer News.

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