Eneti Puts EUR 173 Million of Shares for Sale to Fund Three-Strong Offshore Wind Vessel Newbuilding Programme

Offshore wind construction company Eneti announced on 8 November that it would issue USD 200 million (around EUR 173 million) in shares of its common stock for public offering and would use the net proceeds to fund the construction of its offshore wind installation vessel programme.

Scorpio Holdings Limited, which is related to Eneti, had already called dibs on at least USD 30 million (around EUR 26 million) of the company’s common shares at the public offering.

Eneti, which trades on the New York Stock Exchange, said it expected to use the net proceeds from the public offering for general corporate purposes, including the funding of its wind turbine installation vessel newbuilding programme consisting of one contracted newbuilding vessel, one optional newbuilding vessel, and one proposed Jones Act-compliant newbuilding vessel.

The company was established after Scorpio Bulkers, as Eneti was formerly known, shifted its focus from the dry bulk shipping sector to offshore wind and announced in December 2020 that it would sell its remaining dry bulk vessels and exit the sector during 2021.

In May 2021, Eneti ordered a next-generation wind turbine installation vessel (WTIV) at South Korea’s Daewoo Shipbuilding and Marine Engineering (DSME) and, two months later, delivered the final bulk carrier from its former fleet to new owners, marking the conclusion of the its exit from the dry bulk sector.

The contract for the WTIV vessel, which is scheduled to be delivered in the third quarter of 2024, is valued at USD 330 million (around EUR 285 million) and it also includes an option for Eneti to construct an additional vessel at the same price.

Also in May, the company informed that it was in advanced discussions with several US shipbuilders for the construction of a Jones Act-compliant wind turbine installation vessel.

As part of its move into the offshore wind sector, Eneti also acquired 100 per cent stake in Atlantis Investorco Limited, the parent company of Seajacks in August, and now owns and operates a fleet of five wind turbine installation vessels.