Monaco’s Eneti, formerly Scorpio Bulkers, has reached an agreement with Marubeni, INCJ and Mitsui OSK Lines (MOL) to acquire 100% of Atlantis Investorco Limited, the parent of UK-based self-propelled jackup vessel specialist Seajacks.
The deal includes consideration of some 8.13m shares, $299m of assumed net debt, $74m of newly issued redeemable notes, and $12m of cash.
Current Eneti shareholders will own approximately 58% of Eneti, and the current owners of Seajacks will own approximately 42% and appoint Hiroshi Tachigami of Marubeni and Peter Niklai of INCJ to the Eneti board. The transaction is expected to close by mid-August 2021.
As part of the transaction, Eneti has received a commitment from ING Bank for a senior secured non-amortising revolving credit facility of up to $60m, with a final maturity in August 2022.
Emanuele Lauro, chairman and CEO of Eneti, commented: “This transaction reflects the biggest step yet in our transformation into a world-class contractor for offshore wind. Seajacks is a market leader with a fleet of five advanced jack-up vessels; via this combination we will gain the valuable support of Seajacks shareholders who now become Eneti shareholders.
Seajacks will join Eneti with a fleet of five wind turbine installation self-propelled jackups. Eneti also has a WTIV newbuild on order at Daewoo Shipbuilding & Marine Engineering (DSME) expected for delivery in Q3 2024.
New York-listed Eneti officially exited the dry bulk sector in July this year after it handed over its last bulker.