Monaco-headquartered Eneti, formerly Scorpio Bulkers, wants to sell $200m of shares of its common stock on the New York Stock Exchange through an underwritten public offering as it looks to raise cash to support the funding of its wind turbine installation vessel (WTIV) newbuilding programme.
Eneti has one WTIV newbuild on order at Daewoo Shipbuilding & Marine Engineering (DSME) expected for delivery in Q3 2024, one optional newbuilding vessel and one proposed Jones Act compliant newbuilding vessel.
As part of the offering, Scorpio Holdings, a related party of the company, has expressed an interest in buying common shares at the public offering price with a value of at least $30m.
Citigroup, DNB Markets, BTIG and Nomura are acting as joint bookrunners, while Clarksons Platou Securities, Fearnley Securities and Kepler Cheuvreux are acting as co-managers in the offering.
Eneti took over Atlantis Investorco, the parent company of UK-based Seajacks, in August. The deal with Atlantis’ owners Marubeni, INCJ and Mitsui OSK Lines (MOL) left the current Eneti shareholders with approximately 58% of the company but gained a fleet of five wind turbine installation self-propelled jackups.