Marine-based renewables company Eneti Inc (NYSE:NETI) said today it has agreed to take over the parent of UK-based Seajacks International Ltd, the largest owner of purpose-built self-propelled wind turbine installation vessels (WTIV) in the world.
A fully-owned unit of Eneti will buy 100% of Atlantis Investorco Ltd from Marubeni Corporation (TYO:8002), INCJ Ltd and Mitsui OSK Lines Ltd (TYO:9104) in exchange for 8.13 million shares, USD 299 million (EUR 252.5m) worth of assumed net debt, USD 74 million of newly-issued redeemable notes and USD 12 million of cash. All in all, the deal will give the sellers a 42% stake in Eneti.
Established in 2006, Seajacks has been installing wind turbines and foundations since 2009. The company’s flagship, NG14000X design “Seajacks Scylla”, was delivered from Samsung Heavy Industries in 2015, and it is currently employed in Asia. It also owns and operates the NG5500C design “Seajacks Zaratan”, currently operating in Japan, as well as three NG2500X specification WTIVs, which are active in the North Sea. The company is expected to record earnings before interest, tax, depreciation and amortisation (EBITDA) of around USD 125 million in 2021 based on USD 224 million of projected revenues.
“This transaction reflects the biggest step yet in our transformation into a world-class contractor for offshore wind,” commented Emanuele A Lauro, chairman and CEO of Eneti.
The takeover is seen to close by the middle of the third quarter of 2021. As part of it, Eneti has received a commitment from ING Bank NV for a senior secured non-amortising revolving credit facility of up to USD 60 million.
Meanwhile, Eneti has signed binding deals with counterparties in Japan to transfer the existing lease finance arrangements of the SBI Tango, SBI Echo and SBI Hermes, Ultramax bulk carriers, as well as the SBI Rumba and SBI Samba, Kamsarmax bulk carriers to affiliates of Scorpio Holdings Ltd for consideration of USD 16 million, thus finalising its exit from the dry bulk sector.
(USD 1.0 = EUR 0.844)
Choose your newsletter by Renewables Now. Join for free!
Seajacks Scylla. Source: Seajacks Ltd (www.seajacks.com)
