Monaco-based Eneti, previously Scorpio Bulkers, will acquire Seajacks to become the world’s leading owner and operator of wind turbine installation vessels
Eneti Inc. announced that one of its wholly-owned direct subsidiaries entered into a binding agreement with Marubeni Corporation, INCJ, Ltd. and Mitsui O.S.K., Lines Ltd. under which Eneti will acquire 100% of Atlantis Investorco Limited, the parent of Seajacks International Limited, for consideration of approximately 8.13 million shares, $299 million of assumed net debt, $74 million of newly-issued redeemable notes, and $12 million of cash.
Upon closing, existing Eneti shareholders will own 58% of Eneti and the Sellers will own 42%. As a result of the transaction, Mr. Hiroshi Tachigami of Marubeni Corporation, and Mr. Peter Niklai of INCJ, Ltd. will join the Eneti Board of Directors.
As part of the transaction, Eneti has received a commitment from ING Bank N.V. for a senior secured non-amortizing revolving credit facility of up to $60 million. The credit facility, which includes sub-limits for performance bonds, has a final maturity of August 2022 and bears interest at LIBOR plus a margin of 2.45% per annum, and is subject to certain conditions precedent and the execution of definitive documentation.
Seajacks was founded in 2006 and is based in Great Yarmouth, UK. It is the largest owner of purpose-built self-propelled WTIVs in the world and has a track record of installing wind turbines and foundations dating to 2009. 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 highly coveted Japanese flag, as well as three NG2500X specification WTIVs which are employed in the North Sea market.
Eneti’s strategy is to build a meaningful and sustainable business in marine-based renewable energy, including investing in the next generation of wind turbine installation vessels.
(Source and image: Eneti – Seajacks Scylla installation vessel – Kees Torn)