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Emanuele Lauro News

21 Dec 2023

Cadeler and Eneti Complete Merger

(Photo: Cadeler)

Cadeler and Eneti have officially completed their merger, creating a leading offshore wind installation company.The New York- and Oslo-listed group will be named Cadeler and be headquartered in Copenhagen, Denmark, with offices across the world in Denmark, U.K., U.S., Taiwan, and Japan.Mikkel Gleerup, CEO of Cadeler, said, “This marks a historic moment for Cadeler and the entire offshore wind industry. We offer our partners and clients access to the strongest and most skilled team and the industry's largest, most flexible, most diverse, and modern fleet of windfarm installation vessels.

07 Nov 2023

Cadeler and Eneti Announce Launch of Share Exchange Offer

Source: Cadeler

Cadeler A/S and Eneti Inc., two offshore wind turbine and foundation installation companies, have announced the commencement of a share exchange offer for all the outstanding shares of common stock of Eneti.The offer is being made pursuant to the Business Combination Agreement, announced on June 16, 2023. The offer is expected to close within Q4 2023.The combined group will be named Cadeler, and be headquartered in Copenhagen, Denmark, with its shares to be listed on the New York…

24 Oct 2023

Eneti CEO Bullish on Offshore Wind Market as Subsidiary Inks Contract for Newbuild WTIV

Credit: Seajacks (file image)

Eneti, a company providing offshore wind installation vessel services, said Tuesday its subsidiary Seajacks had signed a contract with an undisclosed client to transport and install wind turbines.With mobilization starting in the second quarter of 2027, the contract will be performed by one of the company’s two NG16000X Wind Turbine Installation Vessels currently under construction at Hanwha Ocean (ex-Daewoo Shipbuilding & Marine Engineering) in South Korea. Including mobilization and demobilization…

18 Sep 2023

Eneti's Seajacks Secures Major Offshore Wind Turbine Installation Deal

Credit: Seajacks (File image)

Eneti's offshore installation services subsidiary Seajacks UK has signed a vessel reservation agreement with an undisclosed client to transport and install turbines.With mobilization starting in the first quarter of 2027, the contract will be performed by one of the company’s two NG16000X Wind Turbine Installation Vessels currently under construction at Hanwha Ocean (ex-Daewoo Shipbuilding & Marine Engineering) in South Korea. Including mobilization and demobilization, the engagement…

28 Jun 2023

Scorpio Tankers Wins $1 Billion Credit for New Vessels

Scorpio Tankers has received commitments from a group of financial institutions for a previously announced $1.0 billion term loan and revolving credit facility.The over-subscribed Credit Facility was capped at an amount of $1.0 billion, and is expected to be used to finance 45 product tankers. Scorpio Tankers currently owns, lease finances or bareboat charters-in 113 product tankers (39 LR2 tankers, 60 MR tankers and 14 Handymax tankers) with an average age of 7.4 years.The Credit Facility is expected to consist of a 50% term loan and a 50% revolving loan, and has a final maturity of five years from the signing date (but not later than June 30, 2028).Emanuele Lauro, Chairman and CEO of the company, said: “We appreciate our lenders and their commitment to the company.

16 Jun 2023

Cadeler and Eneti Agree to Merge

(Image: Cadeler)

Offshore wind turbine and foundation installation companies Cadeler and Eneti announced they have agreed to merge through a stock-for-stock exchange.The combined company will be named Cadeler, headquartered in Copenhagen, Denmark, with its shares to be listed on the New York Stock Exchange (NYSE) in addition to its current listing on the Oslo Stock Exchange (OSE) with a proforma market capitalization in excess of €1.2 billion. The combined group will operate four vessels on water today and six large-scale state-of-the-art new builds scheduled for delivery from 2024 to 2026.

19 Dec 2022

Seajacks Lines Up Transport & Install Work for WTIV Nessie

Nessie and Siren, two new NG16000X WTIVs being built by South Korea's DSME, are slated to join the Seajacks fleet in 2024 and 2024. (Image: Seajacks)

Eneti announced on Monday that its subsidiary Seajacks UK has signed a contract with an undisclosed client to transport and install offshore wind turbines for a project commencing in the first half of 2025.The contract will be performed by the company’s first of two NG16000X wind turbine installation vessels (WTIV) currently under construction at Daewoo Shipbuilding and Marine Engineering (DSME) in South Korea. The vessel, to be named Nessie, will be delivered by the shipyard during the fourth quarter of 2024.

16 Aug 2022

Eneti Sells Its Stake in Scorpio Tankers

Eneti is currently building a fleet of wind turbine installation vessels. (Image: NOV)

Offshore wind farm construction and services company Eneti Inc. announced it has sold its entire holding in Scorpio Tankers Inc.Eneti said it sold its 2,155,140 common shares in Scorpio Tankers for $38.65 per share, for gross proceeds of approximately $83.3 million.As part of the transaction, Scorpio Tankers purchased approximately 1.3 million shares for approximately $50 million.Eneti, formerly Scorpio Bulkers, in 2021 changed its name and began selling off its bulk carrier fleet in a pivot to offshore wind farm construction and services.

27 Dec 2021

Van Oord Charters WTIV Seajacks Scylla

Seajacks Scylla (Photo: Seajacks)

Eneti Inc. announced its subsidiary Seajacks UK Limited, a provider of installation and maintenance vessels to the offshore wind sector, has signed a contract with Dutch marine contractor Van Oord for the charter of wind turbine installation vessel (WTIV) Seajacks Scylla.Seajacks Scylla, the largest and most capable vessel in Seajacks' fleet, is currently employed through 2022 in Taiwan. The vessel will move to Europe upon completion of its existing turbine installation contract…

12 Oct 2021

Racing for 30GW—and a Piece of the US Offshore Wind Pie

© DJ / Adobe Stock

“30 by 30” is the rallying cry for all concerned with the burgeoning U.S. offshore wind business. In Spring 2021, the Secretaries of Energy, Interior and Commerce resolved to deploy 30 gigawatts (GW) of electricity generated from offshore turbines by 2030. Consultants McKinsey, in a recent article frame the value proposition for this clean fuel source, writing: “During the industry’s 30-year evolution, costs have fallen so sharply that offshore wind now compares favorably with competing energy sources.” For vessel owners, renewable energy brings opportunity.The thrust of near-term U.S.

14 Oct 2020

Scorpio Bulkers Sells Two Ultramax Vessels

Scorpio Bulkers, Inc. announced Wednesday that it has entered into agreements with an unaffiliated third party to sell two 2017-built Ultramax bulk carriers for approximately $34 million as the dry bulk shipping company continues its transition to offshore wind services.The ships, SBI Phoenix and SBI Samson, are expected to be handed over to the unnamed buyer in the fourth quarter, Scorpio said. Both vessels were built at China's Chengxi Shipyard.The bulk carriers are the fourth and fifth Scorpio has sold since its August announcement revealing plans to enter into a shipbuilding contract with South Korea's Daewoo Shipbuilding and Marine Engineering (DSME) to build a wind turbine installation vessel for delivery in 2023, with options to build three further similar vessels.

21 Sep 2020

Scorpio Bulkers Tries Wind in Hunt for Returns

(Image: Scorpio Bulkers)

Scorpio Bulkers, a major ocean transporter for the dry commodities industry, is tapping into increasing demand for renewable energy with an investment in the logistics of offshore wind farms, the group's chief executive said.The Monaco-headquartered company will invest between $265 to $290 million in a vessel that can install offshore wind turbines, Emanuele Lauro, chairman and CEO, told Reuters, part of a strategy to begin to diversify the group away from the transport of dry…

14 Mar 2019

Scorpio Sells Seven Ships

The provider of marine transportation of dry bulk commodities, Scorpio Bulkers announced that it has agreed to sell and leaseback three Ultramax vessels (SBI Pegasus, SBI Subaru and SBI Ursa) and four Kamsarmax vessels (SBI Lambada, SBI Macarena, SBI Carioca and SBI Capoeira) to CMB Financial Leasing.Upon completion, which is estimated to take place in the second quarter of 2019, the Company’s liquidity is expected to increase by $57.2 million in aggregate, comprising $45.4 million upon closing after the repayment of outstanding debt and an additional tranche of up to $11.8 million for installation of exhaust gas cleaning systems (scrubbers) on the seven vessels.As part of the agreements, Scorpio will bareboat charter-in the vessels for a period of seven years.

04 Mar 2019

NAO Logs a Big Loss

Nordic American Offshore Ltd (NYSE: NAO) reported for the three months ended December 31, 2018, the company's net loss was $169.3 million, or $26.23 per basic and diluted loss per share, which included a non-cash impairment charge of $160.1 million, or $24.80 per basic and diluted. Excluding the impairment charge, the net loss for the fourth quarter of 2018 was $9.2 million, or $1.43 per basic and diluted loss per share. For the year ended December 31, 2018, the company's net loss was $197.3 million or $31.50 per basic weighted average and diluted loss per share, which included a non-cash impairment charge of $160.1 million. Excluding the impairment charge…

13 Dec 2018

Scorpio Group Takes Over Nordic American Offshore

NYSE-listed offshore support vessel owner Scorpio Group has taken control of Nordic American Offshore (NAO), via a private placement into company’s shares worth $5 million.The investment, which took place via a private placement with Scorpio Offshore Investments, a unit of the group, was announced by NAOScorpio Group leader Emanuele Lauro has been appointed chief executive and chairman of NAO.Nordic American Tankers presently owns about 16.1 percent in NAO and the Hansson family owns 13.5 percent, in total about 30 percent. Following the investment in NAO by Scorpio, the NAT related entities have about 24 percent.Herbjørn Hansson, Chairman & CEO of NAO, said in a statement, "Scorpio will step into NAO to significantly strengthen and grow NAO.

15 Oct 2018

Scorpio Bulkers Inks LOI for Scrubber Installs

Dry bulk shipping company Scorpio Bulkers Inc. announced that it has signed letters of intent with suppliers, engineering firms and ship repair facilities to cover the purchase and installation of exhaust gas cleaning systems, also known as scrubbers, on substantially all of its owned and finance leased Kamsarmax and Ultramax vessels.Scorpio said the scrubbers and their installation will cost between $1.5 - $2.2 million per vessel, and the company anticipates that between 60-70 percent of these costs will be financed.The installations are scheduled between the second quarter of 2019 and the third quarter of 2020.Emanuele Lauro, Chairman & CEO, said, “We have long maintained that scrubbers could be the right choice for compliance with the IMO 2020 regulations.

10 Oct 2018

Scorpio Bulkers Invests $100 mln in Scorpio Tankers

Scorpio Bulkers has agreed to invest $100.0 million in a related party, Scorpio Tankers. The investment is part of a larger $300.0 million equity raise through a public offering of common shares by Scorpio Tankers announced yesterday (October 10). As a result of this investment, the Company will own approximately 54.1 million, or 10.9%, of Scorpio Tanker’s issued and outstanding common shares. The investment was unanimously approved by an independent committee of the Board of Directors that was advised by Perella Weinberg Partners. Emanuele Lauro, Chairman and CEO, commented “This investment in Scorpio Tankers, one of the world's leading product tanker companies, is a compelling opportunity for the Company.

02 Oct 2018

Scorpio Tankers Awards BWMS Retrofit Contract

(Photo: Choice Ballast Solutions)

Choice Ballast Solutions announced it has expanded its collaboration with Scorpio Ship Management S.A.M., as agent for certain vessel-owning subsidiaries of Scorpio Tankers Inc., by contracting to provide turnkey integration engineering and project management services for ballast water management system (BWMS) installations on board an additional 39 vessels.The previous contract with Scorpio Tankers on 12 ships of the Duchessa Class is already underwaywith recently completed Engineering Design and Shipyard Installation packages for the STI Duchessa and STI Opera.John Dooley…

17 Aug 2018

Choice Ballast Solutions Chosen for Scorpio Tanker Retrofits

Choice Ballast Solutions was recently contracted by Scorpio Ship Management S.A.M., as agent for certain vessel-owning subsidiaries of Scorpio Tankers Inc. to provide engineering and project management to retrofit the Ecochlor ballast water management system (BWMS) on 12 of their vessels. The engineering is underway, and retrofits are scheduled to commence during each vessel’s next dry dock beginning in the fourth quarter of 2018 and extending into 2020.John Dooley, President of Choice Ballast Solutions, said, “Scorpio is recognized worldwide for their proactive policies to safeguard the environment and have operational strategies to provide superior results over time.

24 Jul 2018

Scorpio Orders Ecochlor BWTS for 55 Tankers

(Photo: Ecochlor)

Shipowner Scorpio Tankers has signed a deal to retrofit roughly half of its product carrier fleet with ballast water treatment systems (BWTS).The deal will see U.S. based BWTS manufacturer Ecochlor, Inc. supply 55 systems for Scorpio's product carriers ranging between 38,000 to more than 100,000 DWT. Installations are expected to begin in the fourth quarter of 2018 and continue to the end of 2022.Additionally, Scorpio Tankers will become a minority investor in Ecochlor.Emanuele Lauro…

14 Feb 2018

Scorpio Tankers Reports 4Q Loss

Monaco-based tanker owner Scorpio Tankers has reported a widened net loss for the fourth quarter of 2017, reaching USD 41.5 million, when compared to the same quarter from 2016 when its net loss was USD 29.7 million. The shipping company posted revenue of $148.4 million in the period. For the year, the company reported that its loss widened to $158.2 million, or 73 cents per share. Revenue was reported as $512.7 million. Emanuele Lauro, chief executive officer and chairman of the board commented, “During the fourth quarter of 2017, we incurred some additional costs and reductions in revenue from the integration of the NPTI fleet. We believe that these steps were important in order to better capitalize on the improving product tanker market fundamentals.

17 Dec 2014

Scorpio Bulkers Modifies and Sells Shipbuilding Contracts

Scorpio Bulkers Inc. Scorpio Bulkers Inc. has reached agreements with shipyards in South Korea and Romania to modify six newbuilding contracts for Capesize bulk carriers into newbuilding contracts for LR2 product tankers. The company has also reached an agreement to sell four of these LR2 newbuilding contracts to Scorpio Tankers Inc., a related party, additionally granting options to Scorpio Tankers Inc. to purchase the two remaining LR2 newbuilding contracts. The sale price for each of the four LR2 newbuilding contracts is $51 million. The two option contracts, which expire on May 31, 2015, may be exercised by Scorpio Tankers Inc. for a fixed purchase price of $52.5 million for each contract.

01 May 2014

Scorpio Bulkers Remain Confident Despite Q1 2014 Loss

Scorpio Bulkers Inc. has reported its results for the three months ended March 31, 2014. In connection with comparisons of financial performance they say they had no operations from the period from March 20, 2013 (date of inception) to March 31, 2013. For the three months ended March 31, 2014, the Company had a net loss of $10.7 million, or $0.08 basic and diluted loss per share. This loss includes the noncash amortization of stock-based compensation of $5.1 million. "Our time-chartered vessels are positioning themselves for the South American grain season, and our vessels under construction have increased in value. In January 2014, the underwriters in the Company's initial public offering…

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