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Sunday, November 28, 2021

Eneti to Raise $200M for WTIV Construction via Share Sale

Maritime Activity Reports, Inc.

November 10, 2021

File image: Huisman

File image: Huisman

Offshore wind turbine installation firm Eneti plans to raise $200 million through a public offering of shares. 

It will use the funds raised to fund wind turbine installation vessel newbuilding program consisting of one contracted newbuilding vessel, one optional newbuilding vessel, and one proposed Jones Act compliant newbuilding vessel.

 As part of the Offering, Scorpio Holdings Limited, a related party of the company, has expressed an interest to purchase common shares at the public offering price with a value of at least $30.0 million.

Citigroup, DNB Markets, BTIG, and Nomura are acting as Joint Book-Runners in the Offering. Clarksons Platou Securities, Fearnley Securities and Kepler Cheuvreux are acting as Co-Managers in the Offering.   

Eneti, formerly known as Scorpio Bulkers, in May ordered one Wind Turbine Installation Vessel from DSME at a purchase price of $330 million. The vessel is expected to be delivered in early Q3, 2024.

it will cost $330 million. In addition, Eneti has an option to construct an additional vessel at the same price.

The vessel is an NG-16000X design by GustoMSC, an NOV subsidiary, and includes a 2,600 Ton Leg Encircling Crane from the Dutch firm Huisman Equipment.

The offshore wind installation vessel will be able to install giant wind turbines of up to 20 Megawatt - which don't even exist today - at depths of up to 65 meters of water. The vessel can be adapted to operate on the alternate fuels of LNG  or Ammonia. 

The company recently also said it was in talks to build another offshore wind installation vessel for the U.S. offshore wind market.

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