The offshore wind turbine and foundation installation company Cadeler is planning a takeover of Eneti Inc., which operates in the same market. It has now become clear that the shareholders of American Eneti support the merger.
The combined group will be named Cadeler with its shares to be listed on the New York Stock Exchange – in addition to its current listing on the Oslo Stock Exchange.
Mr. Mikkel Gleerup, CEO of Cadeler: ‘We highly appreciate the strong shareholder support. This underlines the trust in Cadeler’s vision and capability to facilitate the renewable transition. […] Cadeler will be able to handle the largest and most complex next-generation offshore wind installation projects currently seen in the market.’
Also read: Huisman to supply crane for another Eneti wind turbine installation vessel
Combined fleet
The flexibility and size of the combined fleet will bring numerous possibilities to increase efficiency in the market. The Cadeler commercial strategy to-date provides a degree of revenue certainty through 2027 and coverage of operating costs. Coupled with the open days on the Eneti fleet, the combined company will further service the existing partner base and benefit from high tender activity and a growing market.
Cadeler claims to own the world’s largest fleet of jack-up offshore wind installation vessels, and will initially have four large-scale vessels. Its O-class vessels will be equipped with larger cranes by early 2024 to reach a lifting capacity of 1600 metric tonnes at a radius of 40 metres. In addition, six large newbuilds are on their way from shipyards in Asia.
Eneti‘s existing fleet of five vessels allows the company to install and service the current generation of wind turbines in a safe and efficient manner. With the next generation of offshore wind turbines requiring significantly more deck space, hook height, and crane capacity for installation, Eneti has commissioned two 16000X vessels with scheduled delivery in 2024 and 2025.
Also read: MAN mixed-engine concept to power Cadeler’s new jack-ups
CEO Cadeler to head company
Cadeler is headquartered in Copenhagen, where Mikkel Gleerup will continue as CEO and Peter Brogaard as CFO. Emanuele Lauro, current CEO of Eneti, will expectedly be nominated for election to the Board of Directors as vice chairman shortly after the completion of the offer.
All antitrust and foreign direct investment regulators notified of the transactions contemplated by the Business Combination Agreement have either cleared the transaction or confirmed they have no intention to investigate.
Picture: Rendering of Cadeler’s two upcoming X-class vessels (by Cadeler A/S).
Also read: Huisman to supply fourth mega crane for Cadeler jack-up
