Eneti to acquire wind turbine installation vessel owner Seajacks
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Eneti to acquire wind turbine installation vessel owner Seajacks

06 Aug 2021 (Last Updated August 6th, 2021 15:33)

Once the deal concludes, Eneti's shareholders will own 58% of the company.

A subsidiary of Eneti has signed a binding agreement to acquire the parent company of British offshore maintenance firm Seajacks.

Based in the UK, Seajacks owns and operates purpose-built, self-propelled wind turbine installation vessels (WTIVs).

The company has been involved in the installation of wind turbines and foundations since 2009.

Seajacks’ fleet includes the Seajacks Scylla, an NG14000X design delivered by Samsung Heavy Industries in 2015.

It also owns and operates the NG5500C design ‘Seajacks Zaratan’, as well as three NG2500X-specification WTIVs employed in the North Sea market.

Eneti has agreed to acquire Seajacks’ parent firm, Atlantis Investorco, from Marubeni Corporation, INCJ and Mitsui OSK Lines.

The deal has secured approval from Eneti’s board of directors and the sellers. It is expected to be completed in the third quarter of this year.

The deal will give Eneti five WTIVs on the water, as well as another in development, which is scheduled for delivery in 2024.

Eneti chairman and CEO Emanuele A Lauro said: “This transaction reflects the biggest step yet in our transformation into a world-class contractor for offshore wind.

“Seajacks is a market leader with a fleet of five advanced jack-up vessels [and] via this combination, we will gain the valuable support of Seajacks shareholders who [will] now become Eneti shareholders.”

In 2012, Marubeni and INCJ agreed to acquire Seajacks from Riverstone Holdings on an equal share basis.

Marubeni executive Hiroshi Tachigami said: “Eneti is the right partner for our exceptional Seajacks team. Combining Eneti with Seajacks will deliver strategic and financial value to all shareholders.

“Marubeni Corporation, as well as INCJ and Mitsui OSK Lines, are delighted to become shareholders in Eneti and participate in the next phase of expansion in the fast-developing offshore wind sector.”

Seajacks CEO Blair Ainslie said: “We are pleased to partner with Eneti to drive the future growth of the business and consolidate our position as a world leader in offshore wind turbine installation.”