Vessels outfit Eneti is proposing an underwritten public offering to raise funds to invest in building an offshore wind turbine installation vessel.
Eneti said it intends to offer, issue and sell $200m of shares of its common stock, par value $0.01 per share, through an underwritten public offering.
The net proceeds of the offering are expected to be used for general corporate purposes, including the funding of the company’s wind turbine installation vessel newbuilding programme, Eneti stated.
This consists 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 Eneti, has expressed an interest to purchase common shares at the public offering price with a value of at least $30m.
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 (previously Scorpio Bulkers) announced in August 2020 its intention to transition away from the business of dry bulk commodity transportation and towards marine-based renewable energy including investing in the next generation of wind turbine installation vessels.