Offshore staff
COPENHAGEN, Denmark/MONACO — Cadeler and Eneti have entered an agreement to merge to create a new force in offshore wind turbine and foundation installations.
Clients will gain access to what they claim will be the industry's largest and most diverse fleet of next-generation offshore wind farm installation vessels.
The combined group, to be named Cadeler and headquartered in Copenhagen, will operate four vessels that are operating at present and six newbuilds scheduled for delivery from 2024 to 2026.
It will be dual listed on NYSE and OSE with a proforma market capitalization of more than €1.2 billion ($1.3 billion).
Cadeler and Eneti shareholders will own about 60% and 40% of the combined company, respectively. Assuming regulatory approvals, the merger should go through in fourth-quarter 2023.
Currently Cadeler owns and operates two wind turbine installation vessels (WTIVs). It expects to receive two newbuild X class WTIVs in third-quarter 2024 and second-quarter 2025, and two F-class wind foundation installation vessel newbuilds in fourth-quarter 2025 and third-quarter 2026.
Eneti owns and operates two WTIVs and has two new-generation WTIV newbuilds on order for delivery in fourth-quarter 2024 and second-qaurter 2025. The company may choose to divest three "non-core" NG 2500X vessels.
Emanuele Lauro, the company’s executive chairman and CEO, said, "Our scale and our respective capabilities will create significant value at a time when offshore wind needs reliable partners and reliable solutions.”
Cadeler CEO Mikkel Gleerup will continue in this role after the combination, while Lauro will be nominated for election to the board of directors as vice chairman.
06.22.2023
