Seajacks Shareholders Conclude Share Exchange Deal with Eneti Inc.

August 06, 2021

TOKYO-Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto) today announced that on August 5 2021, shareholders in Seajacks International Limited (Seajacks; President: William Burton Blair Ainslie, Headquarters: Norfolk, U.K.) reached an agreement with Eneti Inc. (Eneti; CEO: Emanuele Lauro; incorporated in the Marshall Islands) to exchange their Seajacks shares with newly issued shares from Eneti and concluded contracts regarding the share exchange. Investors in Seajacks, which owns and operates self-elevating platform (SEP(*1)) vessels, include MOL, Marubeni Corporation (President and CEO: Masumi Kakinoki; Headquarters: Chiyoda-ku, Tokyo), and INCJ, Ltd. (President and COO: Mikhide Katsumata; Headquarters: Minato-ku, Tokyo). The official share exchange is slated to take place soon after certain conditions stipulated in the agreement are satisfied. Once the same share exchange has been executed, Seajacks shareholders will become Eneti shareholders.

Eneti has been proceeding with the sale and redelivery of its owned and chartered dry bulk fleet since last August, when it announced plans to shift its core business from dry bulk carriers to renewable energy. In May 2021, Eneti signed a SEP vessel building contract with Daewoo Shipbuilding & Marine Engineering Co., Ltd., and is in advanced discussion with shipyards in the U.S. to build the vessel in conformity with U.S. cabotage law, the Jones Act, with an eye toward developing its business in the U.S. market. After the shares are exchanged, the shareholders anticipate positive synergistic effects by combining Eneti's newbuilding SEP vessel with Seajacks' accumulated know-how in SEP vessel ownership and operation and its track record of success in markets around the globe, including Europe, Taiwan, and Japan. Working closely with Eneti, MOL will take a higher profile in the SEP vessel business than ever, a field expected to show significant growth in the future.

The MOL Group addresses challenges in line with the MOL Group Environmental Vision 2.1 (*2), and takes an ongoing, proactive approach to promoting and developing environment-related and emission-free business activities including the offshore wind farm business (*3), striving to reduce the environmental impact of its operations.

(*1) SEP: Self-Elevating Platform. The platform is equipped with legs that rest on the seabed and move up and down. The vessel installs offshore wind turbines with a crane by moving the platform above the sea surface. By raising and maintaining the platform higher than the waves, the SEP vessel can operate even in rough seas. It can be used not only to install offshore wind turbine, but also to support maintenance work on offshore oil and gas rigs.
Please refer to February 24, 2017, press release on the MOL Group's participation in SEP vessel business: MOL to Invest in Self-Elevating Platform Vessel Operator - Moving into Offshore Business Following FPSO, FSRU, Shuttle Tanker, and Subsea Support Vessel - | Mitsui O.S.K. Lines

(*2) The MOL Group Environmental Vision 2.1
https://mol.disclosure.site/en/themes/101

(*3) Please refer to the April 17, 2020, press release on the MOL Group’s participation in a service operation vessel (SOV) specially designed to support the maintenance of offshore wind farms: MOL Signs Asia's 1st Service Operation Vessel Time Charterer and Ship Building Contract for Greater Changhua Wind Farms in Taiwan | Mitsui O.S.K. Lines

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