Cadeler A/S (Cadeler) and Eneti Inc. (Eneti), two offshore wind turbine and foundation installation companies, have entered into a business combination agreement to combine companies through a stock-for-stock exchange offer to be made to all stockholders of Eneti based on an exchange ratio of 3.409 Cadeler shares for each Eneti share.
The combined group will be named Cadeler, and will be headquartered in Copenhagen, Denmark. Mikkel Gleerup, current chief executive officer (CEO) of Cadeler, will continue as CEO of the combined company.
“The combination will represent a significant step up in our ability to meet the increased demand globally for projects with larger scopes and project sizes in service of the much-needed green transition,” said Gleerup. “To deliver on this ambition, we will provide our customers with the largest and most diverse fleet in the industry, operated by highly skilled teams with unique expertise and track records. For customers, the combined fleet will unlock unrivalled value due to increased cross-utilization of resources and improved flexibility, capacity, and agility.”
The combined companies will result in the largest diversified fleet owned and operated by a single pure-play offshore wind turbine and foundation installation company. The Cadeler fleet consists of two wind turbine installation vessels (WTIVs) currently on the water, two WTIVs scheduled for delivery in Q3 2024 and Q2 2025, and two wind foundation installation vessels scheduled for delivery in Q4 2025 and Q3 2026.
The Eneti fleet consists of five WTIVs currently on the water and two WTIVs scheduled for delivery in Q4 2024 and Q2 2025. Of the five vessels on the water, three of the vessels are non-core assets and subject to divestment before or after completion of the combination of companies.
Upon delivery of the six vessels under construction and disposition of the three non-core assets, the combined company will consist of 10 complementary vessels. The effective operational homogeneity of the fleet will allow for substitution opportunities and increased vessel utilization, the company said.