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Eneti Inc. Announces Financial Results for the Fourth Quarter of 2021 and Declares a Quarterly Cash Dividend

Feb 23, 2022

MONACO, Feb. 23, 2022 (GLOBE NEWSWIRE) — Eneti Inc. (NYSE: NETI) (“Eneti” or the “Company”), today reported its results for the three months ended December 31, 2021.

The Company also announced that on February 23, 2022 its Board of Directors declared a quarterly cash dividend of $0.01 per share on the Company’s common shares.

The Company’s results for the three and twelve months ended December 31, 2021 include the impact of Seajacks International Limited’s (“Seajacks”) earnings during the period from August 12, 2021 (the date the acquisition was completed) through December 31, 2021. Since the completion of the acquisition, the operations of the Company are primarily those of Seajacks as the Company completed its exit from the dry bulk sector of the shipping industry in July 2021.

The preliminary allocation of the purchase price used in the financial information is based upon a preliminary valuation. The estimated fair values of certain assets and liabilities have been determined with the assistance of a third-party valuation firm. Our estimates and assumptions are preliminary and accordingly are subject to change upon finalization of the valuation.

Results for the Three and Twelve Months Ended December 31, 2021 and 2020

  • For the fourth quarter of 2021, the Company’s GAAP net loss was $28.3 million, or $1.00 per diluted share, including
    • a loss of approximately $12.3 million and cash dividend income of $0.2 million, or $0.43 per diluted share, from the Company’s equity investment in Scorpio Tankers Inc.; and
    • approximately $1.5 million, or $0.05 per diluted share, in acquisition integration costs of Seajacks.
  • Total revenues for the fourth quarter of 2021 were $16.5 million, compared to $50.1 million for the same period in 2020. Fourth quarter 2021 revenues consisted of revenues generated by the Seajacks Scylla’s transportation and installation services for an offshore wind farm project in China, the Seajacks Hydra’s maintenance on an offshore gas production platform in the Southern North Sea and consultancy revenue.
  • For the fourth quarter of 2020, the Company’s GAAP net loss was $465.6 million, or $40.90 per diluted share including a write-down of assets of approximately $458.8 million, or $40.30 per diluted share, related to the Company’s previously announced plan to exit the dry bulk sector of the shipping industry; the write-off of $2.7 million, or $0.24 per diluted share, of deferred financing costs on repaid credit facilities related to vessels that have been sold; and a non-cash gain of approximately $0.3 million and cash dividend income of $0.2 million, or $0.04 per diluted share, from the Company’s equity investment in Scorpio Tankers Inc.
  • Earnings before interest, taxes, depreciation and amortization (“EBITDA”) for the fourth quarter of 2021 was a loss of $24.3 million and EBITDA for the fourth quarter of 2020 was a loss of $445.1 million (see Non-GAAP Financial Measures below).
  • For the fourth quarter of 2021, the Company’s adjusted net loss was $26.7 million, or $0.94 adjusted per diluted share, which excludes certain costs relating to the acquisition of Seajacks. For the fourth quarter of 2020, the Company’s adjusted net loss was $4.1 million, or $0.36 adjusted per diluted share, which excludes the impact of the write-down of assets of approximately $458.8 million related to the Company’s previously announced plan to exit the dry bulk sector of the shipping industry and the write-off of $2.7 million of deferred financing costs on repaid credit facilities related to vessels that have been sold.
  • Adjusted EBITDA for the fourth quarter of 2021 was a loss of $22.8 million and adjusted EBITDA for the fourth quarter of 2020 was $13.7 million (see Non-GAAP Financial Measures below).
  • For 2021, the Company’s GAAP net income was $26.1 million, or $1.60 per diluted share, including:
    • a gain on bargain purchase of Seajacks of $57.4 million, or $3.53 per diluted share;
    • transaction costs of approximately $49.6 million, or $3.04 per diluted share related to the acquisition of Seajacks;
    • a gain on vessels sold of approximately $22.7 million, or $1.40 per diluted share;
    • the write-off of $7.2 million, or $0.44 per diluted share, of deferred financing costs on repaid credit facilities related to certain vessels that have been sold; and
    • a gain of approximately $3.5 million and cash dividend income of $0.9 million, or $0.27 per diluted share, from the Company’s equity investment in Scorpio Tankers Inc.
  • For 2020, the Company’s GAAP net loss was $672.0 million, or $70.85 per diluted share, including a write-down on assets sold and classified as held for sale of approximately $495.4 million, or $52.24 per diluted share; a loss of approximately $106.5 million and cash dividend income of $1.1 million, or $11.11 per diluted share, from the Company’s equity investment in Scorpio Tankers Inc.; and a write-off of approximately $3.1 million, or $0.33 per diluted share, of deferred financing costs on the credit facilities related to repaid debt on vessels that have been sold.
  • Total revenues for 2021 and 2020 were $139.2 million and $163.7 million, respectively. For 2021 and 2020, EBITDA was $59.2 million and a loss of $579.7 million, respectively (see Non-GAAP Financial Measures below).
  • For 2021, the Company’s adjusted net income was $2.7 million, or $0.15 adjusted per diluted share, which excludes the impact of a gain on bargain purchase of Seajacks of $57.4 million, transaction costs of approximately $49.6 million related to the acquisition of Seajacks, a gain on vessels sold of approximately $22.7 million which is primarily the result of an increase in the fair value of common shares of Star Bulk Carriers Corp. (“Star Bulk”) and Eagle Bulk Shipping Inc. (“Eagle”) received as a portion of the consideration for the sale of certain of our vessels to Star Bulk and Eagle and the write-off of deferred financing costs on the related credit facilities of $7.2 million. Adjusted EBITDA for 2021 was $22.7 million (see Non-GAAP Financial Measures below).
  • For 2020, the Company’s adjusted net loss was $173.5 million, or $18.28 adjusted per diluted share, which excludes the impact of the write-down of assets of approximately $495.4 million and the write-off of deferred financing costs on credit facilities related to sold vessels of approximately $3.1 million. Adjusted EBITDA for the twelve months of 2020 was a loss of $84.3 million (see Non-GAAP Financial Measures below).

Liquidity

As of February 18, 2022, the Company had approximately $52.1 million in cash. The Company also continues to hold approximately 2.16 million common shares of Scorpio Tankers Inc. (NYSE: STNG).

Contracts Awarded

In February 2022, Seajacks UK Limited, a wholly-owned subsidiary of the Company, signed:

  • four contracts with customers in NW Europe for between 189 to 240 days, in aggregate, of employment for its NG2500-class vessels that together are expected to generate between approximately $11.6 million to $14.3 million of revenue in 2022; and
  • a contract in NW Europe for between 87 to 113 days of employment for one of its NG2500-class vessels that will generate between approximately $4.8 million to $6.2 million of revenue in 2022.

In December 2021, Seajacks UK Limited signed a contract with Van Oord for the employment of Seajacks Scylla in Europe in 2023. The firm charter duration of the contract will generate approximately $60.0 million of revenue in 2023.

New Buildings

The Company is currently under contract with Daewoo Shipbuilding and Marine Engineering for the construction of two next-generation offshore wind turbine installation vessels (“WTIV”). The aggregate contract price is approximately $654.8 million, of which $33.0 million has been paid. The vessels are expected to be delivered in the third quarter of 2024 and second quarter of 2025. The estimated future payment dates and amounts are as follows (1) (dollars in thousands):

    DSME1   DSME2  
Q1 2022 (2)   $   $ 16,220  
Q2 2022         16,220  
Q3 2022          
Q4 2022     33,036      
Q1 2023          
Q2 2023          
Q3 2023     33,036     32,441  
Q4 2023     33,036      
Q1 2024          
Q2 2024         32,441  
Q3 2024     198,217     32,441  
Q4 2024          
Q1 2025          
Q2 2025         194,644  
Total   $ 297,325   $ 324,407  

(1) These are estimates only and are subject to change as construction progresses.
(2) Relates to payments expected to be made from February 24, 2022 to March 31, 2022.

On February 1, 2022, the Company announced that it discontinued discussions with a shipyard in the United States to build a Jones Act-compliant WTIV.

Debt Overview

The Company’s outstanding debt balances, gross of unamortized deferred financing costs as of December 31, 2021 and February 18, 2022, are as follows (dollars in thousands):

    As of December
31, 2021
  As of
February 18,
2022
 
Credit Facility   Amount Outstanding  
$60.0 Million ING Revolving Credit Facility(1)   $   $  
$87.7 Million Subordinated Debt     87,650      
$70.7 Million Redeemable Notes     53,015     53,015  
Total   $ 140,665   $ 53,015  

(1) ING issued a performance bond guarantee of approximately $7.1 million as of February 18, 2022, therefore reducing the amount available under the credit facility to $52.9 million.

In December 2021, the Company repaid $17.7 million of the Redeemable Notes due March 2022, and in February 2022, the Company repaid $87.7 million of 8% subordinated debt due September 2022. These two repayments of debt, which were assumed or issued as part of the Company’s acquisition of Atlantis Investorco Limited (the parent of Seajacks) in August 2021, amount to $105.4 million in aggregate.

In February 2022, the Company has received commitments from DNB Capital LLC, Societe Generale, Citibank N.A., Credit Agricole Corporate and Investment Bank and Credit Industriel et Commercial for a five-year credit facility of $175 million (the “Credit Facility”).

The Credit Facility, which was over-subscribed, bears interest at the applicable benchmark plus 3.05%-3.15%, and may be partially drawn in Euros. It is subject to customary conditions precedent and the execution of definitive documentation and is expected to close within the second quarter of 2022.

Quarterly Cash Dividend

In the fourth quarter of 2021, the Company’s Board of Directors declared and the Company paid a quarterly cash dividend of $0.01 per share totaling approximately $0.4 million.

On February 23, 2022, the Company’s Board of Directors declared a quarterly cash dividend of $0.01 per share, payable on or about March 15, 2022, to all shareholders of record as of March 7, 2022. As of February 18, 2022, 39,741,204 common shares were outstanding.

COVID-19

Since the beginning of the calendar year 2020, the ongoing outbreak of the novel coronavirus (COVID-19) that originated in China in December 2019 and that has spread to most developed nations of the world has resulted in numerous actions taken by governments and governmental agencies in an attempt to mitigate the spread of the virus. These measures have resulted in a significant reduction in global economic activity and extreme volatility in the global financial and commodities markets. Future charter rates remain highly dependent on the duration and continuing impact of the COVID-19 pandemic. When these measures and the resulting economic impact will end and what the long-term impact of such measures on the global economy will be are not known at this time. The COVID-19 outbreak continues to rapidly evolve, with periods of improvement followed by periods of higher infection rates, along with the development of new disease variants, such as the Delta and Omicron variants, in various geographical areas throughout the world. As a result, the extent to which COVID-19 will impact the Company’s results of operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted.

Eneti Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income
(Amounts in thousands, except per share data)
    Unaudited
    Three Months Ended
December 31,
  Twelve Months Ended
December 31,
      2021       2020       2021       2020  
Revenue:                
Revenue   $ 16,516     $ 50,052     $ 139,229     $ 163,732  
Operating expenses:                
Voyage expenses     (332 )     5,491       13,723       10,009  
Vessel operating and project costs     15,087       21,383       52,505       92,806  
Charterhire expense     121       5,559       34,001       21,107  
Vessel depreciation     6,641       9,256       10,804       48,369  
General and administrative expenses     16,765       6,081       83,954       25,671  
Loss / write-down on assets sold or held for sale     82       458,806       (22,732 )     495,413  
Total operating expenses     38,364       506,576       172,255       693,375  
Operating loss     (21,848 )     (456,524 )     (33,026 )     (529,643 )
Other (expense) income:                
Interest income     29       20       87       210  
Gain on bargain purchase of Seajacks                 57,436        
(Loss) income from equity investments     (12,133 )     474       9,735       (105,384 )
Income on derivative financial instruments     114                    
Foreign exchange income (loss)     1,648       (105 )     2,090       (348 )
Financial expense, net     (1,928 )     (9,466 )     (16,360 )     (36,818 )
Total other (expense) income     (12,270 )     (9,077 )     52,988       (142,340 )
(Loss) income before income tax provision     (34,118 )     (465,601 )     19,962       (671,983 )
Income tax (benefit) provision     (5,837 )           (6,117 )      
Net (loss) income   $ (28,281 )   $ (465,601 )   $ 26,079     $ (671,983 )
                 
(Loss) earnings per share:                
Basic   $ (1.00 )   $ (40.90 )   $ 1.62     $ (70.85 )
Diluted   $ (1.00 )   $ (40.90 )   $ 1.60     $ (70.85 )
                 
Basic weighted average number of common shares outstanding     28,214       11,385       16,096       9,484  
Diluted weighted average number of common shares outstanding     28,214       11,385       16,279       9,484  
                 
Comprehensive income:                
Net (loss) income     (28,281 )     (465,601 )     26,079       (671,983 )
Other comprehensive income:                
Revaluation of derivative financial instruments, net of tax     394             323        
Comprehensive (loss) income   $ (27,887 )   $ (465,601 )   $ 26,402     $ (671,983 )
                 

Eneti Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Dollars in thousands)
    Unaudited    
    December 31, 2021   December 31, 2020
Assets        
Current assets        
Cash and cash equivalents   $ 153,977     $ 84,002  
Accounts receivable     25,420       21,086  
Prepaid expenses and other current assets     5,846       16,515  
Contract fulfillment costs     3,835        
Total current assets     189,078       121,603  
Non-current assets        
Vessels, net     522,205        
Vessels under construction     36,054        
Assets held for sale           708,097  
Equity investments     27,607       24,116  
Intangible assets     4,518        
Deferred tax asset     30,317        
Deferred financing costs, net           1,143  
Other assets     4,549       13,236  
Total non-current assets     625,250       746,592  
Total assets   $ 814,328     $ 868,195  
         
Liabilities and shareholders’ equity        
Current liabilities        
Bank loans, net   $ 87,650     $ 13,226  
Capital lease obligations           32,677  
Contract liabilities     12,275        
Corporate income tax payable     4,058        
Accounts payable and accrued expenses     28,744       41,113  
Total current liabilities     132,727       87,016  
Non-current liabilities        
Bank loans, net           157,511  
Capital lease obligations           351,070  
Redeemable notes     53,015        
Other liabilities     2,389        
Total non-current liabilities     55,404       508,581  
Total liabilities     188,131       595,597  
Shareholders’ equity        
Preferred shares, $0.01 par value per share; 50,000,000 shares authorized; no shares issued or outstanding            
Common shares, $0.01 par value per share; authorized 81,875,000 shares and 31,875,000 shares as of December 31, 2021 and 2020, respectively; outstanding 39,741,204 shares and 11,310,073 as of December 31, 2021 and 2020, respectively     1,124       859  
Paid-in capital     2,057,668       1,803,431  
Common shares held in treasury, at cost; 35,869 shares and 1,934,092 shares at December 31, 2021 and December 31, 2020, respectively     (717 )     (73,444 )
Accumulated deficit     (1,432,168 )     (1,458,248 )
Other comprehensive income     290        
Total shareholders’ equity     626,197       272,598  
Total liabilities and shareholders’ equity   $ 814,328     $ 868,195  
Eneti Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (unaudited)
(Amounts in thousands)
    Twelve Months Ended December 31,
      2021       2020  
Operating activities        
Net income (loss)   $ 26,079     $ (671,983 )
Adjustment to reconcile net income (loss) to net cash provided by        
operating activities:        
Restricted share amortization     12,159       7,317  
Gain on bargain purchase of Seajacks     (57,436 )      
Vessel depreciation     10,804       48,369  
Amortization of deferred financing costs     658       3,667  
Write-off of deferred financing costs     7,196       3,088  
(Gain) loss / write-down on assets held for sale     (19,598 )     428,833  
Net unrealized (gains) losses on investments     (9,651 )     106,471  
Dividend income on equity investment     (862 )     (1,087 )
Drydocking expenditure     (3,443 )     (22,597 )
Deferred tax asset     (6,066 )      
Gain (loss) on derivatives     290        
Changes in operating assets and liabilities:        
Decrease (increase) in accounts receivable     63,283       (7,877 )
Decrease in prepaid expenses and other assets     27,233       37,872  
(Decrease) increase in accounts payable and accrued expenses     (42,039 )     29,093  
Decrease in taxes payable     (366 )      
Net cash used in operating activities     8,241       (38,834 )
Investing activities        
Sale of equity investment     64,155       42,711  
Cash acquired in Seajacks acquisition     25,719        
Dividend income on equity investment     862       1,087  
Proceeds from sale of assets held for sale     496,107       194,066  
Payments on vessels under construction / scrubber payments     (36,464 )     (42,359 )
Net cash provided by investing activities     550,379       195,505  
Financing activities        
Proceeds from issuance of common stock     165,896       82,254  
Proceeds from issuance of long-term debt           186,671  
Repayments of long-term debt     (651,422 )     (364,165 )
Common shares repurchased     (1,407 )     (16,724 )
Dividends paid     (1,712 )     (3,235 )
Net cash used in financing activities     (488,645 )     (115,199 )
Increase (decrease) in cash and cash equivalents     69,975       41,472  
Cash and cash equivalents, beginning of period     84,002       42,530  
Cash and cash equivalents, end of period   $ 153,977     $ 84,002  


Conference Call on Results:

A conference call to discuss the Company’s results will be held at 9:00 AM Eastern Standard Time / 3:00 PM Central European Time on February 23, 2022. Those wishing to listen to the call should dial 1 (866) 219-5268 (U.S.) or 1 (703) 736-7424 (International) at least 10 minutes prior to the start of the call to ensure connection. The conference participant passcode is 1680705. The information provided on the teleconference is only accurate at the time of the conference call, and the Company will take no responsibility for providing updated information.

There will also be a simultaneous live webcast over the internet, through the Eneti Inc. website www.eneti-inc.com. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

Webcast URL: https://edge.media-server.com/mmc/p/t29yuspp

About Eneti Inc.

Eneti Inc. is focused on the offshore wind and marine-based renewable energy industry and has invested in the next generation of wind turbine installation vessels. Additional information about the Company is available on the Company’s website www.eneti-inc.com, which is not a part of this press release.

Non-GAAP Financial Measures

To supplement the Company’s financial information presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”) management uses certain “non-GAAP financial measures” as such term is defined in Regulation G promulgated by the U.S. Securities and Exchange Commission (the “SEC”). Generally, a non-GAAP financial measure is a numerical measure of a company’s operating performance, financial position or cash flows that excludes or includes amounts that are included in, or excluded from, the most directly comparable measure calculated and presented in accordance with GAAP. Management believes the presentation of these measures provides investors with greater transparency and supplemental data relating to the Company’s financial condition and results of operations, and therefore a more complete understanding of factors affecting its business than GAAP measures alone. In addition, management believes the presentation of these matters is useful to investors for period-to-period comparison of results as the items may reflect certain unique and/or non-operating items such as asset sales, write-offs, contract termination costs or items outside of management’s control.

Earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted net income (loss) and related per share amounts, and adjusted EBITDA are non-GAAP financial measures that the Company believes provide investors with a means of evaluating and understanding how the Company’s management evaluates the Company’s operating performance. These non-GAAP financial measures should not be considered in isolation from, as substitutes for, nor superior to financial measures prepared in accordance with GAAP. Please see below for reconciliations of EBITDA, adjusted net income (loss) and related per share amounts, and adjusted EBITDA.

EBITDA (unaudited)

  Three Months Ended
December 31,
  Twelve Months Ended
December 31,
In thousands   2021       2020       2021       2020  
Net (loss) income from continuing operations $ (28,281 )   $ (465,601 )   $ 26,079     $ (671,983 )
Add Back:                
Net interest expense   1,899       5,937       8,425       29,853  
Depreciation and amortization (1)   7,904       14,529       30,812       62,441  
Income tax (benefit) expense   (5,837 )           (6,117 )      
EBITDA $ (24,315 )   $ (445,135 )   $ 59,199     $ (579,689 )

(1) Includes depreciation, amortization of deferred financing costs and restricted share amortization.

Adjusted net income (loss) (unaudited)

  Three Months Ended December 31,
In thousands, except per share data   2021       2020  
  Amount   Per share   Amount   Per share
Net loss from continuing operations $ (28,281 )   $ (1.00 )   $ (465,601 )   $ (40.90 )
Adjustments:              
Acquisition integration costs   1,461       0.05              
(Gain) loss / write-down on assets   82       0.01       458,806       40.30  
Write-off of deferred financing cost               2,722       0.24  
Total adjustments $ (1,543 )   $ 0.06     $ 461,528     $ 40.54  
Adjusted net loss $ (26,738 )   $ (0.94 )   $ (4,073 )   $ (0.36 )

  Twelve Months Ended December 31,
In thousands, except per share data   2021       2020  
  Amount   Per share   Amount   Per share
Net income (loss) $ 26,079     $ 1.60     $ (671,983 )   $ (70.85 )
Adjustments:              
Gain on bargain purchase of Seajacks   (57,436 )     (3.53 )            
Transaction costs   49,564       3.04              
(Gain) loss / write-down on assets   (22,732 )     (1.40 )     495,413       52.24  
Write-off of deferred financing cost   7,196       0.44       3,088       0.33  
Total adjustments $ (23,408 )   $ (1.45 )   $ 498,501     $ 52.57  
Adjusted net income (loss) $ 2,671     $ 0.15     $ (173,482 )   $ (18.28 )

Adjusted EBITDA (unaudited)

  Three Months Ended
December 31,
  Twelve Months Ended
December 31,
In thousands   2021       2020       2021       2020  
Net loss (income) $ (28,281 )   $ (465,601 )   $ 26,079     $ (671,983 )
Impact of adjustments   1,543       461,528       (23,408 )     498,501  
Adjusted net (loss) income   (26,738 )     (4,073 )     2,671       (173,482 )
Add Back:              
Net interest expense   1,899       5,937       8,425       29,853  
Depreciation and amortization (1)   7,904       11,807       17,688       59,353  
Income tax (benefit) expense   (5,837 )           (6,117 )      
Adjusted EBITDA $ (22,772 )   $ 13,671     $ 22,667     $ (84,276 )

(1) Includes depreciation, amortization of deferred financing costs and restricted share amortization.

Forward-Looking Statements 

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements. We undertake no obligation, and specifically decline any obligation, except as required by law, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and asset values, changes in demand for Wind Turbine Installation Vessel (“WTIV”) capacity, the length and severity of the ongoing novel coronavirus (COVID-19) outbreak, including its effects on demand for WTIVs and the installation of offshore windfarms, changes in our operating expenses, including fuel costs, drydocking and insurance costs, the market for our WTIVs, availability of financing and refinancing, counterparty performance, ability to obtain financing and the availability of capital resources (including for capital expenditures) and comply with covenants in such financing arrangements, planned capital expenditures, our ability to successfully identify, consummate, integrate and realize the expected benefits from acquisitions and changes to our business strategy, fluctuations in the value of our investments, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption due to accidents or political events, vessel breakdowns and instances of off-hires and other factors.

Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

Contact Information:

Eneti Inc.
James Doyle – Head of Corporate Development & Investor Relations
Tel: +1 646-432-1678
Email: Investor.Relations@Eneti-inc.com
https://www.eneti-inc.com