Eneti Inc. Announces Purchase of Common Shares by Scorpio Holdings Limited

Mar 23, 2023

MONACO, March 23, 2023 (GLOBE NEWSWIRE) — Eneti Inc. (NYSE:NETI) (the “Company”) announced today that Scorpio Holdings Limited (“SHL”), a related party, has purchased 1,000,000 common shares of the Company at an average price of $8.90 per share from the Marubeni Corporation via a private placement. The Company had issued the shares to Marubeni Corporation as part of the acquisition price paid by the Company to acquire Seajacks in August 2021.

SHL also recently purchased 150,250 common shares of the Company at an average price of $9.78 per share in the open market.

The Company currently has 38,647,119 common shares outstanding, of which SHL and its affiliates own 11,119,181 or 28.77%.

About Eneti Inc.

Eneti Inc. is a leading provider of installation and maintenance vessels to the offshore wind sector and has invested in the next generation of wind turbine installation vessels. The Company is listed on the New York Stock Exchange under the ticker symbol NETI. Additional information about the Company is available on the Company’s website: www.eneti-inc.com.

Forward-Looking Statements

The forward-looking statements in this press release are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside our management’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. These forward-looking statements are based on information available as of the date hereof, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. 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 and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

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:
our future operating or financial results; changes in demand for Wind Turbine Installation Vessel (“WTIV”) capacity; the strength of world economies and currencies; the length and severity of the recent novel coronavirus (COVID-19) outbreak, including its effects on demand for WTIVs and the installation of offshore wind turbines; our ability to successfully employ our existing and newbuilding WTIVs and the availability and suitability of our vessels for customer projects; our ability to compete successfully for future chartering and newbuilding opportunities; our continued ability to employ our vessels; fluctuations in interest rates and foreign exchange rates; early termination of customer contracts, our failure to win new contracts for our vessels or the failure of counterparties to fully perform their contracts with us; our ability to successfully identify, consummate, integrate and realize the expected benefits from acquisitions and changes to our business strategy; our ability to successfully operate in new markets; changes in our operating expenses, including bunker prices, drydocking and insurance costs; compliance with, and our liabilities under, governmental, tax, environmental and safety laws and regulations; 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 of shipping routes due to accidents or political events; our ability to procure or have access to financing, our liquidity and the adequacy of cash flows for our operations; our continued borrowing availability under our debt agreements and compliance with the covenants contained therein; fluctuations in the value of our vessels and investments; our ability to fund future capital expenditures and investments in the construction, acquisition and refurbishment of our vessels (including the amount and nature thereof and the timing of completion thereof, the timely delivery to us and commencement of operations dates, expected downtime and lost revenue); potential exposure or loss from investment in derivative instruments or other equity investments in which we invest; potential conflicts of interest involving members of our Board and senior management and our significant shareholders; and our expectations regarding the availability of vessel acquisitions and our ability to complete acquisition transactions planned and other factors.

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

Eneti Inc. Announces a Contract Awards for Seajacks

Feb 21, 2023

MONACO, Feb. 21, 2023 (GLOBE NEWSWIRE) — Eneti Inc. (NYSE:NETI) (the “Company”) announced today that Seajacks UK Limited, a wholly-owned subsidiary of the Company, has signed a contract in NW Europe for between 41 and 53 days of employment for one of its NG2500-class vessels that will generate between approximately $3.3 million and $4.1 million of revenue in 2023.

About Eneti Inc.

Forward-Looking Statements

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

Eneti Inc. Announces Financial Results for the Fourth Quarter of 2022 and Declares a Quarterly Cash Dividend

Feb 9, 2023

MONACO, Feb. 09, 2023 (GLOBE NEWSWIRE) — Eneti Inc. (NYSE: NETI) (“Eneti” or the “Company”), today reported its results for the three months ended December 31, 2022.

The Company also announced that on February 9, 2023 its board of directors (the “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, 2022 include the impact of Seajacks International Limited’s (“Seajacks”) earnings, which was acquired on August 12, 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.

Results for the Three and Twelve Months Ended December 31, 2022 and 2021

For the fourth quarter of 2022, the Company’s GAAP net income was $11.8 million, or $0.32 per diluted share.
Total revenues for the fourth quarter of 2022 were $46.6 million, compared to $21.3 million for the same period in 2021. Fourth quarter 2022 revenues primarily consisted of revenues generated by the Seajacks Scylla and Seajacks Zaratan, both of which completed their respective projects providing transportation and installation services for an offshore wind farm project in Taiwan and work on the Akita project. The Seajacks Scylla is currently en route to Europe for its next project, which is expected to commence in March 2023 and Seajacks Zaratan is expected to begin its next project in June 2023.

Vessel operating costs, including fuel costs and catering, and project costs are driven by vessel utilization rates. Mobilization, fuel and catering costs are typically recharged to clients but reported gross in both revenues and vessel operating costs.
For the fourth quarter of 2021, the Company’s GAAP net loss was $34.1 million, or $1.21 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.
Earnings before interest, taxes, depreciation and amortization (“EBITDA”) for the fourth quarter of 2022 was $20.9 million and EBITDA for the fourth quarter of 2021 was a loss of $23.9 million (see Non-GAAP Financial Measures below).
For the twelve months of 2022, the Company’s GAAP net income was $104.9 million, or $2.74 per diluted share including a gain of approximately $54.9 million and cash dividend income of $0.6 million, or $1.45 per diluted share, from the Company’s equity investment in Scorpio Tankers Inc.
Total revenues for the twelve months of 2022 were $199.3 million compared to $144.0 million for the same period in 2021. The twelve months 2022 revenues were generated primarily by the Seajacks Scylla, which provided transportation and installation services for an offshore wind farm project in Taiwan throughout 2022 and the Seajacks Zaratan which worked on the Akita project from the second quarter of 2022 through year end. Higher utilization rates on all three of the NG2500Xs since the start of the second quarter of 2022, as well as a consultancy engagement have also contributed to revenues during 2022.

For the twelve months of 2021, the Company’s GAAP net income was $20.2 million, or $1.24 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.
EBITDA for the twelve months of 2022 was $140.3 million and EBITDA for the twelve months of 2021 was $59.6 million (see Non-GAAP Financial Measures below).

Liquidity

As of February 3, 2023, the Company had approximately $129.0 million in cash and cash equivalents, of which $1.9 million was restricted cash.

Newbuildings

The Company is currently under contract with Daewoo Shipbuilding and Marine Engineering (“DSME”) for the construction of two next-generation offshore wind turbine installation vessels (“WTIV”). The aggregate contract price is approximately $654.8 million, of which $98.5 million has been paid. The vessels are expected to be delivered in the fourth 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 2023	$	—	$	—
Q2 2023		—		—
Q3 2023		33,036		32,441
Q4 2023		33,036		—
Q1 2024		—		—
Q2 2024		—		32,441
Q3 2024		—		32,441
Q4 2024		198,217		—
Q1 2025		—		—
Q2 2025		—		194,644
Total	$	264,289	$	291,967

⁽¹⁾ These are estimates only and are subject to change as construction progresses.

Award of New Contracts

During the fourth quarter of 2022, Seajacks UK Limited, a wholly-owned subsidiary of the Company, (i) signed two new contracts in NW Europe for between 75 and 102 days of employment for one of its NG2500-class vessels that will generate between approximately $5.7 million and $7.1 million of revenue in 2023, (ii) negotiated additional extensions for another NG2500-class vessel which have generated an additional €2.9 million over the fourth quarter of 2022 and first quarter of 2023, and (iii) extended an existing contract for its NG14000X-class vessel which has generated an additional €2.6 million of revenue during the first quarter of 2023.

During the fourth quarter of 2022, Seajacks UK Limited also signed a contract with an undisclosed client to transport and install turbines for a project commencing in the first half of 2025. The contract will be performed by the Company’s first of two NG16000X WTIVs currently under construction at Daewoo Shipbuilding and Marine Engineering in Korea. The vessel, to be named “Nessie”, will be delivered by the shipyard during the fourth quarter of 2024. Inclusive of mobilization beginning early in the first quarter of 2025, the engagement is expected to be between 226 and 276 days and generate approximately €60 million to €73 million of net revenue after forecasted project costs.

Debt Overview

The Company’s outstanding debt balances, gross of unamortized deferred financing costs as of December 31, 2022 and February 3, 2023, are as follows (dollars in thousands):

	As of December 31, 2022		As of February 3, 2023

Credit Facility	Amount Outstanding
$175.0 Million Credit Facility	$	65,625	$	65,625
Total	$	65,625	$	65,625

The Company has undrawn availability under a $75.0 Million Revolving Loans tranche of the above-mentioned $175.0 Million Credit Facility.

Performance Bonds

As of February 3, 2023, performance bonds were issued on behalf of the Company for $1.9 million, which was cash collateralized.

Quarterly Cash Dividend

In the fourth quarter of 2022, the Board of Directors declared, and the Company paid, a quarterly cash dividend of $0.01 per share totaling approximately $0.4 million.

On February 9, 2023, the Board of Directors declared a quarterly cash dividend of $0.01 per share, payable on or about March 15, 2023, to all shareholders of record as of March 1, 2023. As of February 9, 2023, there were 38,446,394 common shares 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. Although by 2021, many of these measures were relaxed, we cannot predict whether and to what degree emergency public health and other measures will be reinstituted in the event of any resurgence in the COVID-19 virus or any variants thereof. If the COVID-19 pandemic continues on a prolonged basis or becomes more severe, the adverse impact on the global economy may continue and our operations and cash flows may be negatively impacted. 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.

Conflict in Ukraine

As a result of the conflict between Russia and Ukraine which commenced in February 2022, the United States, the European Union, and others have announced unprecedented levels of sanctions and other measures against Russia and certain Russian entities and nationals. The ongoing conflict has disrupted supply chains and caused instability and significant volatility in the global economy. Much uncertainty remains regarding the global impact of the conflict in Ukraine and it is possible that such instability, uncertainty and resulting volatility could significantly increase our costs and adversely affect our business. These uncertainties could also adversely affect our ability to obtain additional financing or, if we are able to obtain additional financing, to do so on terms favorable to us. We will continue to monitor the situation to assess whether the conflict could have any material impact on our operations or financial performance.

Eneti Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Amounts in thousands, except per share data)

	Unaudited
	Three Months Ended December 31,						Twelve Months Ended December 31,
		2022			2021			2022			2021
Revenue:
Revenue	$	46,603		$	21,320		$	199,326		$	144,033
Operating expenses:
Voyage expenses		—			3,507			—			17,562
Vessel operating and project costs		20,453			15,087			79,353			52,505
Charterhire expense		—			121			—			34,001
Vessel depreciation		6,912			6,027			25,414			10,190
General and administrative expenses		10,090			16,765			41,177			83,954
Gain on vessels sold		—			82			—			(22,732	)
Total operating expenses		37,455			41,589			145,944			175,480
Operating income (loss)		9,148			(20,269	)		53,382			(31,447	)
Other income (expense):
Interest income		424			29			647			87
Gain on bargain purchase of Seajacks		—			—			—			57,436
(Loss) income from equity investments		—			(12,133	)		55,538			9,735
Income on derivative financial instruments		—			114			—			—
Foreign exchange income (loss)		2,839			678			(1,816	)		1,120
Financial expense, net		(81	)		(1,928	)		(2,118	)		(16,360	)
Total other income (expense), net		3,182			(13,240	)		52,251			52,018
Income (loss) before income tax provision		12,330			(33,509	)		105,633			20,571
Income tax expense		543			624			748			344
Net income (loss)	$	11,787		$	(34,133	)	$	104,885		$	20,227

Earnings (loss) per share:
Basic	$	0.32		$	(1.21	)	$	2.75		$	1.26
Diluted	$	0.32		$	(1.21	)	$	2.74		$	1.24

Basic weighted average number of common shares outstanding		36,593			28,214			38,074			16,096
Diluted weighted average number of common shares outstanding		37,137			28,214			38,292			16,279

Eneti Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Dollars in thousands)

	Unaudited
	December 31, 2022			December 31, 2021
Assets
Current assets
Cash and cash equivalents	$	119,958		$	153,977
Restricted cash		7,269			—
Accounts receivable		35,776			21,603
Inventories		5,795			5,846
Prepaid expenses and other current assets		4,740			4,769
Contract fulfillment costs		634			3,835
Total current assets		174,172			190,030
Non-current assets
Vessels, net		520,514			544,515
Vessels under construction		110,969			36,054
Equity investments		—			27,607
Intangible assets		4,518			4,518
Other assets		3,514			4,549
Total non-current assets		639,515			617,243
Total assets	$	813,687		$	807,273

Liabilities and shareholders’ equity
Current liabilities
Bank loans, net	$	12,039		$	87,650
Contract liabilities		6,706			12,275
Corporate income tax payable		2,638			4,058
Accounts payable and accrued expenses		23,630			27,180
Total current liabilities		45,013			131,163
Non-current liabilities
Bank loans, net		52,253			—
Redeemable notes		—			53,015
Other liabilities		1,924			2,751
Total non-current liabilities		54,177			55,766
Total liabilities		99,190			186,929
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 as of December 31, 2022 and 2021; outstanding 38,446,394 shares and 39,741,204 shares as of December 31, 2022 and 2021, respectively		1,134			1,124
Paid-in capital		2,064,168			2,057,958
Common shares held in treasury, at cost; 2,328,179 and 35,869 shares at December 31, 2022 and 2021, respectively		(17,669	)		(717	)
Accumulated deficit		(1,333,136	)		(1,438,021	)
Total shareholders’ equity		714,497			620,344
Total liabilities and shareholders’ equity	$	813,687		$	807,273

Eneti Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (unaudited)
(Amounts in thousands)

	Twelve Months Ended December 31,
		2022			2021
Operating activities
Net income	$	104,885		$	20,227
Adjustment to reconcile net income to net cash provided by
operating activities:
Restricted share amortization		7,821			12,154
Gain on bargain purchase of Seajacks		—			(57,436	)
Vessel depreciation		25,414			10,190
Amortization of deferred financing costs		564			658
Write-off of deferred financing costs		—			7,196
Loss (gain) on asset disposal / vessels sold		896			(19,598	)
Net (gains) on investments		(54,890	)		(9,651	)
Dividend income from equity investment		(646	)		(862	)
Drydocking expenditure		(504	)		(3,443	)
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable		(14,173	)		52,584
Decrease in inventories		51			9,928
Decrease in prepaid expenses and other assets		5,211			22,434
Decrease in accounts payable and accrued expenses		(9,946	)		(36,139	)
Decrease in taxes payable		(1,420	)		—
Net cash provided by operating activities		63,263			8,242
Investing activities
Sale of equity investment		82,497			64,155
Cash acquired in Seajacks acquisition		—			25,719
Dividend income from equity investment		646			862
Proceeds from sale of assets held for sale		—			496,107
Payments on vessels under construction		(76,328	)		(36,465	)
Net cash provided by investing activities		6,815			550,378
Financing activities
Proceeds from issuance of common stock		—			165,896
Proceeds from issuance of long-term debt		130,000			—
Repayments of long-term debt		(205,040	)		(651,422	)
Common shares repurchased		(16,952	)		(1,407	)
Debt issuance costs paid		(3,235	)		—
Dividends paid		(1,601	)		(1,712	)
Net cash used in financing activities		(96,828	)		(488,645	)
(Decrease) increase in cash and cash equivalents		(26,750	)		69,975
Cash and cash equivalents, beginning of period		153,977			84,002
Cash and cash equivalents and restricted cash, end of period	$	127,227		$	153,977

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 9, 2023. Those wishing to listen to the call should dial 1 (877) 513-1694 (U.S.) or 1 (412) 902-4269 (International) at least 10 minutes prior to the start of the call to ensure connection. The conference participant passcode is 10175378. 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/xca8hfpb

About Eneti Inc.

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”) is a non-GAAP financial measure that the Company believes provide investors with a means of evaluating and understanding how the Company’s management evaluates the Company’s operating performance. This non-GAAP financial measure should not be considered in isolation from, as substitutes for, nor superior to financial measures prepared in accordance with GAAP. Please see below for reconciliation of EBITDA.

EBITDA (unaudited)

	Three Months Ended December 31,						Twelve Months Ended December 31,
In thousands		2022			2021			2022		2021
Net income (loss)	$	11,787		$	(34,133	)	$	104,885	$	20,227
Add Back:
Net interest (income) expense		(557	)		1,899			907		8,425
Depreciation and amortization⁽¹⁾		9,168			7,683			33,800		30,591
Income tax expense		543			624			748		344
EBITDA	$	20,941			(23,927	)	$	140,340	$	59,587

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

Forward-Looking Statements

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 continuing impacts of the ongoing novel coronavirus (COVID-19) pandemic, 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, including conditions resulting from the ongoing conflict between Russia and Ukraine, 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

Eneti Inc. to Announce Fourth Quarter 2022 Results and Have a Conference Call on February 9, 2023

Jan 30, 2023

MONACO, Jan. 30, 2023 (GLOBE NEWSWIRE) — Eneti Inc. (NYSE: NETI) (the “Company”) plans to announce fourth quarter 2022 financial results in a press release that will be issued before the market opens on Thursday, February 9, 2023.

Webcast URL: https://edge.media-server.com/mmc/p/xca8hfpb

About Eneti Inc.

Forward-Looking Statements

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: our future operating or financial results; changes in demand for Wind Turbine Installation Vessel (“WTIV”) capacity; the strength of world economies and currencies; the length and severity of the recent novel coronavirus (COVID-19) outbreak, including its effects on demand for WTIVs and the installation of offshore wind turbines; our ability to successfully employ our existing and newbuilding WTIVs and the availability and suitability of our vessels for customer projects; our ability to compete successfully for future chartering and newbuilding opportunities; our continued ability to employ our vessels; fluctuations in interest rates and foreign exchange rates; early termination of customer contracts, our failure to win new contracts for our vessels or the failure of counterparties to fully perform their contracts with us; our ability to successfully identify, consummate, integrate and realize the expected benefits from acquisitions and changes to our business strategy; our ability to successfully operate in new markets; changes in our operating expenses, including bunker prices, drydocking and insurance costs; compliance with, and our liabilities under, governmental, tax, environmental and safety laws and regulations; 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 of shipping routes due to accidents or political events; our ability to procure or have access to financing, our liquidity and the adequacy of cash flows for our operations; our continued borrowing availability under our debt agreements and compliance with the covenants contained therein; fluctuations in the value of our vessels and investments; our ability to fund future capital expenditures and investments in the construction, acquisition and refurbishment of our vessels (including the amount and nature thereof and the timing of completion thereof, the timely delivery to us and commencement of operations dates, expected downtime and lost revenue); potential exposure or loss from investment in derivative instruments or other equity investments in which we invest; potential conflicts of interest involving members of our Board and senior management and our significant shareholders; and our expectations regarding the availability of vessel acquisitions and our ability to complete acquisition transactions planned 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

Eneti Inc. Announces Contract Awards for Seajacks

Jan 24, 2023

MONACO, Jan. 24, 2023 (GLOBE NEWSWIRE) — Eneti Inc. (NYSE:NETI) (the “Company”) announced today that Seajacks UK Limited, a wholly-owned subsidiary of the Company, has signed two new contracts in NW Europe for between 75 and 102 days of employment for one of its NG2500-class vessels that will generate between approximately $5.7 million and $7.1 million of revenue in 2023. Furthermore, additional extensions were negotiated for another NG2500-class vessel which will generate an additional EUR 2.9 million of revenue.

In addition, an existing contract for its NG14000X-class vessel has been extended which has generated an additional EUR2.6 million of revenue.

Emanuele A. Lauro, Chairman and CEO, commented “The higher rates achieved for our NG2500-class vessels reflect the rising demand for these assets, and the evolution from seasonal employment to year-round opportunities.”

About Eneti Inc.

Forward-Looking Statements

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: our future operating or financial results; changes in demand for Wind Turbine Installation Vessel (“WTIV”) capacity; the strength of world economies and currencies; the length and severity of the recent novel coronavirus (COVID-19) outbreak, including its effects on demand for WTIVs and the installation of offshore wind turbines; our ability to successfully employ our existing and newbuilding WTIVs and the availability and suitability of our vessels for customer projects; our ability to compete successfully for future chartering and newbuilding opportunities; our continued ability to employ our vessels; fluctuations in interest rates and foreign exchange rates; early termination of customer contracts, our failure to win new contracts for our vessels or the failure of counterparties to fully perform their contracts with us; our ability to successfully identify, consummate, integrate and realize the expected benefits from acquisitions and changes to our business strategy; our ability to successfully operate in new markets; changes in our operating expenses, including bunker prices, drydocking and insurance costs; compliance with, and our liabilities under, governmental, tax, environmental and safety laws and regulations; 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 of shipping routes due to accidents or political events; our ability to procure or have access to financing, our liquidity and the adequacy of cash flows for our operations; our continued borrowing availability under our debt agreements and compliance with the covenants contained therein; fluctuations in the value of our vessels and investments; our ability to fund future capital expenditures and investments in the construction, acquisition and refurbishment of our vessels (including the amount and nature thereof and the timing of completion thereof, the timely delivery to us and commencement of operations dates, expected downtime and lost revenue); potential exposure or loss from investment in derivative instruments or other equity investments in which we invest; potential conflicts of interest involving members of our Board and senior management and our significant shareholders; and our expectations regarding the availability of vessel acquisitions and our ability to complete acquisition transactions planned and other factors.

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

Eneti Inc. to Participate at Capital Link’s Corporate Presentation Series

Jan 5, 2023

MONACO, Jan. 05, 2023 (GLOBE NEWSWIRE) — Eneti Inc. (NYSE:NETI) (the “Company”) an offshore wind and marine-based renewable energy company, announced today that it will participate in Capital Link’s Corporate Presentation Webinar Series.

On Monday, January 9, 2023, at 10:00 AM ET its senior management team will go through a presentation on the company’s current operations, business development, growth prospects and outlook of the renewable energy sector.

You can register for the company presentation webinar below:

Date:	Monday, January 9, 2023
Time:	10:00 AM ET
Speakers:	Mr. Robert Bugbee, President & Director
	Mr. Carl Erik Gurrik, Managing Director
	Mr. James Doyle, Head of Corporate Development & Investor Relations
Register:	https://webinars.capitallink.com/2023/company_presentation/

On the registration page, please register for the presentation slated for January 9, 2023, at 10:00 AM ET.

Once registered, you will receive an email confirmation with the link to click on for the respective presentation you signed up for.

LIVE Q&A SESSION – Submitting Questions

Participants can submit their questions either during the webinar through the online platform or can email webinars@capitallink.com.

1×1 MEETINGS WITH COMPANY MANAGEMENT

Institutional Investors can request follow-up meeting(s) with Eneti’s management through the 1×1 Meetings Section on the Registration Page or by emailing webinars@capitallink.com

About Eneti Inc.

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,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “targets,” “projects,” “likely,” “would,” “could” and similar expressions or phrases may identify forward-looking statements.
The forward-looking statements in this press release are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside our management’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. These forward-looking statements are based on information available as of the date hereof, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. 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 and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

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: our future operating or financial results; changes in demand for Wind Turbine Installation Vessel (“WTIV”) capacity; the strength of world economies and currencies; the length and severity of the recent novel coronavirus (COVID-19) outbreak, including its effects on demand for WTIVs and the installation of offshore wind turbines; our ability to successfully employ our existing and newbuilding WTIVs and the availability and suitability of our vessels for customer projects; our ability to compete successfully for future chartering and newbuilding opportunities; our continued ability to employ our vessels; fluctuations in interest rates and foreign exchange rates; early termination of customer contracts, our failure to win new contracts for our vessels or the failure of counterparties to fully perform their contracts with us; our ability to successfully identify, consummate, integrate and realize the expected benefits from acquisitions and changes to our business strategy; our ability to successfully operate in new markets; changes in our operating expenses, including bunker prices, drydocking and insurance costs; compliance with, and our liabilities under, governmental, tax, environmental and safety laws and regulations; 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 of shipping routes due to accidents or political events; our ability to procure or have access to financing, our liquidity and the adequacy of cash flows for our operations; our continued borrowing availability under our debt agreements and compliance with the covenants contained therein; fluctuations in the value of our vessels and investments; our ability to fund future capital expenditures and investments in the construction, acquisition and refurbishment of our vessels (including the amount and nature thereof and the timing of completion thereof, the timely delivery to us and commencement of operations dates, expected downtime and lost revenue); potential exposure or loss from investment in derivative instruments or other equity investments in which we invest; potential conflicts of interest involving members of our Board and senior management and our significant shareholders; and our expectations regarding the availability of vessel acquisitions and our ability to complete acquisition transactions planned and other factors.

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

Eneti Signs Initial Installation Contract For Newbuild WTIV

Dec 19, 2022

MONACO, Dec. 19, 2022 (GLOBE NEWSWIRE) — Eneti Inc. (NYSE:NETI) (the “Company”) announced today that Seajacks UK Limited, a wholly-owned subsidiary of the Company and a leading provider of installation and maintenance vessels to the offshore wind sector, has signed a contract with an undisclosed client to transport and install turbines for a project commencing in the first half of 2025. The contract will be performed by the Company’s first of two NG16000X Wind Turbine Installation Vessels currently under construction at Daewoo Shipbuilding and Marine Engineering in Korea. The vessel, to be named “Nessie”, will be delivered by the shipyard during the fourth quarter of 2024. Inclusive of mobilization beginning early in the first quarter of 2025, the engagement is expected to be between 226 and 276 days and generate approximately EUR 60 million to EUR 73 million of net revenue after forecasted project costs.

Emanuele Lauro, CEO of Eneti, says, “Securing this charter for our first newbuilding WTIV is an important milestone for the Company. It represents a proof of concept for our new buildings and reflects the improving fundamentals of the installation market and the expanding capability of our fleet. With open vessel capacity, we are well positioned to contract the fleet in a tightening market and a rising rate environment.”

About Eneti Inc.

Forward-Looking Statements

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: our future operating or financial results; changes in demand for Wind Turbine Installation Vessel (“WTIV”) capacity; the strength of world economies and currencies; the length and severity of the recent novel coronavirus (COVID-19) outbreak, including its effects on demand for WTIVs and the installation of offshore wind turbines; our ability to successfully employ our existing and newbuilding WTIVs and the availability and suitability of our vessels for customer projects; our ability to compete successfully for future chartering and newbuilding opportunities; our continued ability to employ our vessels; fluctuations in interest rates and foreign exchange rates; early termination of customer contracts, our failure to win new contracts for our vessels or the failure of counterparties to fully perform their contracts with us; our ability to successfully identify, consummate, integrate and realize the expected benefits from acquisitions and changes to our business strategy; our ability to successfully operate in new markets; changes in our operating expenses, including bunker prices, drydocking and insurance costs; compliance with, and our liabilities under, governmental, tax, environmental and safety laws and regulations; 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 of shipping routes due to accidents or political events; our ability to procure or have access to financing, our liquidity and the adequacy of cash flows for our operations; our continued borrowing availability under our debt agreements and compliance with the covenants contained therein; fluctuations in the value of our vessels and investments; our ability to fund future capital expenditures and investments in the construction, acquisition and refurbishment of our vessels (including the amount and nature thereof and the timing of completion thereof, the timely delivery to us and commencement of operations dates, expected downtime and lost revenue); potential exposure or loss from investment in derivative instruments or other equity investments in which we invest; potential conflicts of interest involving members of our Board and senior management and our significant shareholders; and our expectations regarding the availability of vessel acquisitions and our ability to complete acquisition transactions planned and other factors.

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

Eneti Inc. Announces Financial Results for the Third Quarter of 2022 and Declares a Quarterly Cash Dividend

Nov 8, 2022

MONACO, Nov. 08, 2022 (GLOBE NEWSWIRE) — Eneti Inc. (NYSE: NETI) (“Eneti” or the “Company”), today reported its results for the three months ended September 30, 2022.

The Company also announced that on November 8, 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 nine months ended September 30, 2022 include the impact of Seajacks International Limited’s (“Seajacks”) earnings, which was acquired on August 12, 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.

Results for the Three and Nine Months Ended September 30, 2022 and 2021

For the third quarter of 2022, the Company’s GAAP net income was $36.2 million, or $0.95 per diluted share, including a gain of approximately $8.1 million and cash dividend income of $0.2 million, or $0.22 per diluted share, from the Company’s equity investment in Scorpio Tankers Inc., which was sold in August 2022 for approximately $82.5 million.
Total revenues for the third quarter of 2022 were $69.2 million, compared to $34.4 million for the same period in 2021. Third quarter 2022 revenues consisted of revenues generated by the Seajacks Scylla, which continued providing transportation and installation services for an offshore wind farm project in Taiwan and the Seajacks Zaratan which continued its work on the Akita project. In addition, two of the NG2500Xs performed maintenance on offshore gas production platforms in the North Sea and the other performed wind turbine gear maintenance at various locations within the UK and European waters during the quarter.

Vessel operating costs, including fuel costs and catering, and project costs are driven by vessel utilization rates. Mobilization, fuel and catering costs are typically recharged to clients but reported gross in both revenues and vessel operating costs.
For the third quarter of 2021, the Company’s GAAP net loss was $0.9 million, or $0.06 per diluted share, including: a gain on bargain purchase of Seajacks of $54.8 million, or $3.68 per diluted share, based upon the Company’s preliminary fair value estimates, which have since been finalized during the six months ended June 30, 2022, with no adjustments to the fair values of the identifiable net assets related to the acquisition; and acquisition-related transaction costs of approximately $48.1 million, or $3.23 per diluted share. These include compensation, consulting, legal, accounting and auditing fees and are included in general and administrative expenses on the Statement of Operations; a gain on vessels sold of approximately $0.8 million, or $0.06 per diluted share; the write-off of $0.2 million, or $0.01 per diluted share, of deferred financing costs on repaid credit facilities related to certain vessels that have been sold; and a loss of approximately $7.5 million and cash dividend income of $0.2 million, or $0.49 per diluted share, from the Company’s equity investment in Scorpio Tankers Inc.
Earnings before interest, taxes, depreciation and amortization (“EBITDA”) for the third quarter of 2022 was $45.0 million and EBITDA for the third quarter of 2021 was $14.1 million (see Non-GAAP Financial Measures below).
For the first nine months of 2022, the Company’s GAAP net income was $93.1 million, or $2.41 per diluted share, including a gain of approximately $54.9 million and cash dividend income of $0.6 million, or $1.44 per diluted share, from the Company’s equity investment in Scorpio Tankers Inc.
Total revenues for the first nine months of 2022 were $152.7 million compared to $131.8 million for the same period in 2021. First nine months 2022 revenues were generated primarily by the Seajacks Scylla, which commenced work providing transportation and installation services for an offshore wind farm project in Taiwan in the first quarter of 2022 and the Seajacks Zaratan which began work on the Akita project in the second quarter of 2022. Higher utilization rates on all three of the NG2500Xs since the start of the second quarter of 2022, as well as a consultancy engagement have also contributed to revenues during 2022.

For the first nine months of 2021, the Company’s GAAP net income was $54.0 million, or $4.41 per diluted share, including: a gain on bargain purchase of Seajacks of $54.8 million, or $4.47 per diluted share; acquisition-related transaction costs of approximately $48.1 million, or $3.93 per diluted share; a gain on vessels sold of approximately $22.8 million, or $1.86 per diluted share, 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; the write-off of $7.2 million, or $0.59 per diluted share, of deferred financing costs on repaid credit facilities related to certain vessels that have been sold; and a gain of approximately $21.3 million and cash dividend income of $0.6 million, or $1.79 per diluted share, from the Company’s equity investment in Scorpio Tankers Inc. and the sale of the Eagle and Star Bulk shares received as a portion of the consideration for the vessel sales to these counterparties.
EBITDA for the first nine months of 2022 was $119.4 million and EBITDA for the first nine months of 2021 was $85.8 million (see Non-GAAP Financial Measures below).

Liquidity

As of November 4, 2022, the Company had approximately $133.4 million of unrestricted cash and $13.9 million of restricted cash.

Scorpio Tankers Common Stock

In August 2022, the Company sold its entire holding of 2,155,140 common shares in Scorpio Tankers Inc., a related party, for approximately $38.65 per share and net proceeds of approximately $82.5 million. As part of the transaction, Scorpio Tankers Inc. purchased approximately 1.3 million of these shares for approximately $50.0 million.

Share Repurchase Program

In August 2022, the Company repurchased 2,292,310 shares of its common stock (the “Shares”) from INCJ, Ltd., for approximately $17.0 million. The Company had issued the Shares to INCJ, Ltd. as part of the acquisition price paid by the Company to acquire Seajacks in August 2021. The repurchase of the Shares was made under the Company’s then existing board authorized repurchase plan.

On September 13, 2022, the Company’s Board of Directors authorized the repurchase of up to $50.0 million of the Company’s common stock in open market purchases, privately negotiated transactions or otherwise in accordance with applicable U.S. federal securities laws, including sales pursuant to Rule 10b5-1 trading plans and under Rule 10b-18 of the Securities Exchange Act of 1934. This new share repurchase program replaces the Company’s previous share repurchase program which was authorized in January 2019 and was terminated in conjunction with the authorization of the new share repurchase program. The specific timing and amounts of the repurchases, if any, will be at the sole discretion of management and may vary based on market conditions and other factors, but the Company is not obligated under the terms of the program to repurchase any of its common stock. The authorization has no expiration date and can be suspended or discontinued at any time.

Newbuildings

The Company is currently under contract with Daewoo Shipbuilding and Marine Engineering (“DSME”) for the construction of two next-generation offshore wind turbine installation vessels (“WTIV”). The aggregate contract price is approximately $654.8 million, of which $65.5 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
Q4 2022 ⁽²⁾	$	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	$	291,967

⁽¹⁾ These are estimates only and are subject to change as construction progresses.
⁽²⁾ Payment of $33,036 expected to be made on November 8, 2022.

Financing – Mandate of Financial Institutions

During the third quarter of 2022, the Company mandated Crédit Agricole Corporate and Investment Bank and Société Générale to provide long term post-delivery finance for our two WTIV newbuilds delivering in 2024 and 2025. The Company has received a proposal (the “Credit Facility’) from these institutions for a $436 million term loan facility to finance approximately 65% of the purchase cost of the Company’s two WTIV newbuilds. The terms and conditions of the Credit Facility, including covenants, are expected to be similar to those in the Company’s existing credit facilities and customary for financings of this type. The Credit Facility is also expected to incorporate support from Export Credit Agencies, and the amount of the Credit Facility along with the terms and conditions remain subject to credit approval and other customary conditions precedent, as well as the execution of definitive documentation.

Award of New Contracts

Seajacks UK Limited, a wholly-owned subsidiary of the Company, has signed two new contracts in NW Europe for between 103 and 125 days of employment for one of its NG2500-class vessels that will generate between approximately $5.9 million and $7.2 million of revenue in 2023.

Debt Overview

The Company’s outstanding debt balances, gross of unamortized deferred financing costs as of September 30, 2022 and November 4, 2022, are as follows (dollars in thousands):

	As of September 30, 2022		As of November 4, 2022
Credit Facility	Amount Outstanding
$175.0 Million Credit Facility	$	68,750	$	68,750
Total	$	68,750	$	68,750

Performance Bonds

As of November 4, 2022, performance bonds were issued on behalf of the Company for (i) $22.4 million, under the $175.0 Million Credit Facility, and (ii) $7.1 million, which was cash collateralized.

Quarterly Cash Dividend

In the third quarter of 2022, 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 November 8, 2022, the Company’s Board of Directors declared a quarterly cash dividend of $0.01 per share, payable on or about November 30, 2022, to all shareholders of record as of November 21, 2022. As of November 8, 2022, 38,446,394 common shares were outstanding.

COVID-19

Conflict in Ukraine

Eneti Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Amounts in thousands, except per share data)

	Unaudited
	Three Months Ended September 30,						Nine Months Ended September 30,
		2022			2021			2022			2021
Revenue:
Revenue	$	69,193		$	34,358		$	152,723		$	131,838
Operating expenses:
Voyage expenses		—			2,880			—			17,461
Vessel operating and project costs		22,048			14,323			58,899			38,174
Charterhire expense		—			4,534			—			33,880
Vessel depreciation		6,079			4,163			18,530			4,163
General and administrative expenses		10,220			54,468			31,087			67,188
Gain on vessels sold		—			(830	)		—			(22,814	)
Total operating expenses		38,347			79,538			108,516			138,052
Operating income (loss)		30,846			(45,180	)		44,207			(6,214	)
Other income (expense):
Interest income		212			18			223			58
Gain on bargain purchase of Seajacks		—			54,761			—			54,761
Income (loss) from equity investments		8,340			(7,349	)		55,538			21,868
(Loss) on derivative financial instruments		—			(114	)		—			(114	)
Foreign exchange (loss) income		(2,334	)		439			(4,655	)		442
Financial expense, net		(85	)		(2,476	)		(2,037	)		(15,826	)
Total other income, net		6,133			45,279			49,069			61,189
Income before income tax provision		36,979			99			93,276			54,975
Income tax expense		794			961			205			961
Net income	$	36,185		$	(862	)	$	93,071		$	54,014

Earnings per share:
Basic	$	0.95		$	(0.06	)	$	2.41		$	4.50
Diluted	$	0.95		$	(0.06	)	$	2.41		$	4.41

Basic weighted average number of common shares outstanding		38,104			14,736			38,573			12,013
Diluted weighted average number of common shares outstanding		38,140			14,736			38,620			12,251

Comprehensive income:
Net income (loss)		36,185			(862	)		93,071			54,014
Other comprehensive income:
Revaluation of derivative financial instruments, net of tax		—			70			—			70
Comprehensive income (loss)	$	36,185		$	(792	)	$	93,071		$	54,084

Eneti Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Dollars in thousands)

	Unaudited
	September 30, 2022			December 31, 2021
Assets
Current assets
Cash and cash equivalents	$	123,726		$	153,977
Restricted cash		13,964			—
Accounts receivable		40,551			21,603
Inventories		4,861			5,846
Prepaid expenses and other current assets		5,418			4,769
Contract fulfillment costs		2,888			3,835
Total current assets		191,408			190,030
Non-current assets
Vessels, net		526,417			544,515
Vessels under construction		74,568			36,054
Equity investments		—			27,607
Intangible assets		4,518			4,518
Other assets		4,300			4,549
Total non-current assets		609,803			617,243
Total assets	$	801,211		$	807,273

Liabilities and shareholders’ equity
Current liabilities
Bank loans, net	$	12,000		$	87,650
Contract liabilities		8,194			12,275
Corporate income tax payable		2,094			4,058
Accounts payable and accrued expenses		20,317			27,180
Total current liabilities		42,605			131,163
Non-current liabilities
Bank loans, net		55,267			—
Redeemable notes		—			53,015
Other liabilities		2,294			2,751
Total non-current liabilities		57,561			55,766
Total liabilities		100,166			186,929
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 as of September 30, 2022 and December 31, 2021; outstanding 38,446,394 shares and 39,741,204 shares as of September 30, 2022 and December 31, 2021, respectively		1,134			1,124
Paid-in capital		2,062,530			2,057,958
Common shares held in treasury, at cost; 2,328,179 and 35,869 shares at September 30, 2022 and December 31, 2021, respectively		(17,669	)		(717	)
Accumulated deficit		(1,344,950	)		(1,438,021	)
Total shareholders’ equity		701,045			620,344
Total liabilities and shareholders’ equity	$	801,211		$	807,273

Eneti Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (unaudited)
(Amounts in thousands)

	Nine Months Ended September 30,
		2022			2021
Operating activities
Net income	$	93,071		$	54,014
Adjustment to reconcile net income to net cash provided by operating activities:
Restricted share amortization		5,778			10,896
Gain on bargain purchase of Seajacks		—			(54,761	)
Vessel depreciation		18,959			4,163
Amortization of deferred financing costs		351			658
Write-off of deferred financing costs		—			7,196
Loss (gain) on asset disposal / vessels sold		896			(19,598	)
Net (gains) on investments		(54,890	)		(22,000	)
Dividend income from equity investment		(646	)		(647	)
Drydocking expenditure		(504	)		(3,443	)
Deferred tax asset		—			(1,585	)
Gain on derivatives		—			70
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable		(18,948	)		36,516
Decrease in inventories		985			—
Decrease in prepaid expenses and other assets		1,556			28,733
Decrease in accounts payable and accrued expenses		(11,401	)		(32,563	)
(Decrease) increase in taxes payable		(1,964	)		1,994
Net cash provided by operating activities		33,243			9,643
Investing activities
Sale of equity investment		82,497			64,155
Cash acquired in Seajacks acquisition		—			25,719
Dividend income from equity investment		646			647
Proceeds from sale of assets held for sale		—			496,107
Payments on vessels under construction		(39,375	)		(18,372	)
Net cash provided by investing activities		43,768			568,256
Financing activities
Proceeds from issuance of long-term debt		130,000			—
Repayments of long-term debt		(201,915	)		(593,750	)
Common shares repurchased		(16,952	)		(1,407	)
Debt issuance costs paid		(3,235	)		—
Dividends paid		(1,196	)		(1,314	)
Net cash used in financing activities		(93,298	)		(596,471	)
Decrease in cash and cash equivalents		(16,287	)		(18,572	)
Cash and cash equivalents, beginning of period		153,977			84,002
Cash and cash equivalents and restricted cash, end of period	$	137,690		$	65,430

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 November 8, 2022. Those wishing to listen to the call should dial 1 (877) 513-1694 (U.S.) or 1 (412) 902-4269 (International) at least 10 minutes prior to the start of the call to ensure connection. The conference participant passcode is 10172086. 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.

Webcast URL: https://edge.media-server.com/mmc/p/sdc7xaqn

About Eneti Inc.

Non-GAAP Financial Measures

EBITDA (unaudited)

	Three Months Ended September 30,					Nine Months Ended September 30,
In thousands		2022		2021			2022		2021
Net income (loss)		36,185		(862	)	$	93,071	$	54,014
Add Back:
Net interest (income) expense		(346	)	2,283			1,463		7,914
Depreciation and amortization ⁽¹⁾		8,363		11,708			24,659		22,914
Income tax expense		794		961			205		961
EBITDA	$	44,996		14,090		$	119,398	$	85,803

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

Forward-Looking Statements

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

Eneti Inc. to Announce Third Quarter 2022 Results and Have a Conference Call on November 8, 2022

Nov 1, 2022

MONACO, Nov. 01, 2022 (GLOBE NEWSWIRE) — Eneti Inc. (NYSE: NETI) (the “Company”) plans to announce third quarter 2022 financial results in a press release that will be issued before the market opens on Tuesday, November 8, 2022.

Webcast URL: https://edge.media-server.com/mmc/p/sdc7xaqn

About Eneti Inc.

Forward-Looking Statements

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: our future operating or financial results; changes in demand for Wind Turbine Installation Vessel (“WTIV”) capacity; the strength of world economies and currencies; the length and severity of the recent novel coronavirus (COVID-19) outbreak, including its effects on demand for WTIVs and the installation of offshore wind turbines; our ability to successfully employ our existing and newbuilding WTIVs and the availability and suitability of our vessels for customer projects; our ability to compete successfully for future chartering and newbuilding opportunities; our continued ability to employ our vessels; fluctuations in interest rates and foreign exchange rates; early termination of customer contracts, our failure to win new contracts for our vessels or the failure of counterparties to fully perform their contracts with us; our ability to successfully identify, consummate, integrate and realize the expected benefits from acquisitions and changes to our business strategy; our ability to successfully operate in new markets; changes in our operating expenses, including bunker prices, drydocking and insurance costs; compliance with, and our liabilities under, governmental, tax, environmental and safety laws and regulations; 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 of shipping routes due to accidents or political events; our ability to procure or have access to financing, our liquidity and the adequacy of cash flows for our operations; our continued borrowing availability under our debt agreements and compliance with the covenants contained therein; fluctuations in the value of our vessels and investments; our ability to fund future capital expenditures and investments in the construction, acquisition and refurbishment of our vessels (including the amount and nature thereof and the timing of completion thereof, the timely delivery to us and commencement of operations dates, expected downtime and lost revenue); potential exposure or loss from investment in derivative instruments or other equity investments in which we invest; potential conflicts of interest involving members of our Board and senior management and our significant shareholders; and our expectations regarding the availability of vessel acquisitions and our ability to complete acquisition transactions planned 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

Eneti Inc. Announces Purchase of Common Shares by Scorpio Holdings Limited

Oct 13, 2022

MONACO, Oct. 13, 2022 (GLOBE NEWSWIRE) — Eneti Inc. (NYSE:NETI) (the “Company”) announced today that Scorpio Holdings Limited (“SHL”), a related party, has purchased 298,657 common shares of the Company at an average price of $7.54 per share in the open market. The Company currently has 38,446,394 common shares outstanding, of which SHL and its affiliates own 9,376,641 or 24.39%.

About Eneti Inc.

Forward-Looking Statements

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

Successful Completion of Construction at Akita and Noshiro

Oct 10, 2022

MONACO, Oct. 10, 2022 (GLOBE NEWSWIRE) — Seajacks International, a wholly-owned subsidiary of Eneti Inc. (NYSE: NETI), recently completed the installation of all 33 wind turbines at the Akita & Noshiro offshore wind farm situated off the Japanese Akita Prefecture coastline.

The self-propelled jack up vessel, Seajacks Zaratan, carried out the work in collaboration with main installation contractor Kajima Corporation and turbine supplier Vestas Japan Co., Ltd. The project, which is owned by Akita Offshore Wind Corporation (AOW), is the first commercial-scale fixed-bottom wind farm to be constructed in Japan. The 140MW project will power approximately 150,000 homes and mitigate over two million tons of GHG emissions over its expected useful life.

Blair Ainslie, Seajacks CEO said the following:

“The completion of the turbine installation at Akita and Noshiro is an achievement that all parties involved can be proud of. The project is a powerful demonstration of a successful collaboration between international partners to deliver a successful project outcome.

It is a testament to the capabilities of all parties, that the project has been completed safely and without any major incidents, despite the challenges of the Covid-19 pandemic.”

Seajacks Zaratan will continue to provide support on the project through the end of the charter period, before demobilising and heading onto further turbine installation projects in the Asia Pacific region.

About Eneti

For investor relations and other inquiries:

James Doyle
Email: investor.relations@eneti-inc.com
Telephone: +1 (646) 432-1675
Twitter: https://www.twitter.com/Eneti_Inc

About Seajacks

Seajacks International, a wholly owned subsidiary of Eneti Inc., is a UK based offshore installation company committed to building and operating the world’s most advanced and versatile fleet of self-propelled jack-up vessels equipped to service the demands of the offshore wind industry. Our on and offshore crews work in full conjunction with all our clients, looking to provide the most cost-effective solutions in the safest environments possible. Additional information about Seajacks is available on the company’s website: www.seajacks.com

For further information please contact:

Jo Lees
Email: inquiries@seajacks.com
Telephone: +44 (0)1493 841 400

Eneti Inc. to Participate at Capital Link’s 14th Annual New York Maritime Forum

Sep 19, 2022

MONACO, Sept. 19, 2022 (GLOBE NEWSWIRE) — Eneti Inc. (NYSE:NETI) (the “Company”) an offshore wind and marine-based renewable energy company, announced today that it will participate on panels and presentations at Capital Link’s 14th Annual New York Maritime Forum on Wednesday, September 21, 2022 at the Metropolitan Club in New York City. The event is organized in partnership with DNB, and in cooperation with Nasdaq, NYSE, and The Port Authority of NY & NJ.

Registration is complimentary for institutional investors and shipping companies.

You can register for the forum below:

Date:	Wednesday, September 21st, 2022
Panel:	Opportunities In The Offshore Wind Sector
Time:	10:30 am ET – 11:10 am ET
Speakers:	Mr. Carl Erik Gurrik, Managing Director, ENETI
	Mr. James Doyle, Head of Corporate Development & Investor Relations, ENETI
	Mr. Turner Holm, Head of Research at Clarksons Securities AS
	Mr. Greg Wasikowski, CFA, Senior Analyst, Associate Partner and Co-Founder of Webber Research & Advisory
Register:	https://forums.capitallink.com/shipping/2022NYmaritime/signup.html

You can register to attend the ENETI Session and/or the whole Forum. The Agenda of the Forum can be accessed at
https://forums.capitallink.com/shipping/2022NYmaritime/agenda.html

1×1 MEETINGS WITH COMPANY MANAGEMENT

Institutional Investors can request follow up meeting(s) with Eneti management through the 1×1 Meetings Section on the Registration Page or by emailing meetings@capitallink.com

About Eneti Inc.
Eneti Inc. is a leading provider of installation and maintenance vessels to the offshore wind sector and has invested in the next generation of wind turbine installation vessels. The Company is listed on the New York Stock Exchange under the ticker symbol NETI. Additional information about the Company is available on the Company’s website: www.eneti-inc.com.

Forward-Looking Statements

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: our future operating or financial results; changes in demand for Wind Turbine Installation Vessel (“WTIV”) capacity; the strength of world economies and currencies; the length and severity of the continuing novel coronavirus (COVID-19) pandemic, including its effects on demand for WTIVs and the installation of offshore wind turbines; our ability to successfully employ our existing and newbuilding WTIVs and the availability and suitability of our vessels for customer projects; our ability to compete successfully for future chartering and newbuilding opportunities; our continued ability to employ our vessels; fluctuations in interest rates and foreign exchange rates; early termination of customer contracts, our failure to win new contracts for our vessels or the failure of counterparties to fully perform their contracts with us; our ability to successfully identify, consummate, integrate and realize the expected benefits from acquisitions and changes to our business strategy; our ability to successfully operate in new markets; the impact of global inflation and resulting changes in our operating expenses, including bunker prices, drydocking and insurance costs; compliance with, and our liabilities under, governmental, tax, environmental and safety laws and regulations; 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 of shipping routes due to accidents or political events; our ability to procure or have access to financing, our liquidity and the adequacy of cash flows for our operations; our continued borrowing availability under our debt agreements and compliance with the covenants contained therein; fluctuations in the value of our vessels and investments; our ability to fund future capital expenditures and investments in the construction, acquisition and refurbishment of our vessels (including the amount and nature thereof and the timing of completion thereof, the timely delivery to us and commencement of operations dates, expected downtime and lost revenue); potential exposure or loss from investment in derivative instruments or other equity investments in which we invest; potential conflicts of interest involving members of our Board and senior management and our significant shareholders; and our expectations regarding the availability of vessel acquisitions and our ability to complete acquisition transactions planned and other factors.

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