UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 6-K
 
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE
SECURITIES EXCHANGE ACT OF 1934

For the month of December 2021

Commission File Number: 001-36231
 

ENETI INC.
(Translation of registrant's name into English)
 

9, Boulevard Charles III, Monaco 98000
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x   Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o.

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o.

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.















 




INFORMATION CONTAINED IN THIS FORM 6-K REPORT
 

Attached as Exhibit 99.1 to this Report on Form 6-K is a copy of the press release of Eneti Inc. (the "Company"), dated December 8, 2021, announcing the Company's financial results for the third quarter of 2021.


The information contained in Exhibit 99.1 to this Report on Form 6-K, with the exception of the information under the heading "Conference Call on Results", is hereby incorporated by reference into the Company's registration statement on Form F-3 (File No. 333-251301), the Company's registration statement on Form F-3 (File No. 333-221441), and the Company's registration statement on Form F-3 (File No. 333-222448).






SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 
                    
 
 ENETI INC.
 (registrant)
  
  
Dated:December 8, 2021By: /s/ Hugh Baker
 Hugh Baker
 Chief Financial Officer
 


Document
EXHIBIT 99.1

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Eneti Inc. Announces Financial Results for the Third Quarter of 2021 and Declares a Quarterly Cash Dividend
MONACO - December 8, 2021 (GLOBE NEWSWIRE) - Eneti Inc. (NYSE: NETI) (“Eneti” or the “Company”), today reported its results for the three months ended September 30, 2021.
The Company also announced that on December 8, 2021 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, 2021 include the impact of Seajacks International Limited’s (“Seajacks”) earnings during the period from August 12, 2021 (the date the acquisition was complete) through September 30, 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 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 Nine Months Ended September 30, 2021 and 2020
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 are subject to change upon finalization of the valuation;
transaction costs of approximately $48.1 million, or $3.23 per diluted share related to the acquisition of Seajacks. 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.

Total vessel revenues for the third quarter of 2021 were $34.4 million, compared to $46.7 million for the same period in 2020. Third quarter 2021 revenues were primarily generated by the wind turbine installation vessels as the remaining drybulk vessels the Company owned or chartered in were delivered or redelivered to their buyers or owners. During the third quarter of 2021 the Seajacks Scylla provided transportation and installation services for an offshore wind farm project in China, the Seajacks Zaratan was fully utilized installing foundations at the Akita offshore wind farm, and the Seajacks Hydra provided offshore wind turbine maintenance, as well as maintenance on an offshore gas production platform in the Southern North Sea.

For the third quarter of 2020, the Company’s GAAP net loss was $36.6 million, or $3.12 per diluted share. These results include a non-cash loss of approximately $3.7 million and cash dividend income of $0.2 million, or $0.30 per
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diluted share, from the Company’s equity investment in Scorpio Tankers Inc. and a write-down of assets of approximately $19.6 million, or $1.67 per diluted share, related to the classification of the SBI Rock as held for sale and the agreement to sell the SBI Sousta, both of which are Kamsarmax drybulk vessels.
Earnings before interest, taxes, depreciation and amortization (“EBITDA”) for the third quarter of 2021 was $14.1 million and EBITDA for the third quarter of 2020 was a loss of $13.9 million (see Non-GAAP Financial Measures below).
For the third quarter of 2021, the Company’s adjusted net loss was $8.2 million, or $0.56 adjusted per diluted share, which includes the gain on bargain purchase of Seajacks of $54.8 million, or $3.68 per diluted share, transaction costs of approximately $48.1 million, or $3.23 per diluted share related to the acquisition of Seajacks, a gain on vessels sold of approximately $0.8 million, or $0.06 per diluted share, and 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.
For the third quarter of 2020, the Company’s adjusted net loss was $17.0 million, or $1.45 adjusted per diluted share, which excludes the impact of the write-down of assets of approximately $19.6 million relating to the classification of one Kamsarmax drybulk vessel as held for sale and the agreement to sell another.
Adjusted EBITDA for the third quarter of 2021 was $0.7 million compared to $5.7 million in the prior year period (see Non-GAAP Financial Measures below). 
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;
transaction costs of approximately $48.1 million, or $3.93 per diluted share related to the acquisition of Seajacks;
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. (NASDAQ: SBLK) (“Star Bulk”) and Eagle Bulk Shipping Inc. (NASDAQ: EGLE) (“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.
For the first nine months of 2020, the Company’s GAAP net loss was $206.4 million, or $23.34 per diluted share, including a loss of approximately $106.7 million and cash dividend income of $0.9 million, or $11.97 per diluted share, from the Company’s equity investment in Scorpio Tankers Inc., a write-down of assets of approximately $36.6 million, or $4.14 per diluted share, related to the classification of four drybulk vessels as held for sale (SBI Taurus, SBI Bolero, SBI Jaguar and SBI Rock) and the agreement to sell the SBI Sousta, and a write-off of approximately $0.4 million, or $0.04 per diluted share, of deferred financing costs on the credit facilities related to the SBI Taurus, SBI Bolero and SBI Jaguar.
Total vessel revenues for the first nine months of 2021 were $131.8 million, compared to $113.7 million for the same period in 2020. EBITDA for the first nine months of 2021 was $85.8 million and EBITDA for the first nine months of 2020 was a loss of $134.6 million (see Non-GAAP Financial Measures below).
For the first nine months of 2021, the Company’s adjusted net income was $31.7 million, or $2.60 adjusted per diluted share, which excludes the impact of a gain on bargain purchase of Seajacks of $54.8 million, transaction costs of
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approximately $48.1 million related to the acquisition of Seajacks, a gain subsequent to an increase in fair value less costs to sell related to the assets held for sale of $22.8 million and the write-off of deferred financing costs on the related credit facilities of $7.2 million. Adjusted EBITDA for the first nine months of 2021 was $50.4 million (see Non-GAAP Financial Measures below).
For the first nine months of 2020, the Company’s adjusted net loss was $169.4 million, or $19.16 adjusted per diluted share, which excludes the impact of the write-down of assets of approximately $36.6 million and the write-off of deferred financing costs on credit facilities related to three sold vessels of approximately $0.4 million. Adjusted EBITDA for the first nine months of 2020 was a loss of $97.9 million (see Non-GAAP Financial Measures below).
Liquidity
As of December 3, 2021, the Company had approximately $185.0 million in cash and cash equivalents. The Company also continues to hold approximately 2.16 million common shares of Scorpio Tankers Inc. (NYSE: STNG).
Newbuilding Contract
On December 1, 2021, the Company exercised the option it held with Daewoo Shipbuilding and Marine Engineering for the construction of its second next-generation offshore wind turbine installation vessel (“WTIV”). The contract price is $326.0 million and the vessel will be delivered in the second quarter of 2025.
The vessel is an NG-16000X design by GustoMSC , and includes a 2,600 Ton Leg Encircling Crane from Huisman Equipment B.V. of the Netherlands. The vessel will be capable of installing up to 20 Megawatt turbines at depths of up to 65 meters of water, and it can be adapted to operate on the alternate fuels of LNG or Ammonia.
Debt Overview
The Company’s outstanding debt balances, gross of unamortized deferred financing costs as of September 30, 2021 and December 3, 2021, are as follows (dollars in thousands):
As of
September 30, 2021
As of
December 3, 2021
Credit FacilityAmount Outstanding
$60.0 Million ING Revolving Credit Facility$40,000 $— 
$87.7 Million Subordinated Debt87,650 87,650 
$70.7 Million Redeemable Notes70,686 70,686 
Total$198,336 $158,336 

In November 2021, the Company repaid $40.0 million outstanding under the $60.0 Million ING Revolving Credit Facility.
Equity Raise
In November 2021, the Company raised net proceeds of approximately $166.6 million in an underwritten public offering of approximately 19.4 million shares of its common stock at $9.00 per share. As of December 3, 2021, 39,041,204 common shares and 700,000 preferred shares were outstanding.
Quarterly Cash Dividend
In the third 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 $0.2 million.
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On December 8, 2021, the Company’s Board of Directors declared a quarterly cash dividend of $0.01 per share, payable on or about December 29, 2021, to all shareholders of record as of December 20, 2021. As of December 3, 2021, 39,041,204 common shares and 700,000 preferred shares were outstanding.
Share Repurchase Program
As of December 3, 2021, the Company had $31.9 million remaining under the authorized share repurchase program. The Company did not repurchase any securities during the three months ended September 30, 2021.
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, as evidenced by the recent resurgence of cases in India and other parts of the world and the uncertainty surrounding the spread of the recent Omicron variant of COVID-19. 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. As a result, the extent to which COVID-19 will impact the Company’s results of operations and financial condition, including its transition to marine-based renewable energy, will depend on future developments, which are highly uncertain and cannot be predicted.

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

Unaudited
Three Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
Revenue:    
Vessel revenue$34,358 $46,690 $131,838 $113,679 
Operating expenses:
Voyage expenses2,880 1,697 17,461 4,517 
Vessel operating costs14,323 24,487 38,174 71,422 
Charterhire expense4,534 6,374 33,880 15,548 
Vessel depreciation4,163 14,090 4,163 39,113 
General and administrative expenses54,468 6,285 67,188 19,589 
(Gain) loss / write-down on assets sold or held for sale(830)19,598 (22,814)36,607 
Total operating expenses79,538 72,531 138,052 186,796 
Operating (loss) income(45,180)(25,841)(6,214)(73,117)
Other income (expense):    
Interest income18 18 58 190 
Gain on bargain purchase of Seajacks54,761 — 54,761 — 
(Loss) income from equity investments(7,349)(3,534)21,868 (105,858)
(Loss) on derivative financial instruments(114)— (114)— 
Foreign exchange income (loss)439 (113)442 (243)
Financial expense, net(2,476)(7,155)(15,826)(27,352)
Total other income (expense)45,279 (10,784)61,189 (133,263)
Income (loss) before income taxes99 (36,625)54,975 (206,380)
Income tax provision961 — 961 — 
Net (loss) income$(862)$(36,625)$54,014 $(206,380)
Loss (earnings) per share:
Basic$(0.06)$(3.12)$4.50 $(23.34)
Diluted
$(0.06)$(3.12)$4.41 $(23.34)
Basic weighted average number of common shares outstanding
14,736 11,724 12,013 8,843 
Diluted weighted average number of common shares outstanding
14,736 11,724 12,251 8,843 
Comprehensive income:
Net (loss) income(862)(36,625)54,014 (206,380)
Other comprehensive income
Revaluation of derivative financial instruments, net of tax70 — 70 — 
Comprehensive (loss) income$(792)$(36,625)$54,084 $(206,380)

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Eneti Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Dollars in thousands)
Unaudited
 September 30, 2021December 31, 2020
Assets
Current assets  
Cash and cash equivalents$65,430 $84,002 
Accounts receivable44,467 21,086 
Prepaid expenses and other current assets4,733 16,515 
Contract fulfillment costs458 — 
Total current assets115,088 121,603 
Non-current assets  
Vessels, net536,185 — 
Vessels under construction17,962 — 
Assets held for sale— 708,097 
Equity investments39,956 24,116 
Intangible assets4,518 — 
Contract fulfillment costs1,034 — 
Deferred tax asset27,518 — 
Deferred financing costs, net— 1,143 
Other assets6,438 13,236 
Total non-current assets633,611 746,592 
Total assets$748,699 $868,195 
Liabilities and shareholders’ equity  
Current liabilities  
Bank loans, net$127,650 $13,226 
Capital lease obligations— 32,677 
Redeemable notes17,672 — 
Contract liabilities8,656 — 
Corporate income tax payable2,690 — 
Accounts payable and accrued expenses49,986 41,113 
Total current liabilities206,654 87,016 
Non-current liabilities  
Bank loans, net— 157,511 
Capital lease obligations— 351,070 
Redeemable notes53,014 — 
Other liabilities1,886 — 
Total non-current liabilities54,900 508,581 
Total liabilities261,554 595,597 
Shareholders’ equity  
Preferred shares, $0.01 par value per share; 50,000,000 shares authorized; 700,000 shares issued and outstanding at September 30, 2021 and no shares issued or outstanding at December 31, 2020
— 
Common shares, $0.01 par value per share; authorized 81,875,000 shares and 31,875,000 shares as of September 30, 2021 and December 31, 2020; outstanding 18,233,604 shares as of September 30, 2021 and 11,310,073 as of December 31, 2020
909 859 
Paid-in capital1,891,110 1,803,431 
Common shares held in treasury, at cost; 35,869 shares and 1,934,092 shares at September 30, 2021 and December 31, 2020, respectively(717)(73,444)
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Eneti Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Dollars in thousands)
Accumulated deficit(1,404,234)(1,458,248)
Other comprehensive income70 — 
Total shareholders’ equity487,145 272,598 
Total liabilities and shareholders’ equity$748,699 $868,195 

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Eneti Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (unaudited)
(Amounts in thousands)
Nine Months Ended September 30,
20212020
Operating activities  
Net income (loss)$54,014 $(206,380)
Adjustment to reconcile net income (loss) to net cash provided by 
operating activities: 
Restricted share amortization10,896 5,552 
Negative goodwill(54,761)— 
Vessel depreciation4,163 39,113 
Amortization of deferred financing costs658 2,880 
Write-off of deferred financing costs7,196 366 
(Gain) loss / write-down on assets held for sale(19,598)33,894 
Net unrealized (gains) losses on investments(22,000)106,730 
Dividend income on equity investment(647)(872)
Drydocking expenditure(3,443)(16,606)
Deferred tax asset(1,585)— 
Gain (loss) on derivatives70 — 
Changes in operating assets and liabilities:  
Decrease (increase) in accounts receivable36,516 (7,933)
Decrease in prepaid expenses and other assets28,733 23,421 
Decrease in accounts payable and accrued expenses(32,563)(27,817)
Decrease in taxes payable1,994 — 
Net cash provided by (used in) operating activities9,643 (47,652)
Investing activities  
Sale of equity investment64,155 42,711 
Cash acquired in Seajacks acquisition25,719 — 
Dividend income on equity investment647 872 
Proceeds from sale of assets held for sale496,107 52,518 
Payments on vessels under construction(18,372)(42,495)
Net cash provided by (used in) investing activities568,256 53,606 
Financing activities  
Proceeds from issuance of common stock— 82,254 
Proceeds from issuance of long-term debt— 132,708 
Repayments of long-term debt(593,750)(220,620)
Common shares repurchased(1,407)— 
Dividends paid(1,314)(2,606)
Net cash (used in) provided by financing activities(596,471)(8,264)
Increase (decrease) in cash and cash equivalents(18,572)(2,310)
Cash and cash equivalents, beginning of period84,002 42,530 
Cash and cash equivalents, end of period$65,430 $40,220 

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Conference Call on Results:
A conference call to discuss the Company’s results will be held at 10:00 AM Eastern Standard Time / 4:00 PM Central European Time on December 8, 2021. 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 2709819. 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/vy8x4ah4

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.


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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, as well as 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 September 30,Nine Months Ended September 30,
In thousands2021202020212020
Net income (loss)$(862)(36,625)$54,014 $(206,380)
Add Back:
Net interest expense2,283 6,279 7,914 23,915 
Depreciation and amortization (1)
11,708 16,482 22,914 47,912 
Income tax (benefit) expense961 — 961 — 
EBITDA$14,090 (13,864)$85,803 $(134,553)
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(1) Includes depreciation, amortization of deferred financing costs and restricted share amortization.
Adjusted net income (loss) (unaudited)
Three Months Ended September 30,
In thousands, except per share data20212020
AmountPer shareAmountPer share
Net income (loss)$(862)$(0.06)$(36,625)$(3.12)
Adjustments:
Gain on bargain purchase of Seajacks(54,761)(3.68)— — 
Transaction costs48,103 3.23 — — 
(Gain) loss / write-down on assets(830)(0.06)19,598 1.67 
Write-off of deferred financing cost168 0.01 — — 
Total adjustments$(7,320)$(0.5)$19,598 $1.67 
Adjusted net income (loss)$(8,182)$(0.56)$(17,027)$(1.45)


Nine Months Ended September 30,
In thousands, except per share data20212020
AmountPer shareAmountPer share
Net income (loss)$54,014 $4.41 $(206,380)$(23.34)
Adjustments:
Gain on bargain purchase of Seajacks(54,761)(4.47)— — 
Transaction costs48,103 3.93 — — 
(Gain) loss / write-down on assets(22,814)(1.86)36,607 4.14 
Write-off of deferred financing cost7,196 0.59 366 0.04 
Total adjustments$(22,276)$(1.81)$36,973 $4.18 
Adjusted net income (loss)$31,738 $2.60 $(169,407)$(19.16)
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Adjusted EBITDA (unaudited)
Three Months Ended
September 30,
Nine Months Ended September 30,
In thousands2021202020212020
Net income (loss)$(862)(36,625)$54,014 $(206,380)
Impact of adjustments(7,320)19,598 (22,276)36,973 
Adjusted net (loss) income(8,182)(17,027)31,738 (169,407)
Add Back:
Net interest expense2,283 6,279 7,914 23,915 
Depreciation and amortization (1)
5,612 16,482 9,790 47,546 
Income tax (benefit) expense961 — 961 — 
Adjusted EBITDA$674 $5,734 $50,403 $(97,946)
        (1) Includes depreciation, amortization of deferred financing costs and restricted share amortization.

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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:

Eneti Inc.
+377-9798-5715 (Monaco)
+1-646-432-1675 (New York)

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