Mitsui O.S.K.Lines: Seajacks Shareholders Conclude Share Exchange Deal with Eneti Inc.

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

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

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