Eneti Inc. and Transocean Ltd. Announce Intention to Enter into Joint Venture for Offshore Wind Foundation Installation
19 Avril 2023 - 10:28PM
Eneti Inc. (NYSE: NETI) (“Eneti”) announced the execution of a
non-binding memorandum of understanding indicating their intention
to form a joint venture company with Transocean Ltd. (NYSE:RIG)
(“Transocean”) that will engage in offshore wind foundation
installation activities.
Transocean has three hundred plus rig-years of experience
operating a global fleet of dynamically positioned offshore
drilling rigs to a diverse base of energy-producing customers on
long-term contracts.
Eneti, through Seajacks International Ltd., has installed more
than 500 wind turbine foundation components at wind farms including
Akita & Noshiro (Japan), Meerwind (Germany), Veja Mate
(Germany), and Moray East (Scotland).
The establishment and operation of the joint venture are
subject to definitive agreements which would provide for (i) the
conversion of at least two Transocean vessels into floating
offshore wind foundation installation platforms, (ii) expertise and
operational personnel to be provided by both Eneti and Transocean,
and (iii) the right but not the obligation for each of Transocean
and Eneti to invest in the joint venture with additional partners.
The vessels, once converted, would be capable of carrying and
installing up to six 3,500-ton, 12-meter diameter monopile
foundations with state-of-the-art safety and efficiency.
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
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.
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 RelationsTel: +1 646-432-1678Email:
Investor.Relations@Eneti-inc.comhttps://www.eneti-inc.com
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