Mitsui OSK Lines (MOL) said it is expecting “positive synergistic effects” from a share exchange deal involving wind turbine installation vessel (WTIV) operator Seajacks International with US company Eneti.
Seajacks’ Japanese shareholders MOL, Marubeni Corp and Innovation Network Corp of Japan (INCJ), have reached an agreement to exchange their shares in UK company Seajacks with newly issued shares from Eneti.
MOL said following the acquisition Seajacks' shareholders would become Eneti shareholders.
TradeWinds earlier reported the deal, valued at $600m, will give current holders of Scorpio Group-backed Eneti 58% of the combined WITV company. Seajacks' investors will take 42%.
MOL said Eneti had invested in a self-elevating platform (SEP) vessel at Daewoo Shipbuilding & Marine Engineering (DSME) and is in advanced discussions to upgrade the vessel to meet the requirements of the US cabotage trade.
MOL said Eneti’s newbuilding would fit with Seajacks' accumulated experience in wind farm installation around the world.
“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,” MOL said.
The company added: “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.”
MOL is only a minor shareholder in Seajacks. The company is owned 50% by trading house Marubeni, 45% by INCJ and 5% by MOL.
Environmental vision
MOL’s involvement in Seajacks is part of its environmental vision which, it said, “takes an ongoing, proactive approach to promoting and developing environment-related and emission-free business activities including the offshore wind farm business.”
UK-based Seajacks launched in 2006 and claims to be the largest owner of purpose-built, self-propelled WTIVs in the world.
MOL said the share exchange would take place “soon after certain conditions stipulated in the agreement are satisfied”.
