BW Group-backed offshore wind vessel owner Cadeler says it has received “strong” backing for its $1.2bn merger deal with Scorpio Group’s Eneti.

Shareholders of US-listed Eneti have tendered 78.25% of the stock to Cadeler so far.

The offer was due to expire on Thursday, but has now been extended to 15 December.

Oslo-listed Cadeler said it has reduced the minimum acceptance condition to 70% from 85%, meaning the transaction will go ahead.

“Preliminary results show strong shareholder support,” the owner said.

“In determining to reduce the minimum condition, Cadeler considered a number of factors, including the strong overall level of support for the share exchange offer as reflected in the acceptances received from Eneti stockholders,” the company said.

The merger was announced in June, with the aim being to create the world’s biggest owner of wind turbine installation vessels (WTIVs).

The deal should now be completed on 19 December.

Eneti investors are receiving 3.409 Cadeler shares for every Eneti share.

Cadeler will have 60% and Eneti 40% of the combined company.

The group will keep the Cadeler name and be headquartered in Copenhagen, Denmark, with both listings retained.

Biggest WTIV fleet

Scorpio Group and its affiliates have 29% of Eneti, and its executives have another 7%.

BW Group and Swire Pacific own 45% in Cadeler.

Danish investor J Lauritizen also has a stake in both outfits.

The Cadeler fleet consists of two WTIVs currently on the water, two more scheduled for delivery in 2024 and 2025, and two wind foundation installation vessels coming in 2025 and 2026.

Eneti sold two WTIVs in August, and has two remaining, plus two more on order.