Eneti Inc. (NYSE: NETI) (“Eneti” or the “Company”), today reported
its results for the three months ended June 30, 2022.
The Company also announced that on August 3,
2022 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 six
months ended June 30, 2022 include the impact of Seajacks
International Limited’s (“Seajacks”) earnings, which was acquired
on August 12, 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 sector of the shipping
industry in July 2021.
Results for the Three and Six Months
Ended June 30, 2022 and 2021
- For the
second quarter of 2022, the Company’s GAAP net income was $52.7
million, or $1.36 per diluted share, including a gain of
approximately $28.3 million and cash dividend income of $0.2
million, or $0.73 per diluted share, from the Company’s equity
investment in Scorpio Tankers Inc. (NYSE: STNG).
- Total revenues for the second
quarter of 2022 were $61.3 million, compared to $37.7 million for
the same period in 2021. Second quarter 2022 revenues consisted
primarily of revenues generated by the Seajacks Scylla which was
continuing its transportation and installation services for an
offshore wind farm project in Taiwan, the Seajacks Zaratan which
commenced work on the Akita project, the performance of maintenance
on offshore gas production platforms in the North Sea by all three
of the NG2500Xs as well as the recognition claims made on projects
which were completed in 2021, and consultancy revenue.
- Vessel operating costs and project
costs were driven by increased fuel costs, as well as crewing and
catering due to higher utilization rates. Fuel and catering costs
are typically recharged to clients but reported gross in both
revenues and vessel operating costs.
- For the second quarter of 2021, the
Company’s GAAP net income was $13.0 million, or $1.19 per diluted
share, including (i) a gain on vessels sold of approximately $6.5
million, or $0.59 per diluted share, which was primarily the result
of an increase in the fair value of common shares of Star Bulk
Carriers Corp. (“Star Bulk”) (NASDAQ: SBLK) and Eagle Bulk Shipping
Inc. (“Eagle”) (NASDAQ: EGLE) received as a portion of the
compensation for the purchase of certain of our vessels; (ii) the
write-off of $3.3 million, or $0.30 per diluted share, of deferred
financing costs on repaid credit facilities related to certain
vessels that have been sold; and (iii) a gain of approximately
$13.0 million and cash dividend income of $0.2 million, or $1.21
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 part of the consideration for the sales of vessels to
these counterparties.
- Earnings
before interest, taxes, depreciation and amortization (“EBITDA”)
for the second quarter of 2022 was $60.2 million and EBITDA for the
second quarter of 2021 was $19.7 million (see Non-GAAP Financial
Measures below).
- For the
first half of 2022, the Company’s GAAP net income was $56.9
million, or $1.46 per diluted share, including a gain of
approximately $46.8 million and cash dividend income of $0.4
million, or $1.22 per diluted share, from the Company’s equity
investment in Scorpio Tankers Inc.
- Total revenues for the first half
of 2022 were $83.7 million compared to $97.5 million for the
same period in 2021. First half 2022 revenues were generated by the
same projects as in the second quarter of 2022.
- For the first half of 2021, the
Company’s GAAP net income was $54.9 million, or $5.03 per diluted
share, including (i) a gain on vessels sold of approximately $22.0
million, or $2.01 per diluted share, which was primarily the result
of an increase in the fair value of common shares of Star Bulk and
Eagle received as a portion of the consideration for the sale of
certain of our vessels to Star Bulk and Eagle; (ii) the write-off
of $7.0 million, or $0.64 per diluted share, of deferred financing
costs on repaid credit facilities related to certain vessels that
have been sold; and (iii) a gain of approximately $28.8 million and
cash dividend income of $0.4 million, or $2.68 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.
- EBITDA
for the first half of 2022 was $74.4 million and EBITDA for the
first half of 2021 was $71.7 million (see Non-GAAP Financial
Measures below).
Liquidity
As of July 29, 2022, the Company had
approximately $45.3 million of unrestricted cash and $14.5 million
of restricted cash. The Company also continues to hold
approximately 2.16 million common shares of Scorpio Tankers Inc.
(NYSE: STNG).
Newbuildings
The Company is currently under contract with
Daewoo Shipbuilding and Marine Engineering (“DSME”) for the
construction of two next-generation offshore wind turbine
installation vessels (“WTIV”). The aggregate contract price is
approximately $654.8 million, of which $65.4 million has been paid.
The vessels are expected to be delivered in the third quarter of
2024 and second quarter of 2025. The estimated future payment dates
and amounts are as follows (1) (dollars in thousands):
|
DSME1 |
|
DSME2 |
Q3 2022 (2) |
$ |
— |
|
$ |
— |
Q4 2022 |
|
33,036 |
|
|
— |
Q1 2023 |
|
— |
|
|
— |
Q2 2023 |
|
— |
|
|
— |
Q3 2023 |
|
33,036 |
|
|
32,441 |
Q4 2023 |
|
33,036 |
|
|
— |
Q1 2024 |
|
— |
|
|
— |
Q2 2024 |
|
— |
|
|
32,441 |
Q3 2024 |
|
198,217 |
|
|
32,441 |
Q4 2024 |
|
— |
|
|
— |
Q1 2025 |
|
— |
|
|
— |
Q2 2025 |
|
— |
|
|
194,644 |
Total |
$ |
297,325 |
|
$ |
291,967 |
(1) These are estimates only and are subject to
change as construction progresses.(2) Relates to payments expected
to be made from August 4, 2022 to September 30, 2022.
Fleet
The Company has identified the NG 2500Xs as non-core assets and
is initiating a process through which it determines how to best
monetize these assets.
Debt Overview
The Company’s outstanding debt balances, gross
of unamortized deferred financing costs as of June 30, 2022
and July 29, 2022, are as follows (dollars in thousands):
|
|
As of June 30, 2022 |
|
As of July 29, 2022 |
Credit
Facility |
|
Amount Outstanding |
$175.0 Million Credit Facility |
|
$ |
71,875 |
|
$ |
71,875 |
Total |
|
$ |
71,875 |
|
$ |
71,875 |
|
|
|
|
|
|
|
$175.0 Million Credit Facility
In May 2022, the Company closed the previously
announced $175.0 Million Credit Facility and drew down the entire
$75.0 million term loan and approximately $30.0 million under the
revolving loans. The $30.0 million under the revolving loans was
subsequently repaid in June 2022.
Approximately $16.2 million of performance bonds
were issued under the letter of credits available under this
facility.
Simultaneous to the drawdown in May 2022, the
Company repaid the amounts outstanding under the $60.0 Million ING
Revolving Credit Facility and the $70.7 Million Redeemable
Notes.
$60.0 Million ING Revolving Credit Facility
In May 2022, the Company repaid the $25.0
million outstanding and cash collateralized the performance bonds
issued under this facility and terminated this facility.
$70.7 Million Redeemable Notes
In May 2022, the Company repaid the $53.0 million outstanding
and terminated this facility.
Performance Bonds
As of July 29, 2022, performance bonds were
issued on behalf of the Company for $16.2 million, under the $175.0
Million Credit Facility, and approximately $14.5 million, which was
cash collateralized.
Quarterly Cash Dividend
In the second quarter of 2022, the Company’s
Board of Directors declared, and the Company paid, a quarterly cash
dividend of $0.01 per share totaling approximately $0.4
million.
On August 3, 2022, the Company’s Board of
Directors declared a quarterly cash dividend of $0.01 per share,
payable on or about September 15, 2022, to all shareholders of
record as of August 19, 2022. As of August 3, 2022, 40,738,704
common shares were outstanding.
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.
Although by 2021, many of these measures were relaxed, we cannot
predict whether and to what degree emergency public health and
other measures will be reinstituted in the event of any resurgence
in the COVID-19 virus or any variants thereof. If the COVID-19
pandemic continues on a prolonged basis or becomes more severe, the
adverse impact on the global economy may continue and our
operations and cash flows may be negatively impacted. The COVID-19
outbreak continues to rapidly evolve, with periods of improvement
followed by periods of higher infection rates, along with the
development of new disease variants, such as the Delta and Omicron
variants, in various geographical areas throughout the world. As a
result, the extent to which COVID-19 will impact the Company’s
results of operations and financial condition will depend on future
developments, which are highly uncertain and cannot be
predicted.
Conflict in Ukraine
As a result of the conflict between Russia and
Ukraine which commenced in February 2022, the United States, the
European Union, and others have announced unprecedented levels of
sanctions and other measures against Russia and certain Russian
entities and nationals. The ongoing conflict has disrupted supply
chains and caused instability and significant volatility in the
global economy. Much uncertainty remains regarding the global
impact of the conflict in Ukraine and it is possible that such
instability, uncertainty and resulting volatility could
significantly increase our costs and adversely affect our business.
These uncertainties could also adversely affect our ability to
obtain additional financing or, if we are able to obtain additional
financing, to do so on terms favorable to us. We will continue to
monitor the situation to assess whether the conflict could have any
material impact on our operations or financial performance.
|
Unaudited |
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Revenue: |
|
|
|
|
|
|
|
Revenue |
$ |
61,282 |
|
|
$ |
37,651 |
|
|
$ |
83,720 |
|
|
$ |
97,480 |
|
Operating
expenses: |
|
|
|
|
|
|
|
Voyage expenses |
|
— |
|
|
|
8,502 |
|
|
|
— |
|
|
|
14,582 |
|
Vessel operating and project costs |
|
18,800 |
|
|
|
8,240 |
|
|
|
36,852 |
|
|
|
23,850 |
|
Charterhire expense |
|
— |
|
|
|
17,366 |
|
|
|
— |
|
|
|
29,346 |
|
Vessel depreciation |
|
6,226 |
|
|
|
— |
|
|
|
12,460 |
|
|
|
— |
|
General and administrative expenses |
|
11,041 |
|
|
|
5,134 |
|
|
|
21,056 |
|
|
|
12,719 |
|
Gain on vessels sold |
|
— |
|
|
|
(6,452 |
) |
|
|
— |
|
|
|
(21,984 |
) |
Total operating
expenses |
|
36,067 |
|
|
|
32,790 |
|
|
|
70,368 |
|
|
|
58,513 |
|
Operating
income |
|
25,215 |
|
|
|
4,861 |
|
|
|
13,352 |
|
|
|
38,967 |
|
Other income
(expense): |
|
|
|
|
|
|
|
Interest income |
|
12 |
|
|
|
31 |
|
|
|
11 |
|
|
|
39 |
|
Income from equity investments |
|
28,512 |
|
|
|
13,246 |
|
|
|
47,197 |
|
|
|
29,217 |
|
Foreign exchange (loss) income |
|
(1,931 |
) |
|
|
(68 |
) |
|
|
(2,321 |
) |
|
|
3 |
|
Financial expense, net |
|
(679 |
) |
|
|
(5,057 |
) |
|
|
(1,952 |
) |
|
|
(13,350 |
) |
Total other income,
net |
|
25,914 |
|
|
|
8,152 |
|
|
|
42,935 |
|
|
|
15,909 |
|
Income before income
tax provision |
|
51,129 |
|
|
|
13,013 |
|
|
|
56,287 |
|
|
|
54,876 |
|
Income tax benefit |
|
(1,599 |
) |
|
|
— |
|
|
|
(589 |
) |
|
|
— |
|
Net
income |
$ |
52,728 |
|
|
$ |
13,013 |
|
|
$ |
56,876 |
|
|
$ |
54,876 |
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
Basic |
$ |
1.36 |
|
|
$ |
1.22 |
|
|
$ |
1.47 |
|
|
$ |
5.16 |
|
Diluted |
$ |
1.36 |
|
|
$ |
1.19 |
|
|
$ |
1.46 |
|
|
$ |
5.03 |
|
|
|
|
|
|
|
|
|
Basic weighted average number of common shares outstanding |
|
38,825 |
|
|
|
10,626 |
|
|
|
38,811 |
|
|
|
10,628 |
|
Diluted weighted average number of common shares outstanding |
|
38,844 |
|
|
|
10,921 |
|
|
|
38,827 |
|
|
|
10,907 |
|
|
Unaudited |
|
June 30, 2022 |
|
December 31, 2021 |
Assets |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
$ |
26,038 |
|
|
$ |
153,977 |
|
Restricted cash |
|
15,008 |
|
|
|
— |
|
Accounts receivable |
|
52,183 |
|
|
|
21,603 |
|
Inventories |
|
5,093 |
|
|
|
5,846 |
|
Prepaid expenses and other current assets |
|
5,798 |
|
|
|
4,769 |
|
Contract fulfillment costs |
|
8,505 |
|
|
|
3,835 |
|
Total current assets |
|
112,625 |
|
|
|
190,030 |
|
Non-current assets |
|
|
|
Vessels, net |
|
532,316 |
|
|
|
544,515 |
|
Vessels under construction |
|
71,629 |
|
|
|
36,054 |
|
Equity investments |
|
74,374 |
|
|
|
27,607 |
|
Intangible assets |
|
4,518 |
|
|
|
4,518 |
|
Other assets |
|
4,623 |
|
|
|
4,549 |
|
Total non-current assets |
|
687,460 |
|
|
|
617,243 |
|
Total
assets |
$ |
800,085 |
|
|
$ |
807,273 |
|
|
|
|
|
Liabilities and shareholders’
equity |
|
|
|
Current liabilities |
|
|
|
Bank loans, net |
$ |
11,975 |
|
|
$ |
87,650 |
|
Contract liabilities |
|
23,079 |
|
|
|
12,275 |
|
Corporate income tax payable |
|
1,300 |
|
|
|
4,058 |
|
Accounts payable and accrued expenses |
|
21,473 |
|
|
|
27,180 |
|
Total current liabilities |
|
57,827 |
|
|
|
131,163 |
|
Non-current liabilities |
|
|
|
Bank loans, net |
|
58,275 |
|
|
|
— |
|
Redeemable notes |
|
— |
|
|
|
53,015 |
|
Other liabilities |
|
3,849 |
|
|
|
2,751 |
|
Total non-current
liabilities |
|
62,124 |
|
|
|
55,766 |
|
Total liabilities |
|
119,951 |
|
|
|
186,929 |
|
Shareholders’ equity |
|
|
|
Preferred shares, $0.01 par value per share; 50,000,000 shares
authorized; no shares issued or outstanding |
|
— |
|
|
|
— |
|
Common shares, $0.01 par value per share; authorized 81,875,000
shares as of June 30, 2022 and December 31, 2021; outstanding
40,738,704 shares and 39,741,204 shares as of June 30, 2022 and
December 31, 2021, respectively |
|
1,134 |
|
|
|
1,124 |
|
Paid-in capital |
|
2,060,862 |
|
|
|
2,057,958 |
|
Common shares held in treasury, at cost; 35,869 shares at June 30,
2022 and December 31, 2021 |
|
(717 |
) |
|
|
(717 |
) |
Accumulated deficit |
|
(1,381,145 |
) |
|
|
(1,438,021 |
) |
Total shareholders’
equity |
|
680,134 |
|
|
|
620,344 |
|
Total liabilities and
shareholders’ equity |
$ |
800,085 |
|
|
$ |
807,273 |
|
|
Six Months Ended June 30, |
|
2022 |
|
2021 |
Operating
activities |
|
|
|
Net income |
$ |
56,876 |
|
|
$ |
54,876 |
|
Adjustment to
reconcile net income to net cash (used in) provided
by |
|
|
|
operating activities: |
|
|
|
Restricted share amortization |
|
3,713 |
|
|
|
3,526 |
|
Vessel depreciation |
|
12,460 |
|
|
|
— |
|
Amortization of deferred financing costs |
|
132 |
|
|
|
652 |
|
Write-off of deferred financing costs |
|
— |
|
|
|
7,028 |
|
Loss (gain) on asset disposal / vessels sold |
|
896 |
|
|
|
(19,598 |
) |
Net unrealized gains on investments |
|
(46,767 |
) |
|
|
(28,786 |
) |
Dividend income on equity investment |
|
(431 |
) |
|
|
(431 |
) |
Drydocking expenditure |
|
(504 |
) |
|
|
(3,443 |
) |
Changes in operating
assets and liabilities: |
|
|
|
(Decrease) increase in accounts receivable |
|
(30,580 |
) |
|
|
8,614 |
|
Decrease in inventories |
|
753 |
|
|
|
— |
|
(Increase) decrease in prepaid expenses and other assets |
|
(4,687 |
) |
|
|
24,610 |
|
Increase (decrease) in accounts payable and accrued expenses |
|
6,195 |
|
|
|
(27,163 |
) |
Decrease in taxes payable |
|
(2,758 |
) |
|
|
— |
|
Net cash (used in)
provided by operating activities |
|
(4,702 |
) |
|
|
19,885 |
|
Investing
activities |
|
|
|
Sale of equity investment |
|
— |
|
|
|
63,377 |
|
Dividend income on equity investment |
|
431 |
|
|
|
431 |
|
Proceeds from sale of assets held for sale |
|
— |
|
|
|
482,039 |
|
Payments on vessels under construction |
|
(35,836 |
) |
|
|
(9,311 |
) |
Net cash (used in)
provided by investing activities |
|
(35,405 |
) |
|
|
536,536 |
|
Financing
activities |
|
|
|
Proceeds from issuance of long-term debt |
|
130,000 |
|
|
|
— |
|
Repayments of long-term debt |
|
(198,790 |
) |
|
|
(367,105 |
) |
Common shares repurchased |
|
— |
|
|
|
(1,407 |
) |
Debt issuance costs paid |
|
(3,235 |
) |
|
|
— |
|
Dividends paid |
|
(799 |
) |
|
|
(1,124 |
) |
Net cash used in
financing activities |
|
(72,824 |
) |
|
|
(369,636 |
) |
(Decrease) increase in cash
and cash equivalents |
|
(112,931 |
) |
|
|
186,785 |
|
Cash and cash equivalents,
beginning of period |
|
153,977 |
|
|
|
84,002 |
|
Cash and cash
equivalents and restricted cash, end of period |
$ |
41,046 |
|
|
$ |
270,787 |
|
Conference Call on Results:
A conference call to discuss the Company’s
results will be held at 11:00 AM Eastern Daylight Time / 5:00 PM
Central European Summer Time on August 3, 2022. Those wishing to
listen to the call should dial 1 (877) 513-1694 (U.S.) or 1 (412)
902-4269 (International) at least 10 minutes prior to the start of
the call to ensure connection. The conference participant passcode
is 10169504. 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/tbt2xx5p
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, which is not
a part of this press release.
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”) is a non-GAAP financial measure that
the Company believes provide investors with a means of evaluating
and understanding how the Company’s management evaluates the
Company’s operating performance. This non-GAAP financial measure
should not be considered in isolation from, as substitutes for, nor
superior to financial measures prepared in accordance with GAAP.
Please see below for reconciliation of EBITDA.
EBITDA (unaudited)
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
In thousands |
2022 |
|
2021 |
|
2022 |
|
2021 |
Net income |
|
52,728 |
|
|
13,013 |
|
$ |
56,876 |
|
|
$ |
54,876 |
Add Back: |
|
|
|
|
|
|
|
Net interest expense |
|
535 |
|
|
1,574 |
|
|
1,809 |
|
|
|
5,630 |
Depreciation and amortization (1) |
|
8,523 |
|
|
5,087 |
|
|
16,305 |
|
|
|
11,206 |
Income tax benefit |
|
(1,599 |
) |
|
— |
|
|
(589 |
) |
|
|
— |
EBITDA |
$ |
60,187 |
|
|
19,674 |
|
$ |
74,401 |
|
|
$ |
71,712 |
(1) Includes depreciation, amortization of deferred financing
costs and restricted share amortization.
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 Information:
Eneti Inc.James Doyle – Head of Corporate
Development & Investor RelationsTel: +1 646-432-1678Email:
Investor.Relations@Eneti-inc.com https://www.eneti-inc.com
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