Eneti Inc. (NYSE: NETI) (“Eneti” or the “Company”), today reported
its results for the three months ended September 30, 2023.
The Company also announced that on
November 14, 2023 its board of directors (the “Board of
Directors”) declared a quarterly cash dividend of $0.01 per share
on the Company’s common shares.
Results for the Three and Nine Months
Ended September 30, 2023
and 2022
- For the
third quarter of 2023, the Company’s GAAP net income was $18.3
million, or $0.48 per diluted share, including transaction costs of
$0.2 million or $0.01 per diluted share, consisting primarily of
legal and tax services related to its pending business combination
with Cadeler A/S. These transaction costs are recorded in General
and Administrative expenses.
- Total revenues for the third
quarter of 2023 were $53.2 million, compared to $69.2 million for
the same period in 2022. The primary driver of revenue during the
third quarter of 2023 was the revenue generated by Seajacks
Zaratan, which continued to perform the Yunlin contract throughout
the third quarter of 2023 and generated charter hire revenue of
$12.7 million recognized, as was mobilization / demobilization
revenues of $5.7 million.
- For the third quarter of 2023, the
Company’s adjusted net income was $18.5 million, or $0.49 adjusted
per diluted share, which excludes the impact of approximately
$0.2 million of transaction costs incurred related to the
pending business combination with Cadeler A/S (see Non-GAAP
Financial Measures below).
- For the third quarter of 2022, the
Company’s GAAP net income was $36.2 million, or $0.95 per diluted
share, including a gain of approximately $8.1 million and cash
dividend income of $0.2 million, or $0.22 per diluted share, from
the Company’s former equity investment in Scorpio Tankers Inc.
- Earnings
before interest, taxes, depreciation and amortization (“EBITDA”)
for the third quarter of 2023 was $22.9 million and EBITDA for the
third quarter of 2022 was $45.0 million. Adjusted EBITDA for the
third quarter of 2023 was $23.1 (see Non-GAAP Financial Measures
below).
- For the
first nine months of 2023, the Company’s GAAP net loss was $49.2
million, or $1.34 per diluted share including:
- a
write-down of the NG 2500X Vessels, which were classified as held
for sale, of $49.3 million or $1.35 per diluted share,
-
transaction costs of $3.5 million or $0.09 per diluted share,
consisting primarily of legal and consulting services, related to
the pending business combination with Cadeler A/S.
- Total
revenues for the first nine months of 2023 were $105.9 million
compared to $152.7 million for the same period in 2022. First nine
months 2023 revenues were generated primarily by the Seajacks
Scylla, which worked at an offshore wind farm project in the
Netherlands, as well as the Company’s three NG2500Xs which
performed maintenance on offshore gas production platforms and wind
turbine gear maintenance, and consulting revenue. The Seajacks
Zaratan began work on the Yunlin project offshore Taiwan in June
2023.
- For the
first nine months of 2023, the Company’s adjusted net income was
$3.7 million, or $0.10 adjusted per diluted share, which excludes
the impact of the write-down of the NG2500Xs, which were classified
as held for sale, of approximately $49.3 million and the
$3.5 million of transaction costs incurred related to the
pending business combination with Cadeler A/S (see Non-GAAP
Financial Measures below).
- For the
first nine months of 2022, the Company’s GAAP net income was $93.1
million, or $2.41 per diluted share, including a gain of
approximately $54.9 million and cash dividend income of $0.6
million, or $1.44 per diluted share, from the Company’s equity
investment in Scorpio Tankers Inc.
- EBITDA
for the first nine months of 2023 was a loss of $24.8 million and
EBITDA for the first nine months of 2022 was $119.4 million.
Adjusted EBITDA for the first nine months of 2023 was $28.0 million
(see Non-GAAP Financial Measures below).
Liquidity
As of November 10, 2023, the Company had
approximately $105.2 million in cash.
Newbuildings
The Company is currently under contract with
Hanwha Ocean Co., Ltd. for the construction of two next-generation
offshore wind turbine installation vessels (“WTIV”). The aggregate
contract price is approximately $654.8 million, of which $131.0
million has been paid. The WTIVs are expected to be delivered in
the first and third quarters of 2025, respectively. The estimated
future payment dates and amounts are as follows (1) (dollars in
thousands):
|
|
HanwhaOcean1 |
|
HanwhaOcean2 |
|
Q4 2023 |
|
$ |
— |
|
$ |
— |
|
Q1 2024 |
|
|
33,036 |
|
|
— |
|
Q2 2024 |
|
|
33,036 |
|
|
— |
|
Q3 2024 |
|
|
— |
|
|
32,441 |
|
Q4 2024 |
|
|
— |
|
|
32,441 |
|
Q1 2025 |
|
|
198,217 |
|
|
— |
|
Q2 2025 |
|
|
— |
|
|
— |
|
Q3 2025 |
|
|
— |
|
|
194,644 |
|
Total |
|
$ |
264,289 |
|
$ |
259,526 |
|
(1) These are estimates only and are subject to
change as construction progresses.
Sale of NG 2500X Vessels
During July 2023, the Company entered into an
agreement with an unaffiliated third party to sell the Seajacks
Hydra, Seajacks Leviathan and the Seajacks Kraken for approximately
$70.0 million in aggregate. The sale is expected to provide net
cash proceeds of approximately $56.8 million after the repayment of
amounts due on the term loan tranche under the $175.0 Million
Credit Facility. These vessels were classified as held for sale as
of June 30, 2023.
In October 2023, the Company delivered the
Seajacks Kraken to its new owners, repaid $12.6m of the $175.0
Million Credit Facility term loan tranche, and reduced the maximum
amounts available for drawing under the $75.0 Million Revolving
Loans and $25.0 Million Letters of Credit tranches by $22.4 million
in aggregate. There will be no further repayments or reductions
required upon disposition of the remaining two NG 2500X vessels,
which is expected to take place before the end of 2023.
Award of New Contracts
During October 2023, Seajacks UK Limited, signed a contract with
an undisclosed client to assist with the installation of wind
turbines. With mobilization commencing in 2024, the contract will
be performed by the Company’s NG14000X-class vessel, “Seajacks
Scylla”. Inclusive of mobilization and demobilization, the
engagement is expected to be between 442 and 655 days and generate
approximately $113.0 million to $167.0 million of gross revenue.
There are no material project costs or transit costs related to the
contract.
During October 2023, Seajacks UK Limited signed a contract with
an undisclosed client to transport and install turbines. With
mobilization commencing in the second quarter of 2027, the contract
will be performed by one of the Company’s two NG16000X Wind Turbine
Installation Vessels currently under construction at Hanwha Ocean
in South Korea. Inclusive of mobilization and demobilization, the
engagement is expected to be between 180 and 210 days and generate
approximately $73.0 million to $84.0 million of gross revenue.
Project costs are expected to be $8.0 million in aggregate.
During September 2023, Seajacks UK Limited, a wholly-owned
subsidiary of the Company, signed a vessel reservation agreement
and then a firm contract with an undisclosed client to transport
and install turbines. With mobilization commencing in the first
quarter of 2027, the contract will be performed by one of the
Company’s two NG16000X WTIVs currently under construction at Hanwha
Ocean in South Korea. Inclusive of mobilization and demobilization,
the engagement is expected to be between 210 and 245 days and
generate approximately $87.0 million to $100.0 million of gross
revenue. Project costs are expected to be approximately $15.0
million in aggregate.
During May 2023, Seajacks UK Limited signed a reservation
agreement for its NG 5500 vessel, “Seajacks Zaratan”, for
employment in the Asia Pacific region for between five and six
months. The contract has now been fully executed and is expected to
generate between approximately €32.5 million and €38.0 million of
revenue after estimated project costs and commence in the second
quarter of 2024.
Debt Overview
The Company’s outstanding debt balances, gross of unamortized
deferred financing costs as of September 30, 2023 and November
10, 2023, are as follows (dollars in thousands):
|
|
As of September 30, 2023 |
|
As of November 10, 2023 |
|
Credit
Facility |
|
Amount Outstanding |
|
$175.0 Million Credit Facility |
|
$ |
56,250 |
|
$ |
43,650 |
|
Total |
|
$ |
56,250 |
|
$ |
43,650 |
|
|
The Company has undrawn availability under a
$75.0 Million Revolving Loan of the above-mentioned $175.0 Million
Credit Facility.
Quarterly Cash Dividend
In the third quarter of 2023, the Board of
Directors declared, and the Company paid, a quarterly cash dividend
of $0.01 per share totaling approximately $0.4 million.
On November 14, 2023, the Board of
Directors declared a quarterly cash dividend of $0.01 per share,
payable on or about December 15, 2023, to all shareholders of
record as of November 29, 2023. As of November 14, 2023, there are
38,647,119 common shares outstanding.
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.
Eneti Inc. and Subsidiaries |
Condensed Consolidated Statements of
Operations |
(Amounts in thousands, except per share data) |
|
|
|
Unaudited |
|
|
Three Months Ended September 30 |
|
Nine Months Ended September 30 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenue: |
|
|
|
|
|
|
|
|
Revenue |
|
$ |
53,196 |
|
|
$ |
69,193 |
|
|
$ |
105,861 |
|
|
$ |
152,723 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
Vessel operating and project costs |
|
|
20,916 |
|
|
|
22,048 |
|
|
|
58,417 |
|
|
|
58,899 |
|
Vessel depreciation |
|
|
4,521 |
|
|
|
6,079 |
|
|
|
16,656 |
|
|
|
18,530 |
|
General and administrative expenses |
|
|
10,797 |
|
|
|
10,220 |
|
|
|
30,086 |
|
|
|
31,087 |
|
Write-down of vessels classified as held for sale |
|
|
— |
|
|
|
— |
|
|
|
49,336 |
|
|
|
— |
|
Total operating
expenses |
|
|
36,234 |
|
|
|
38,347 |
|
|
|
154,495 |
|
|
|
108,516 |
|
Operating income
(loss) |
|
|
16,962 |
|
|
|
30,846 |
|
|
|
(48,634 |
) |
|
|
44,207 |
|
Other income
(expense): |
|
|
|
|
|
|
|
|
Interest income |
|
|
759 |
|
|
|
212 |
|
|
|
2,443 |
|
|
|
223 |
|
Income from equity investments |
|
|
— |
|
|
|
8,340 |
|
|
|
— |
|
|
|
55,538 |
|
Foreign exchange (loss) income |
|
|
(828 |
) |
|
|
(2,334 |
) |
|
|
648 |
|
|
|
(4,655 |
) |
Financial expense, net |
|
|
(10 |
) |
|
|
(85 |
) |
|
|
(774 |
) |
|
|
(2,037 |
) |
Total other (expense)
income, net |
|
|
(79 |
) |
|
|
6,133 |
|
|
|
2,317 |
|
|
|
49,069 |
|
Income (loss) before
income tax provision |
|
|
16,883 |
|
|
|
36,979 |
|
|
|
(46,317 |
) |
|
|
93,276 |
|
Income tax (benefit) expense |
|
|
(1,443 |
) |
|
|
794 |
|
|
|
2,855 |
|
|
|
205 |
|
Net income
(loss) |
|
$ |
18,326 |
|
|
$ |
36,185 |
|
|
$ |
(49,172 |
) |
|
$ |
93,071 |
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.50 |
|
|
$ |
0.95 |
|
|
$ |
(1.34 |
) |
|
$ |
2.41 |
|
Diluted |
|
$ |
0.48 |
|
|
$ |
0.95 |
|
|
$ |
(1.34 |
) |
|
$ |
2.41 |
|
|
|
|
|
|
|
|
|
|
Basic weighted average number
of common shares outstanding |
|
|
36,651 |
|
|
|
38,104 |
|
|
|
36,621 |
|
|
|
38,573 |
|
Diluted weighted average
number of common shares outstanding |
|
|
37,902 |
|
|
|
38,140 |
|
|
|
36,621 |
|
|
|
38,620 |
|
|
|
|
|
|
|
|
|
|
Eneti Inc. and Subsidiaries |
Condensed Consolidated Balance Sheets |
(Dollars in thousands) |
|
|
|
Unaudited |
|
|
September 30, 2023 |
|
December 31, 2022 |
Assets |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
|
$ |
78,989 |
|
|
$ |
119,958 |
|
Restricted cash |
|
|
— |
|
|
|
7,269 |
|
Accounts receivable |
|
|
44,836 |
|
|
|
35,776 |
|
Inventories |
|
|
5,177 |
|
|
|
5,795 |
|
Prepaid expenses and other current assets |
|
|
7,564 |
|
|
|
4,740 |
|
Contract fulfillment costs |
|
|
1,368 |
|
|
|
634 |
|
Total current assets |
|
|
137,934 |
|
|
|
174,172 |
|
Non-current assets |
|
|
|
|
Vessels, net |
|
|
399,433 |
|
|
|
521,331 |
|
Vessels under construction |
|
|
152,918 |
|
|
|
110,969 |
|
Assets held for sale |
|
|
69,300 |
|
|
|
— |
|
Intangible assets |
|
|
4,518 |
|
|
|
4,518 |
|
Other assets |
|
|
2,214 |
|
|
|
3,514 |
|
Total non-current assets |
|
|
628,383 |
|
|
|
640,332 |
|
Total
assets |
|
$ |
766,317 |
|
|
$ |
814,504 |
|
|
|
|
|
|
Liabilities and shareholders’
equity |
|
|
|
|
Current liabilities |
|
|
|
|
Bank loans, net |
|
$ |
12,110 |
|
|
$ |
12,039 |
|
Contract liabilities |
|
|
5,195 |
|
|
|
6,706 |
|
Corporate income tax payable |
|
|
1,061 |
|
|
|
2,637 |
|
Accounts payable and accrued expenses |
|
|
19,524 |
|
|
|
23,629 |
|
Total current liabilities |
|
|
37,890 |
|
|
|
45,011 |
|
Non-current liabilities |
|
|
|
|
Bank loans, net |
|
|
43,171 |
|
|
|
52,253 |
|
Deferred tax liabilities |
|
|
12,455 |
|
|
|
— |
|
Other liabilities |
|
|
1,313 |
|
|
|
1,926 |
|
Total non-current
liabilities |
|
|
56,939 |
|
|
|
54,179 |
|
Total liabilities |
|
|
94,829 |
|
|
|
99,190 |
|
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 September 30, 2023 and December 31, 2022; outstanding
38,647,119 shares and 38,446,394 shares as of September 30, 2023
and December 31, 2022, respectively |
|
|
1,136 |
|
|
|
1,134 |
|
Paid-in capital |
|
|
2,069,512 |
|
|
|
2,064,168 |
|
Common shares held in treasury, at cost; 2,328,179 shares at
September 30, 2023 and December 31, 2022 |
|
|
(17,669 |
) |
|
|
(17,669 |
) |
Accumulated deficit |
|
|
(1,381,491 |
) |
|
|
(1,332,319 |
) |
Total shareholders’
equity |
|
|
671,488 |
|
|
|
715,314 |
|
Total liabilities and
shareholders’ equity |
|
$ |
766,317 |
|
|
$ |
814,504 |
|
|
Eneti Inc. and Subsidiaries |
Condensed Consolidated Statements of Cash Flows
(unaudited) |
(Amounts in thousands) |
|
|
|
Nine Months Ended September 30, |
|
|
|
2023 |
|
|
|
2022 |
|
Operating
activities |
|
|
|
|
Net (loss) income |
|
$ |
(49,172 |
) |
|
$ |
93,071 |
|
Adjustment to
reconcile net (loss) income to net cash provided by |
|
|
|
|
operating activities: |
|
|
|
|
Restricted share amortization |
|
|
6,503 |
|
|
|
5,778 |
|
Vessel depreciation |
|
|
16,656 |
|
|
|
18,959 |
|
Amortization of deferred financing costs |
|
|
598 |
|
|
|
351 |
|
Write-down of vessels held for sale |
|
|
49,336 |
|
|
|
896 |
|
Net (gains) on investments |
|
|
— |
|
|
|
(54,890 |
) |
Dividend income from equity investment |
|
|
— |
|
|
|
(646 |
) |
Drydocking expenditure |
|
|
— |
|
|
|
(504 |
) |
Deferred taxes |
|
|
2,339 |
|
|
|
— |
|
Changes in operating
assets and liabilities: |
|
|
|
|
Increase in accounts receivable |
|
|
(9,060 |
) |
|
|
(18,948 |
) |
Decrease in inventories |
|
|
618 |
|
|
|
985 |
|
(Increase) decrease in prepaid expenses and other assets |
|
|
(2,492 |
) |
|
|
1,556 |
|
Decrease in accounts payable and accrued expenses |
|
|
(6,229 |
) |
|
|
(11,401 |
) |
Decrease in taxes payable |
|
|
(1,001 |
) |
|
|
(1,964 |
) |
Net cash provided by
operating activities |
|
|
8,096 |
|
|
|
33,243 |
|
Investing
activities |
|
|
|
|
Sale of equity investment |
|
|
— |
|
|
|
82,497 |
|
Dividend income from equity investment |
|
|
— |
|
|
|
646 |
|
Payments on vessels under construction and other fixed assets |
|
|
(45,802 |
) |
|
|
(39,375 |
) |
Net cash (used in)
provided by investing activities |
|
|
(45,802 |
) |
|
|
43,768 |
|
Financing
activities |
|
|
|
|
Proceeds from issuance of long-term debt |
|
|
— |
|
|
|
130,000 |
|
Repayments of long-term debt |
|
|
(9,375 |
) |
|
|
(201,915 |
) |
Common shares repurchased |
|
|
— |
|
|
|
(16,952 |
) |
Debt issuance costs paid |
|
|
— |
|
|
|
(3,235 |
) |
Dividends paid |
|
|
(1,157 |
) |
|
|
(1,196 |
) |
Net cash used in
financing activities |
|
|
(10,532 |
) |
|
|
(93,298 |
) |
Decrease in cash and cash
equivalents and restricted cash |
|
|
(48,238 |
) |
|
|
(16,287 |
) |
Cash and cash equivalents and
restricted cash, beginning of period |
|
|
127,227 |
|
|
|
153,977 |
|
Cash and cash
equivalents and restricted cash, end of period |
|
$ |
78,989 |
|
|
$ |
137,690 |
|
|
Conference Call on Results:
A conference call to discuss the Company’s
results will be held at 9:00 AM Eastern Time / 3:00 PM Central
European Time on November 14, 2023. Those wishing to listen to the
call should dial 1 (877) 513-1694 (U.S.) or 1 (412) 902-4269
(International) at least 15 minutes prior to the start of the call
to ensure connection. 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 15 minutes prior to the start of the
webcast.
Webcast URL:
https://edge.media-server.com/mmc/p/24tnahbd
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. Information
on the Company’s website does not constitute a part of and is not
incorporated by reference into 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”), adjusted net income and adjusted
EBITDA are non-GAAP financial measures that the Company believes
provide investors with a means of evaluating and understanding how
the Company’s management evaluates the Company’s operating
performance. These non-GAAP financial measures 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, adjusted net income and
adjusted EBITDA.
EBITDA (unaudited)
|
Three Months Ended September 30 |
|
Nine Months Ended September 30 |
In thousands |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
Net income (loss) |
$ |
18,326 |
|
|
$ |
36,185 |
|
|
$ |
(49,172 |
) |
|
$ |
93,071 |
Add Back: |
|
|
|
|
|
|
|
Net interest (income) expense |
|
(943 |
) |
|
|
(346 |
) |
|
|
(2,266 |
) |
|
|
1,463 |
Depreciation and amortization(1) |
|
6,965 |
|
|
|
8,363 |
|
|
|
23,758 |
|
|
|
24,659 |
Income tax (benefit) expense |
|
(1,443 |
) |
|
|
794 |
|
|
|
2,855 |
|
|
|
205 |
EBITDA |
$ |
22,905 |
|
|
|
44,996 |
|
|
$ |
(24,825 |
) |
|
$ |
119,398 |
(1)Includes depreciation, amortization of deferred financing
costs and restricted share amortization.
Adjusted net income (loss)
(unaudited)
|
Three Months Ended September
30, |
|
Nine Months Ended September
30, |
In thousands, except per share
data |
|
2023 |
|
|
2023 |
|
Net income (loss) |
$ |
18,326 |
|
$ |
0.48 |
|
$ |
(49,172 |
) |
|
$ |
(1.34 |
) |
Adjustments: |
|
|
|
|
|
|
|
Write-down on vessels held for sale |
|
— |
|
$ |
0.00 |
|
|
49,336 |
|
|
$ |
1.35 |
|
Transaction costs |
|
213 |
|
$ |
0.01 |
|
|
3,503 |
|
|
$ |
0.09 |
|
Adjusted net
income |
$ |
18,539 |
|
$ |
0.49 |
|
$ |
3,667 |
|
|
$ |
0.10 |
|
|
Adjusted EBITDA (unaudited)
|
Three Months Ended September 30 |
|
Nine Months Ended September 30 |
In thousands |
|
2023 |
|
|
|
2023 |
|
Net income (loss) |
$ |
18,326 |
|
|
$ |
(49,172 |
) |
Impact of adjustments |
|
213 |
|
|
|
52,839 |
|
Adjusted net
income |
$ |
18,539 |
|
|
$ |
3,667 |
|
Add Back: |
|
|
|
Net interest income |
|
(943 |
) |
|
|
(2,266 |
) |
Depreciation and amortization(1) |
|
6,965 |
|
|
|
23,758 |
|
Income tax (benefit) expense |
|
(1,443 |
) |
|
|
2,855 |
|
Adjusted
EBITDA |
$ |
23,118 |
|
|
$ |
28,014 |
|
(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 continuing impacts of
the ongoing novel coronavirus (COVID-19) pandemic, 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, including conditions resulting from the
ongoing conflict between Russia and Ukraine, 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.comhttps://www.eneti-inc.com
Eneti (NYSE:NETI)
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